US-India Trade Deal Imminent Despite Prior Disputes Over Russian Oil and Tariffs

Speaking in South Korea on the final leg of his Asia tour, US President Donald Trump stated that the United States and India are set to sign a long-delayed trade deal. The President’s comment suggests the agreement between the two major economies is imminent, following months of stalled talks.
The trade negotiations had been complicated by several issues, including disputes over India’s continued purchase of discounted oil from Russia following the Ukraine war, and disagreements over tariffs. 
Key Areas of Progress
Reports from the previous week indicated progress on two of the three main sticking points:
Tariffs: The US reportedly agreed to reduce its 50% ‘reciprocal’ tariff on Indian imports—which included a 25% penalty related to Russian oil purchases—down to 16%. This reduction followed an agreement by India to scale back its Russian oil purchases.
Market Access: Talks had stalled over India’s refusal to grant the US access to its price-sensitive dairy and agriculture goods market. 
Trump expressed his strong personal relationship with Indian Prime Minister Narendra Modi, stating, “I have great respect and love for Prime Minister Narendra Modi… we have a great relationship.” While neither side has officially confirmed the specific trade-off between tariffs and oil purchases, the President’s announcement signals a breakthrough.