WASHINGTON: US President Donald Trump on Monday said he had agreed on a trade deal with India, and that India also agreed to stop buying Russian oil and buy more from the United States and potentially Venezuela.

“Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%,” Trump said in a social media post following a call with Indian Prime Minister Narendra Modi.

Modi also committed to buy more than $500 billion dollars worth of US energy, technology, agricultural and other products, Trump added.

This is a developing story and is being updated with more details.