India, U.S. near trade deal with major tariff cuts, reduced Russian oil purchases

The United States and India are on the brink of finalizing a trade deal that could potentially lead to a significant reduction in tariffs on Indian exports. According to reports from Indian media outlet Mint, Washington is considering slashing tariffs on Indian exports to 15%-16% from the current 50%.

As part of the trade agreement, India may increase its import quota for non-genetically modified corn from the U.S. and is also pushing for a mechanism that allows for a review of tariffs and market access over time. The negotiations come after U.S. President Donald Trump received assurances from Indian Prime Minister Narendra Modi that New Delhi would reduce its purchases of Russian oil.

Trump emphasized the importance of India cutting back on Russian oil imports, stating that he wants to see an end to the conflict between Russia and Ukraine. He warned that India would face significant tariffs if it did not comply with this request. Modi confirmed the phone call with Trump and expressed hope for continued cooperation in combating terrorism.

The U.S.-India relations have faced challenges, especially following Modi’s meeting with Russian President Vladimir Putin and Chinese President Xi Jinping in Beijing. This move was interpreted as a signal to Trump that India is interested in strengthening ties with Moscow. India has become a significant buyer of Russian oil, importing 1.6 million barrels per day in the first half of this year.

Despite initial tensions, Trump has shown optimism about the ongoing negotiations and referred to Modi as a “great friend.” The finalization of the trade agreement is expected to be announced at the upcoming ASEAN summit, with both leaders possibly in attendance.

Bilateral trade between the U.S. and India reached a record $132.2 billion in the fiscal year ending March 2025, reflecting a positive trend in economic relations between the two countries. India’s exports to the U.S. saw a significant increase, highlighting the importance of a successful trade agreement.

The Ministry of Commerce and Industry in India, along with the U.S. Department of Commerce and the U.S. Trade Representative, have yet to comment on the potential trade deal. The negotiations mark a crucial moment in U.S.-India relations and could have far-reaching implications for both countries’ economies. It seems that every day, there is a new trend or fad that takes over social media and captivates the attention of millions. From fidget spinners to TikTok challenges, these trends come and go faster than we can keep up with. However, there is one trend that seems to have some staying power: sustainable living.

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