But experts say India's refusal to reduce duties on agriculture and dairy products has been a major thorn in the negotiations. Trump's new 50% tariff rate on India is set to come into effect on 27 August, which some experts have said is akin to an embargo on trade between the two countries.

India secured a higher investment grade rating from S&P Global Ratings, which said the economy’s growth prospects won’t be derailed by President Donald Trump administration’s 50% tariff shock to the country.

US President Trump remarks on India's oil imports from Russia amid sanctions. Economic implications and alternative sources explored.