US President Donald Trump said on Wednesday (October 22) that he had spoken to Prime Minister Narendra Modi and the two leaders discussed trade-related issues. While talking to reporters in the Oval Office of the White House, Trump described PM Modi as a great person and a good friend. He also wished Diwali to the people of India.

Trump said, ‘I want to convey my best wishes to the people of India. Today I spoke to Prime Minister Narendra Modi. We had a great conversation…he is a wonderful person and has become a good friend of mine over time. We discussed many issues, but mainly talked about trade.

#WATCH Washington, DC | On being asked by ANI if tariffs would be imposed on China for buying crude oil from Russia, US President Trump says. “… Right now, as of November 1st, China will have about 155% tariffs put on it. I don’t think it’s sustainable for them. I want to be… pic.twitter.com/WGtOBK3HiF

— ANI (@ANI) October 21, 2025

Claim made again regarding purchase of Russian oil

The conversation between US President and PM Modi took place at a time when Trump had again claimed a day earlier that Prime Minister Modi had told him that India will no longer buy oil from Russia. Trump had also warned that if India did not do so, it would have to continue paying heavy tariffs.

Trump again said this big thing

He said, ‘I spoke to Prime Minister Modi and he said that India will no longer deal with Russian oil.’ However, when India rejected the claim that there was any phone call between the two leaders on this issue, Trump replied, ‘If they want to say that then they will have to keep paying heavy tariffs and they would not want that.’

Trump is repeatedly giving statements on Russian oil purchase at a time when trade deal talks are going on between India and America. America has imposed a duty of up to 50% on Indian imports, in which an additional duty of 25% was imposed on the purchase of oil from Russia in August. Whereas India has clarified its position and said that its decision to purchase energy is based on market conditions and national interests, and not on any political pressure. India has always reiterated that ensuring affordable and sustainable energy for its citizens is its priority.

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US President Donald Trump has affected the economies of many countries through the tariff bomb. Its effect has been seen in India also. However, at the moment there is a relief news that the Trump administration has postponed the plan to impose tariffs on generic medicines. This decision has brought great relief to the Indian pharmaceutical industry, because most of the cheap medicines used in America are exported from India. If tariffs were imposed, Indian medicines would become expensive in the American market and their demand could decrease.

According to the report of medical data analytics company IQVIA, about 47% of generic medicines used in America come from India. India’s share is so large that it is often called the Pharmacy of the World. Indian medicines have an important contribution in the health sector of America. Life-saving medicines like diabetes, blood pressure, cholesterol and antibiotics are imported in large quantities from Indian companies. The price of these medicines is much lower than local production in America, which provides relief to the citizens there.

Why was this U-turn taken?

According to The Wall Street Journal report, the Trump administration had started an investigation into imposing tariffs on generic drugs. In this investigation, not only the finished medicines but also the raw materials (API) used in their manufacturing were included. However, after investigation, the Commerce Department recommended limiting this scope, because many experts believed that imposing tariffs on generic drugs would increase drug prices in the US and could also lead to market shortages. One group wanted to bring production back to America by imposing high tariffs on drugs from foreign countries, while the other group believed that such a step would be harmful to the American people.

Tariff war and global impact

Donald Trump’s tariff policy has made headlines globally in the last few months. First they imposed import duties on China, in response to which China stopped purchasing American agricultural products. This caused a big blow to American farmers and created a crisis situation in the agricultural market there. Similarly, if drug tariffs were imposed on India, it would have an impact on the American health system as well. Without India’s affordable and reliable medicines, the same treatment would have cost much more to American patients.

Role of Indian Pharma Industry

India’s pharmaceutical industry is the leader in the field of generic medicines worldwide. Indian companies send cheap and high quality medicines not only to America but also to countries in Europe, Africa and Asia. The US market is the largest export destination for India, where billions of dollars worth of medicines are sent every year, so postponing the Trump administration’s decision is a relief news for Indian companies.

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India-Rus Trade: The trade deal has not yet been signed between India and America. Prior to this deal, Donald Trump’s Commerce Secretary Hovard Lutynik has given a big statement. He said that India will have to treat America properly.

Hovard Lutynik, Commerce Secretary, Donald Trump, also said that we have to improve many countries and also emphasized that such policies should be eliminated which are harming American interests.

‘India needs to open its market’

In an interview given to the News Nation, Lutynik said that India should open its market and should not adopt policies that can harm America. He said, ‘We have many countries that need to improve, such as Switzerland and Brazil. India is also such a country which should take the right steps towards America. Open your markets and stop work that harm America. This is why we have disagreement with these countries.

‘India will have to cooperate’

Lutnik said that business issues may be resolved over time, but if India wants to deliver its products to American customers, then it will have to cooperate with America. He said, ‘These issues will be resolved with time, but it will take time. These countries have to understand that if you want to sell American consumers, then you have to cooperate with the President of America. So there are some issues left. Big countries like India, they will be resolved over time. Lutnik also said, “The economy of 2026 will be the economy of Donald Trump.”

This statement came at a time when a high -level Indian team led by Indian Commerce and Industry Minister Piyush Goyal has visited America. The Ministry of Commerce said on 26 September that this tour had a successful talks to strengthen trade and investment relations between India and the US.

External Affairs Minister S.K. Jaishankar has given an important statement. He said that Prime Minister Narendra Modi has always seen the Indo-US partnership with seriousness and importance. Jaishankar’s statement came at a time when US President Donald Trump made a positive statement on Indo-US relations.

Jaishankar said that personal relations between Prime Minister Modi and Trump have always been better. He said, “Prime Minister Modi is very serious about our relationship and making a strong partnership with the US is included in his priorities. The Prime Minister’s personal equation with President Trump has always been good. As far as our foreign policy is concerned, we are constantly constantly connecting with America. At the moment I cannot say anything more than this, but I would definitely say that dialogue and cooperation between the two countries continues.”

Importance of Indo-America Relations

It is clear from this statement of the Foreign Minister that India sees relations with America not only from political point of view but also from strategic and economic cooperation. Indo-US partnership in many fields like defense, trade, energy, technology and education has strengthened over the years. Especially in the Indo-Pacific sector, the cooperation of the two countries is also considered important for balanced by China’s increasing activism.

Trump and PM Modi have good relations

Prime Minister Modi and Donald Trump have good personal relations. Both leaders have praised each other many times. Houston’s ‘Howdy Modi’ program and Ahmedabad’s ‘Namaste Trump’ program became a symbol of the strength of Indo-US relations. Jaishankar’s statement indicates that India is in favor of maintaining relations with not only Trump but also American leadership.

There have been differences between India and America on issues like trade and tariffs. Apart from this, challenges have also been reported many times in visa policies and defense deals. Despite this, the importance of strategic partnership between the two countries has not diminished. The Foreign Minister made it clear that the relationship with America is given top priority in India’s foreign policy.

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US President Donald Trump imposed 25 percent additional tariff on India, which has been implemented, but Trump is facing criticism due to this. The people of their own country are blaming them wrongly. Former US National Security Advisor Jake Sulivan has made a big claim. He has said that Trump has sidelined relations with India for his family business.

Sulwin says that it has been hard to strengthen the relations of Indo-US relations for years, but Trump has ruined it. Talking in a podcast, he said, “The US had worked to strengthen the world’s largest democracy on bilateral basis for decades. India is a country with which we should be together on the issue of economics with technology and talent. We should also be ready to deal with China’s strategic threat. ”

Trump made India a sideline for family business

Sulwin made a big charge on Trump. He said, I feel that he sidelined relations with India because of his desire to trade with the Trump family of Pakistan. This is a big strategic step in itself.

Tension between India and America

There is a tension between India and America regarding the issue of tariffs. Trump had first imposed 25 percent tariff on India, but increased it to 50 percent. Due to this, business has been affected much more. Trump has trouble buying oil from Russia in India, while China also buys oil from Russia. America also trades with Russia itself. However, India rests on its point.

To buy crude oil from Russia, India has to bear the burden of heavy tariffs, which the US has imposed as a penalty. Meanwhile, a report claimed that India is getting an annual benefit of only two and a half billion dollars by purchasing crude oil from Russia at a cheaper price. It was also claimed in the report that the matter of big profits in the media is not, but things are being exaggerated in the media.

The brokerage company CLSA released a report on Thursday (August 28, 2025) saying that it was estimated earlier that India would have an annual profit of $ 10 to 25 billion on buying oil from Russia, reality is very different from it, only two and a half billion dollars will be profitable. According to the report, ‘India has been exaggerated in the media. According to our estimate, this benefit is only 0.06 percent of India’s GDP (GDP) $ 2.5 billion.

The CLSA said that there is a huge concession in showing a price limit of $ 60 per barrel on Russian oil, but in fact, due to many restrictions like insurance, shipping and rebel, India is very low.

The report states that the average discount on Russian oil in FY 2023-24 was $ 8.5 per barrel which has come down to three-five dollars in 2024-25 and $ 1.5 per barrel in recent months. The CLSA has warned that if India stops importing Russian oil, it will disrupt the global supply and the price of crude oil can reach $ 90 to $ 100 per barrel, which is expected to increase global inflation.

The report also said that Indian oil companies also have to mix better quality and expensive crude oil due to high imports of dandruff. Due to this, there is no clear benefit in the average import price. The report says that Russian oil imports are not only necessary for India from a strategic point of view, but it is also helpful in maintaining control of crude oil prices in the global market.

After the commencement of Russia-Ukraine War in February 2022, there has been a boom in the matter of oil imports from Russia to India. In FY 2024-25, India imported 36 percent of the total 54 lakh barrels of oil imports i.e. 18 lakh barrels per day from Russia. This figure was less than one percent before the Ukraine War.

Russia started giving huge discounts on oil after a ban on oil sale from Western countries, which ensured energy supply to India at a cheap rate. However, some countries including the US criticized India and described it as profiteering. The US government has increased the duty on import of Indian products from August 27 to 50 percent to continue the purchase of cheap oil from Russia.

Trump tarifs: The US has imposed an additional 25 percent fee on Indian goods, due to which the total tariff rate has reached 50 percent. However, some Indian goods have been given temporary relief. These goods will not be targeted only when they fulfill certain conditions. For example, if the goods were in a transit before entering the US before (EST) on 27 August 2025 at 12:01 pm (EST), it would not be tariff.

Similarly, if the goods were recorded for consumption before (EST) on 17 September 2025 at 12:01 pm or removed from the warehouse, it would come under the scope of discount. Also, the importer has to prove that the goods are eligible for this exemption and for this the new normal generalized tariff schedule will have to be declared.

Some goods exempted from tariff

Apart from this, some special products are also kept separate from 50 percent tariffs. These include iron and steel, aluminum, copper, passenger vehicles, light trucks and automobile parts.

Rating agency Crisil says that uncertainty over American tariffs can become a major obstacle in the decisions of capital expenditure in FY 2025-26. According to the report, this tariff can affect the notion of Indian corporate investment, even if the financial condition of companies is strong.

Crisil believes that the Free Trade Agreement (FTA) can increase the trust of investors, as they create a stable and predetermined commercial environment by reducing fees obstructions. The report also said that the American fees levied on India are much higher than the fees levied on countries like Bangladesh, Vietnam and Indonesia. Challenges such as increasing geopolitical stress, disruption in global supply chain and high costs at the domestic level are preventing the enthusiasm of private investors.

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India and America are two major economies of the world and are also important business partners of each other. There is a trade of billions of dollars every year between the two countries. If for some reason the trade between India and America stops completely, then it is a big question that who will suffer the most. If trade between India and America is completely closed, then both countries will be clearly affected, but in this situation India will suffer more loss. Let’s know in detail about this.

Who will suffer more loss

India’s economy is much smaller than the US and its dependence on global trade is more. America is the largest export market in India, a large part of areas like pharmaceuticals, IT services, textiles, gems-jewelery. If the business suddenly stops, then these industries will be hit directly, due to this, not only the income of these companies will fall, but the jobs of millions of people will also be in danger. Foreign exchange reserves, new investment and startup sectors will also have a serious negative effect.

What do data say

First of all, look at the figures. In the year 2023-24, the total bilateral trade between India and the US has been around $ 118 billion. In this, India exported about $ 77 billion to the US, while imported from the US about $ 41 billion. That is, India has a trade surplus of about $ 36 billion with America. If the trade stops then India will suffer loss, because the American market is the biggest customer for Indian IT companies, pharma and textile industry. Millions of jobs will be directly affected. About 60 percent of the IT sector earnings come from the US itself.

America will cost generic medicines expensive

In contrast to this, if we talk about America, then the options of Indian market and supply may be fast available for there, especially electronics, clothes and some medicines. Yes, but America can also find generic medicines and some other items expensive and many companies will have to find a new supplier. But the big and diverse economy of America and many of its business partners can get rid of this loss quickly.

What will be the condition of America

Overall, the loss of the US market for India will have a more serious impact on its economy and industries, while the impact on America will be relatively limited. For this reason, experts believe that in the event of such a business captive, India will get more shock in both economic and social terms.

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India and America have now reached the lowest level of several decades. India does not seem to get relief from the tariff imposed by US President Donald Trump. According to sources, on Saturday (August 16, 2025), India suffered a major setback when the US postponed the sixth round of the proposed bilateral trade agreement. This meeting was to be held in Delhi from 25 to 29 August. An American official said that the visit would probably be rescheduled later.

Sixth round postponed, shock to India
So far, five rounds of talks have been held between India and America regarding the trade deal. The sixth round of meeting was considered important, but due to its postponement, difficulties have increased for India. This delay will directly affect the tariff as the additional 25 percent penalty tariff i.e. 50 percent fees imposed by the US are going to be implemented from August 27.

American pressure on agriculture and dairy
The US wants it to get more markets in India’s agriculture and dairy sector. But India has made it clear that the interests of farmers will not be compromised. India is an agricultural country and if the American market interferes with the Indian agriculture sector, it will have a big impact on the farmers and the economy.

Future of trade
India and America have been a long time trade partner. The two countries have targeted that the first phase of bilateral trade deal will be completed by September-October 2025. Also, the plan is to increase bilateral trade by $ 500 billion by 2030. Currently, about $ 191 billion is being traded between the two countries.

Tariff’s effect
The US has imposed 25 percent tariff on India since August 7. Apart from this, due to purchasing crude oil and military equipment from Russia, an additional 25 percent punitive tariff has also been imposed on India, which will be applicable from August 27. This will affect both India’s exports and imports.

Indo-US business figures
According to the latest Commerce Ministry data, India’s exports to the US rose by 21.64% to $ 33.53 billion between April-July 2025. At the same time, imports from the US rose 12.33% to $ 17.41 billion during this period. During this period, America remained India’s largest trading partner.

India is going to make 10 important agreements with Singapore. India and Singapore are working towards finalizing about 10 compromise memories regarding technology, connectivity, skill development and digitization in the meeting of ministers of the two countries to be held this week.

Some people who are aware of this case, quoting PTI reported that under the agreement, work is also going on to finalize the ambitious proposal to laying cables under the sea to deliver solar energy from India to Singapore. This process will also provide data connectivity.

Singapore Prime Minister Lawrence Wong can also visit India next month, before that preparations are being made to finalize all these proposals. People familiar with the case said that the third meeting of the Indo-Singapore Ministerial Round Table Conference (ISMR) will be held in New Delhi on August 13, in which preparations will be made for Lawrence Wong’s visit.

It is also proposed to export green ammonia and green hydrogen from India to Singapore, which is being seen as part of the overall approach to further strengthening bilateral relations. Foreign Minister S. Jaishankar, Commerce Minister Piyush Goyal, Finance Minister Nirmala Sitharaman and Electronics and Information Technology Minister Ashwini Vaishnav will meet six ministers from Singapore under ISMR.

In September last year, during Prime Minister Narendra Modi’s visit to Singapore, India-Singapore relations were taken to a widespread strategic partnership level. The meeting between India and Singapore is also expected to discuss the agreements related to skill development, which will be focused on cooperation in areas such as aviation, semiconductor and advanced manufacturing.

The impact of America’s tariff policy and ways to deal with it can also be discussed in ISMR. Sources said that the two countries are working on a scheme with the aim of providing skill development training to around 1,00,000 Indians annually. He informed that Singapore companies will also be discussed in ISMR to increase investment in India.

The first ISMR meeting was held on 17 September 2022 in New Delhi, in which four ministers of Singapore came to India. The second meeting was held on 26 August 2024 in Singapore. Promoting overall trade between the two countries in the upcoming ISMR is also likely to be included in the major agenda.

Singapore is India’s largest trading partner in ASEAN (organization of South-East Asian countries). It is a major source of FDI (FDI).