India is the world’s third-largest consumer of crude oil and depends on imports to meet around 88 per cent of its requirement of the commodity.

President Donald Trump on Wednesday delivered a subtle punch at India in announcing a trade deal with its rival Pakistan after slapping India with 25% tariffs over the country’s ties to U.S. rival Russia.

With the US tariff deadline looming, an India-US trade deal appears unlikely, though a last-minute breakthrough remains possible. Trump has hinted at tariffs of 20-25% on Indian goods, while India anticipates these as a temporary measure during ongoing negotiations.