Overview
- Talks are in final stages on a pact that would lower U.S. duties on Indian goods from roughly 50% to about 15–16%, according to multiple reports citing Mint.
- President Trump says Prime Minister Modi assured him India will limit Russian oil buys, while New Delhi has not confirmed the assurance and reiterates imports are guided by consumer interests.
- The package under discussion includes wider access for U.S. non‑GM corn and soymeal, a possible increase to India’s non‑GM maize quota at a 15% duty, and a mechanism for periodic tariff and market‑access reviews.
- The United States imposed an additional 25% levy in August on Indian exports—lifting overall tariffs to around 50%—in response to India’s purchases of discounted Russian crude.
- Reports indicate an announcement could come at the ASEAN Summit if clearances are secured, with India considering a gradual shift from Russian crude (about 34% of its imports), potential ethanol imports from the U.S., and informal guidance for state oil firms to diversify sourcing.