US cancels trade talks with India as new tariffs loom over Russian oil purchases.

India's foreign minister confirmed that trade talks with the U.S. continue despite the looming threat of additional U.S. tariffs on Indian goods. The tariffs, due to India's rise in Russian oil purchases, will see a 25% increase imposed starting August 27, adding to the existing 25%. A planned U.S. trade delegation visit to India has been canceled, reducing hopes for tariff relief.