India and US meet in bid to finalize trade pact and ease 50% import levies

India and the United States opened two days of trade talks on Wednesday in New Delhi as both governments moved to seal a long-delayed pact and ease the 50% import levies that still hang over Indian exports.

The meetings bring US Deputy Trade Representative Rick Switzer face-to-face with India’s Foreign Secretary Vikram Misri and Commerce Secretary Rajesh Agrawal.

According to the Indian Ministry of External Affairs, the talks covered trade, technology, and supply chains as both sides pushed for movement before year-end. Spokesperson Randhir Jaiswal said the meetings focused on the strong India–US economic and technology partnership, ongoing negotiations, and chances to raise two-way trade and build resilient supply chains.

Rick and Brendan Lynch, the chief US trade negotiator, are in India from December 9 to 11 to advance the broader deal that has been under quiet negotiation since March.

The goal on both sides is to lock the first stage before December ends and prevent another public slip of the deadline that already caused unease.

Switzer presses for tariff phase as Trump keeps pressure on rice

Washington and New Delhi are building the agreement in phases, with the opening stage aimed at removing the retaliatory duties Donald Trump placed on Indian goods. The 50% rate also reflects penalties tied to India’s continued purchases of Russian oil.

In November, Trump said he would cut tariffs at some point, but days ago he warned he could act against India over claims of Indian rice being dumped into the US market if dispute grows.

The two governments had planned to finish the first tariff-focused portion of the deal by the fall, but the calendar ran out. In recent weeks, Indian officials have said they now see a chance to close that opening section before December ends.

One official said the talks also covered broader economic and trade ties alongside the push to complete a deal both sides see as mutually useful after several rounds that failed to bridge gaps.

Refiners buy discounted Russian crude as Reliance stays out

Four of India’s seven largest refiners are now shopping for Russian crude as deep discounts pull buyers toward barrels that avoid sanctions, while Reliance Industries stays out.

Indian Oil Corp. and Bharat Petroleum Corp. have bought about 10 cargoes of unsanctioned crude, including Urals, in recent days. Hindustan Petroleum Corp. is seeking supply for January delivery.

Including Nayara Energy, which continues to take Russian crude even after being blacklisted in Europe, those four refiners made up just over 60% of India’s oil imports this year, based on tracking firm Kpler.

None of the companies returned emailed questions. One large buyer is missing from that group. Reliance is now avoiding Russian oil even under a term contract with Rosneft for 500,000 barrels a day. Retreat reflects sanctions.

Russian crude is trading near $40 to $45 a barrel in India as price cuts try to outrun political risk. India imported more than 2 million barrels per day at the June peak. That flow is expected to slide to about 1.3 million barrels in December, helped by cargoes booked before new curbs, and then sink lower in January.

It remains unclear whether those reduced volumes satisfy Trump, who has accused India of financing Vladimir Putin’s war and demanded the two cut ties. A long-awaited trade deal still remains unfinished.