The U.S. and India have finalized a trade deal on Monday after months of negotiations, steadying a relationship that had plummeted to its lowest point in decades.

India’s prime minister, Narendra Modi, confirmed the reduction in tariffs, though he was mum on Mr Trump’s claim that India had committed to buy more American goods, including $500bn worth of energy and agricultural products.

Up Match: In-form Ishan Kishan's minute-a-mile half-century helped him lock his place in the top order as India completed a 30-run victory over South Africa.

The Indian government will use various instruments, including bond switches, to ensure its record borrowings in the fiscal year starting April do not unsettle the market or push up yields, a senior finance ministry official said.