US President Donald Trump and Indian Prime Minister Narendra Modi get to clasp a associated property league successful the East Room of the White House successful Washington, DC, connected February 13, 2025.
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The U.S. could substantially slash tariffs connected Indian exports arsenic New Delhi and Washington adjacent a commercialized woody that could spot New Delhi cutting lipid purchases from Russia, Indian media outlet Mint reported Wednesday.
As portion of the commercialized deal, Washington could chopped tariffs connected Indian exports to 15%-16% from the existent 50%, Mint reported citing 3 unnamed sources alert of the matter.
India is considering raising its import quota for non-genetically modified maize from the U.S. — presently 0.5 cardinal tonnes annually — adjacent with a import work of 15%, portion pushing for a mechanics nether which some sides tin revisit tariffs and marketplace entree implicit time, the study said.
On Tuesday, U.S. President Donald Trump said helium had received assurance from Indian Prime Minister Narendra Modi successful a telephone telephone that New Delhi would standard backmost purchases of Russian oil.
"He's not going to bargain overmuch lipid from Russia. He wants to spot that warfare extremity arsenic overmuch arsenic I do. He wants to spot the warfare extremity with Russia, Ukraine, and arsenic you know, they're not going to beryllium buying excessively overmuch oil," Trump told reporters overseas Air Force One, portion threatening that New Delhi would support paying "massive" tariffs if it did not bash so.
In a station connected X connected Wednesday greeting section time, Modi confirmed the telephone telephone with Trump, adding that helium hoped the 2 countries proceed to "stand agreed against coercion successful each its forms," without mentioning India's stance connected Russian oil.
Trump past week besides said that Modi successful a telephone had agreed to chopped Russian lipid purchases. India's overseas ministry spokesperson said the pursuing time that helium was not alert of immoderate telephone betwixt Trump and Modi.
On the question of cutting lipid imports from Russia, the spokesperson said Thursday, "India is simply a important importer of lipid and gas. It has been our accordant precedence to safeguard the interests of the Indian user successful a volatile vigor scenario. Our import policies are guided wholly by this objective."
Russian lipid has been 1 of the contentious issues successful the prolonged bilateral commercialized talks betwixt the U.S. and India. Trump successful August levied an further 25% tariff connected exports from India arsenic a "penalty" for its Russian lipid purchases, taking wide duties to 50% and upending relations betwixt the 2 countries.
Indian officials person argued that it if the state were to halt buying Russian oil, a program indispensable beryllium enactment successful spot to stabilize vigor markets, on with a contingency to capable the shortfall successful proviso if Russian barrels are taken disconnected the market.
Both sides had agreed to boost bilateral commercialized to $500 cardinal by 2030 successful a gathering successful February earlier talks collapsed with India reportedly not agreeing to widen entree to its immense cultivation and dairy sectors.
The U.S.-India relations further soured erstwhile Modi met with Russian President Vladimir Putin and Chinese President Xi Jinping successful Beijing past month, successful a determination seen arsenic a awesome to Trump of India's willingness to boost alternatively than chopped ties with Moscow.
India has go the world's 2nd largest purchaser of Russian crude, trailing China, since the commencement of the warfare successful Ukraine successful 2022, importing 1.6 cardinal barrels per day successful the archetypal fractional of this year, up from 50,000 bpd successful 2020, according to the U.S. Energy Information Administration.
In caller weeks, Trump has softened his rhetoric, expressing optimism astir the ongoing negotiations and reiterating connected Tuesday that Modi was a "great friend."
The finalization of the commercialized statement volition apt beryllium communicated to Trump and Modi at the ASEAN summit aboriginal this month, though neither Trump nor Modi has officially confirmed their attendance for the event, Mint reported.
"The wide contours of the statement are successful place, but delicate areas specified arsenic agriculture and vigor request governmental clearance earlier the woody tin beryllium announced," the study said.
India's Ministry of Commerce and Industry, the U.S. Department of Commerce and the U.S. Trade Representative did not instantly respond to CNBC's requests for comments.
Data from government-backed India Brand Equity Foundation shows, bilateral commercialized betwixt New Delhi and Washington reached a record $132.2 cardinal successful fiscal twelvemonth ending March 2025, up by much than 10% from the erstwhile year.
India's exports to the U.S. jumped 11.6% to $86.51 billion, portion imports from the state roseate 8% to $45.69 billion.
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