Trump Says India Tariffs Cut After Russian Oil Pledge (Full Transcript)

[00:00:00] Speaker 1: President Donald Trump just announced that the tariffs on India are going down significantly from 50% down to 18%. And the reason is that India said it would no longer purchase Russian oil, replacing that with U.S. oil or even Venezuelan oil. It's a bold promise and a big deal for Russia and for the United States. For Russia, it means it loses one of its biggest oil customers, one of the last remaining oil customers besides China and Turkey. And so that could have big implications for the war in Ukraine and financing that effort. In the United States, it means that tariffs are going to go down on some of the biggest imports that come into the United States, including technology and jewelry. So what does all of this mean? It means lower prices for Americans and it means that Russia might have trouble financing its war in Ukraine going forward.