US, India ‘pretty close’ to finalising trade deal:Trump says New Delhi stopped buying Russian oil substantially – here’s a 3-step plan for govt

At a White House ceremony on Nov 11, 2025, US President Donald Trump said the United States and India were “pretty close” to finalising a trade deal and pledged to lower tariffs on Indian goods. Trump explained that the high tariffs had been imposed because India was importing oil from Russia. He added, however, that “India has stopped buying Russian oil very substantially,” and that his administration would be “bringing the tariffs down.” Supreme Court Review Could Reshape Tariff Policy Trump’s remarks coincided with a major US Supreme Court hearing on whether the president has the authority under the International Emergency Economic Powers Act (IEEPA) to impose such tariffs. Several justices questioned whether the law grants such broad powers. If the Court rules against Trump, the duties could be declared illegal and withdrawn—potentially reshaping global trade and directly impacting US-India negotiations. GTRI’s Three-Step Strategy for India According to the Global Trade Research Initiative (GTRI), India should adopt a three-step strategy before moving ahead with any trade deal with the United States. 1. End oil imports from sanctioned Russian firms. Trump has already acknowledged that India has largely stopped buying Russian oil, completing the first step. 2. Secure tariff rollback before trade talks. With Russian oil imports curtailed, India should now press Washington to withdraw the 25% “Russian oil” tariff. Rolling back this duty would reduce the overall US tariff burden on Indian exports from 50% to 25%, boosting competitiveness in key sectors such as textiles, gems and jewellery, and pharmaceuticals, without rushing into a comprehensive trade pact. 3. Resume trade negotiations after tariff reduction. Once the duties are rolled back, India can resume talks for a balanced trade agreement, aiming for parity with partners like the EU and targeting average industrial tariffs of around 15%. India Should Await Supreme Court Outcome GTRI also recommends that India wait for the outcome of the US Supreme Court’s decision. If the Court strikes down Trump’s tariff authority, India will be in a much stronger position to negotiate a fair, forward-looking trade deal with the United States – free from the pressure of unilateral duties, according to Ajay Srivastava, a former trade official and founder of GTRI. ​