US Treasury Secretary Scott Bessent warned that the US could intensify secondary tariffs on India if President Trump's meeting with President Putin does not yield positive results.

But experts say India's refusal to reduce duties on agriculture and dairy products has been a major thorn in the negotiations. Trump's new 50% tariff rate on India is set to come into effect on 27 August, which some experts have said is akin to an embargo on trade between the two countries.

This article is authored by Pravesh Kumar Gupta, associate fellow (Eurasia), Vivekananda International Foundation, New Delhi.