India and US inch closer to long-pending trade deal; 15-16% tariff cuts likely: Report

India and the United States appear to be finally inching closer to a trade deal that have been long pending, a move that could potentially reduce US tariffs on Indian imports to 15% to 16% from the earlier 50%, says a report by Live Mint. This could also be seen as a signal that India could be actually pulling back from importing crude oil from Russia, reported Live Mint. 

U.S. President Donald Trump said he spoke to Indian Prime Minister Narendra Modi on Tuesday, largely focusing on trade.

Trump said energy was also part of their discussion, and Modi assured him that India would limit its oil purchases from Russia.

Modi also said the two leaders had talked, but gave no details about what was discussed.

"Thank you, President Trump, for your phone call and warm Diwali greetings," Modi said on X, referring to the Hindu festival, which was celebrated on Monday.

"On this festival of lights, may our two great democracies continue to illuminate the world with hope and stand united against terrorism in all its forms," he said.

With inputs from Reuters