FX.co ★ India, U.S. Narrow Differences in Trade Talks as Tariff Deal Nears

India is reportedly making "significant strides" in trade negotiations with the United States, with the objective of finalizing a trade agreement and reducing punitive tariffs, according to Bloomberg News. An Indian official noted that the two nations have "narrowed their differences," indicating that there are "no major disagreements" remaining on trade matters. Recently, Indian negotiators engaged in positive discussions in Washington. Initially, the U.S. imposed a 50% tariff and expressed disapproval of India's Russian oil dealings, but President Trump has softened his stance, having twice communicated with Prime Minister Narendra Modi. Trump mentioned that India's reduction in Russian oil purchases would be a gradual process. In response, New Delhi emphasized that energy-related decisions would be consumer-centric, with state refiners planning to decrease Russian imports while increasing purchases from the U.S. Currently, Russia accounts for approximately a third of India's total crude imports, despite U.S. pressure to diminish these imports.