On October 22, Jin10 News reported that, according to the Indian Mint Report, three informed sources revealed that India and the United States are about to reach a long-stalled trade agreement, which may reduce the current tariffs on Indian export goods from a punitive 50% to 15% to 16%. The sources indicated that with energy and agriculture becoming key cards on the negotiation table, India may agree to gradually reduce its imports of oil from Russia. These purchases have led to a punitive tariff of 25% on Indian exports, higher than the reciprocal tariff of 25% announced in April. Currently, Russia accounts for about 34% of India's crude oil imports. Approximately 10% of the country's oil and gas demand (by value) is imported from the United States. India may also allow more non-GMO U.S. corn and soybean meal to enter its market. Additionally, India is pushing for the establishment of a mechanism to revisit the tariffs and market access in the agreement over time.
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