[Trump Cancels 25% Russia-Related Tariffs on India After Reaching Agreement] According to a report by Jinse Finance, U.S. President Donald Trump has canceled the previously imposed 25% tariffs on Indian goods due to India's purchase of Russian oil, marking the first step in implementing the terms of a trade agreement announced earlier this week between the two countries. 'India has committed to halting the direct or indirect import of oil from the Russian Federation and has stated that it will purchase U.S. energy products. Additionally, it has recently pledged to establish a framework with the U.S. to expand defense cooperation over the next decade,' Trump stated in an executive order issued by the White House. The U.S. is also expected to soon reduce the so-called 'reciprocal' tariffs on Indian goods, lowering the effective tariff rate to 18%. The measure to cancel the 25% tariffs will take effect at 12:01 a.m. Washington time on February 7. In exchange, India has also agreed to purchase $500 billion worth of U.S. products and to remove trade barriers on U.S. goods, including agricultural products, manufactured goods, chemicals, and medical devices. U.S. Trade Representative Jamieson Greer stated earlier this week that New Delhi still needs to make further efforts in this regard.