Trade Relations - President Trump has communicated with Indian Prime Minister Narendra Modi, which may help ease trade tensions between the U.S. and India [1] - Despite the positive tone of the call, India faces high tariffs imposed by the Trump administration, particularly related to a trade deficit and penalties for purchasing Russian energy [3][4] - The U.S. is also engaging with China, with Trump set to discuss trade and energy issues with Xi Jinping, as part of broader efforts to address the Russia-Ukraine situation [5] Critical Minerals Investment - The U.S. is in discussions to establish a $5 billion fund aimed at boosting critical minerals, which is essential for supply chain independence from China [7] - This fund is intended to support projects both domestically and globally, focusing on critical supply chain components, particularly rare earth elements [8] - The initiative reflects a strategic move by the U.S. to onshore manufacturing and processing of critical minerals, reducing reliance on Chinese supply chains [9][10]