India and the United States are reportedly very close to finalizing a significant trade deal, as indicated by US Deputy Secretary of State Christopher Landau. Speaking at the SelectUSA Investment Summit in Maryland, Landau emphasized the importance of overcoming the last hurdles in negotiations that have been ongoing for months. The two nations are targeting a bilateral trade goal of $500 billion by 2030. As part of the agreement, the US is expected to reduce tariffs on Indian goods from 50% to 18% and has already removed a 25% tariff on Indian purchases of Russian oil. However, following a recent ruling by the US Supreme Court against reciprocal tariffs imposed under the International Emergency Economic Powers Act, India is working to recalibrate the agreement to safeguard its interests in the evolving global tariff landscape. Landau acknowledged India's growing importance and potential on the world stage, noting that the country is poised for significant economic development.