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President Donald Trump announced a new trade deal with India on Monday, lowering the US reciprocal tariff on Indian goods from 25% to 18%, effective immediately. Prime Minister Narendra Modi confirmed the agreement and pledged to increase US imports, including energy, agriculture, and technology products.
The deal includes a commitment from Modi to halt purchases of Russian oil and shift toward US and potentially Venezuelan energy sources. Trump said the agreement unlocks over $500 billion in future US exports.
Investor sentiment rebounded on the news, lifting US equities as markets welcomed easing trade tensions and fresh clarity on global alignment. The S&P 500 rose 0.7% and approached record highs, while the Nasdaq climbed nearly 0.8%, reversing earlier losses.
Meanwhile, traditional safe-haven assets came under pressure as risk appetite returned. Gold fell 4% to $4,660 and silver dropped over 7% to $79, marking a sharp pullback from recent highs as demand for defensive hedges unwound.