Overview

• President Donald Trump said negotiations to address trade barriers are continuing and that he expects to speak with Prime Minister Narendra Modi in the coming weeks.
• Modi responded that India and the United States are close friends and natural partners, saying teams are working to conclude discussions at the earliest.
• No rollback of the 50 percent U.S. levies has been announced, even as reporting says Trump pressed European officials to consider mirroring tariffs and duties as high as 100 percent on India and China.
• India’s state refiners sought to restore Russian crude purchases but reported fewer cargo offers, with Russia-to-India seaborne flows easing to about 1.3 million barrels per day in August from 1.97 million in March.
• India’s chief economic adviser estimated the U.S. tariffs could trim GDP growth by roughly 0.5 to 0.6 percentage points this fiscal year.