The US president writes that, as part of the agreement, India will stop buying Russian oil and will instead turn to the United States and buy oil from "the US and potentially Venezuela."
Trump states that he made the deal because of "friendship with and respect for" Prime Minister Narendra Modi.
India will receive a reduction in punitive tariffs from 25 percent to 18 percent under the agreement. In addition, according to Trump, India will review its tariffs on U.S. goods and remove them entirely. India has also promised to buy $500 billion worth of American products.
Last week, India agreed on a major trade deal with the EU.
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