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US-India trade talks fail; America slaps tariffs on Indian goods
India and the US couldn't seal a trade deal by the August 1 deadline, even after five rounds of talks.
The US has now hit Indian goods with a hefty 25% tariff—way higher than what India expected.
There are also new penalties over India's Russian oil imports.
Trade target at risk
This standoff could hurt key sectors and puts a dent in India's big goal to boost trade with the US from $190 billion to $500 billion by 2030.
While India offered zero tariffs on many industrial goods, it held back on agriculture and dairy—unlike deals the US made with other countries.
Experts say better communication between leaders is needed to break the deadlock, but there's still hope as more talks are planned later this month.