India and the United States are reportedly close to finalising a long-awaited trade agreement that would cut US tariffs on Indian imports to around **15–16%**, down from current levels of up to 50%. The deal centres on energy and agriculture, and would require India to gradually reduce Russian crude oil imports, aligning with US sanctions efforts. Negotiations are in the final phase ahead of the upcoming ASEAN Summit, with both sides aiming for a formal announcement soon.