The export of India's goods to the U.S. rose for the first time in five months in October, increasing 14.5% from September, despite 50% tariffs set by the Trump administration. BBC News reports that trade deal negotiations between the two countries are meanwhile under way, with an Indian official saying that key aspects of the deal were nearing closure.
Exports to India's largest foreign market had dropped sharply in September, after President Donal Trump introduced 50% U.S. tariffs, including a 25% penalty for buying Russian oil, were introduced on August 27.
As part of the ongoing negotiations, Indian state-run oil firms have agreed to import more annual liquified petroleum gas (LPG) from the U.S., and Trump exempted many farm goods from reciprocal tariffs that could benefit India.
The BBC says the Trump administration has been urging Delhi to increase its purchase of U.S. petroleum products, after India became one of the biggest markets for Russian oil as Western nations imposed sanctions on Moscow because of its ongoing invasion of Ukraine.
