China — often characterized by White House officials as the arch-rival of the U.S. in trade — has been among the countries most negatively affected by Trump’s mercurial barrage of tariffs. India is currently suffering severe penalties imposed by the Trump administration due to its continued purchasing of oil from Russia.

During his Friday speech, Modi also hinted India would continue its unilateral suspension of the Indus Water Treaty. The treaty, which India suspended after the April massacre, allows sharing of the Indus River that runs about 2,897 kilometers (1,800 miles) through South Asia and is a lifeline for both countries.

The White House's abrupt move to double duties on Indian goods over its Russian oil purchases came with little warning and no clear path forward.

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Russian President Vladimir Putin and India's Narendra Modi will meet in New Delhi by the end of year, but no dates have been finalised yet, a Russian embassy official in India said on Wednesday.

China and India have agreed to resume trade ties and move towards resolving their longstanding border dispute.

Prime Minister Narendra Modi had been moving to align India with the United States and freeze out China. Now, efforts to rebuild ties between the Asian giants are gaining momentum.

India expects consumption tax cuts announced by Prime Minister Narendra Modi will give a boost to the economy without hurting the government’s fiscal deficit, helping to offset the fallout from higher US tariffs.

US President Donald Trump’s administration hit India with a 25 per cent tariff from July 1, then last week doubled the amount to 50 per cent by adding a “secondary” 25 per cent tariff for its purchases of Russian oil, which Washington argues is helping fuel Moscow’s war in Ukraine.

NEW DELHI (Reuters) -Indian Foreign Minister Subrahmanyam Jaishankar and his Chinese counterpart Wang Yi on Monday discussed border peace, trade issues and bilateral exchanges, aiming to strengthen cooperation between the two countries.