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The U.S. and India have reached a trade deal and will immediately move to lower tariffs on each other’s goods, President Donald Trump announced.

Prime Minister Narendra Modi also agreed to buy American products "at a much higher level" as part of the agreement, Trump said in a Truth Social post Monday following a call with the Indian leader.

Modi additionally committed to "stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela," Trump said in the post.

Read Trump’s full announcement:

It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to "BUY AMERICAN," at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!

Trump’s announcement asserts the agreements struck on the call will take effect without delay, but the text of the deal has yet to materialize and it is unclear if anything has been signed. The White House and the Office of the U.S. Trade Representative did not immediately respond to CNBC’s requests for additional information.

Legal experts and some Democratic lawmakers have questioned whether Trump can clinch any binding trade agreements without congressional approval, as he has done multiple times since retaking office. Trump and his supporters argue Congress has ceded authority to the executive branch to secure such deals.

Lori Mullins, director of operations at Rogers & Brown Custom Brokers, told CNBC her industry has learned not to react prematurely to Trump’s public trade pronouncements.

"It’s official once the Federal Register notice is posted with dates, times and applicable tariff codes," Mullins said.

Trade talks between the Trump and Modi administrations had stalled last year amid a number of sticking points, including New Delhi’s continued reliance on Russian oil.

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In August, Trump slapped a 25% tariff on India in response to those oil purchases — on top of the 25% "reciprocal" levy on the country’s U.S.-bound goods that had taken effect earlier the same month.

Trump said in Monday’s post that the reciprocal tariff rate on India will be reduced to 18%, "effective immediately."

India "will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO," Trump wrote.

Modi confirmed the reduction in U.S. tariffs in a post on X later Monday.

"Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement," Modi wrote.

"When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation. President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights," the prime minister wrote.

Trump’s announcement came one week after India closed a major free trade agreement with the European Union, which Modi touted as the "mother of all deals."

Some analysts predicted that the progress between Europe and India could "light a fire" under New Delhi and Washington in their pursuit of a bilateral deal.

— CNBC’s Lori Ann LaRocco contributed to this report.