India-US trade deal live updates: Donald Trump, PM Modi interim framework tariff penalty Russian oil purchase latest

India and the United States are negotiating a trade deal covering tariffs, penalties, and an interim framework. Talks focus on reducing trade barriers, improving market access, and addressing concerns over India’s Russian oil purchases. Officials aim to balance economic interests with geopolitical considerations, resolve long-standing disputes, and finalise mutually acceptable terms that support bilateral trade stability and future cooperation between both governments and industry stakeholders.