US-India trade deal in the works, energy imports key focus
India and the US are on the verge of a trade deal that could drop tariffs on Indian exports from 50% down to around 15-16%.
A big part of the talks is about energy: India currently gets about a third of its oil from Russia, but the US is pressing India to reduce its oil imports from Russia and increase energy imports from the US as part of the deal.
Deal could also open up Indian markets to US corn
The agreement could also make it easier for India to import American corn and soymeal, which has been a sticking point for both sides.
With China buying less US corn lately, Washington is looking to India as a new market—though some in India worry this could hurt local farmers.
The deal still needs political approval, especially since agriculture and energy are sensitive topics for both countries.