India-US Trade Deal & Russian Oil
Analysis based on 8 articles · First reported Feb 09, 2026 · Last updated Feb 09, 2026
The trade deal between India and the United States is expected to positively impact markets by increasing trade volumes, particularly in energy, aerospace, and technology sectors. The removal of tariffs on India's Russian oil purchases also reduces uncertainty and potential costs for Indian industries.
The India — Indian National Congress criticized the Indian government's handling of the India-United States trade deal and the Russian oil issue, citing a 'hole in government' approach due to perceived conflicting statements from ministers S. Jaishankar, Piyush Goyal, and Hardeep Singh Puri. This criticism follows a joint statement outlining the first phase of a bilateral trade agreement where India committed to purchasing USD 500 billion of United States products over five years. In return, the United States will reduce tariffs on Indian goods to 18 percent. Additionally, United States President Donald Trump issued an Executive Order removing punitive 25 percent tariffs previously imposed on India for its purchases of Russian oil. Piyush Goyal has stated that adequate safeguards are in place to protect Indian farmers and domestic industries from increased imports.
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