U.S.-India trade deal at 'very advanced stage,' Indian petroleum minister tells CNBC

Group 1 - A trade deal between India and the U.S. is at "a very advanced stage" according to India's Minister of Petroleum and Natural Gas Hardeep Singh Puri [1][2] - The relationship between India and the U.S. is described as "very strong," with India supporting a multilateral trading system, as evidenced by its recent free trade agreement with the EU [2][3] - The open-to-trade stance of India is seen as beneficial for the U.S. as trade talks continue, presenting economic opportunities for both nations and others [3] Group 2 - There are concerns in New Delhi regarding how U.S. President Donald Trump might respond to India's new trade deal with the EU, which involves gradual tariff reductions on imports [4] - Despite the trade deal with the EU, the U.S. has maintained punitive tariffs on imports from both India and the EU, with India facing a 50% levy due to its oil purchases from Russia [5] - U.S. Treasury Secretary Scott Bessent criticized the EU for proceeding with the trade agreement with India, highlighting the U.S.'s significant sacrifices compared to Europe [6]