The most recent development in the India-US trade relations is the unveiling of an interim trade framework that aims to lower tariffs and deepen economic cooperation. This framework is a precursor to a broader trade pact expected to be signed in March 2026. According to Business Recorder, the US has agreed to cut tariffs on Indian goods to 18% from 50%, contingent upon India halting its purchases of Russian oil. This move is part of a larger agreement where India commits to purchasing $500 billion worth of US goods over the next five years, including energy products, aircraft, and technology items. President Donald Trump emphasized that India has 'committed to stop directly or indirectly importing Russian oil,' a stance that has led to the lifting of a 25% punitive tariff on Indian goods previously imposed due to these oil purchases.