The 50% levy on India is headed for a major reduction, according to social media posts from Pres. Trump and Indian PM Modi, in an agreement to cut Russian oil imports in exchange for lowering the reciprocal rate to 18% from 25% and removing the additional punitive 25% rate. Along with moving to U.S. and Venezuelan oil, Trump also stated that Modi had committed to buying more than $500 billion in U.S. goods from the energy, technology, and agricultural sectors. According to Census Bureau Data, the U.S. imported $95.5 billion in ... Log in to view full article.