The latest on pending India-US trade deal – Commerce and Industry Minister Piyush Goyal said India is in a wait-and-watch mode after the US Supreme Court ruling on US tariffs, describing the situation as evolving Goyal said India is closely monitoring developments while continuing dialogue with the administration of US President Donald Trump. Prior to the ruling, both countries had agreed on a framework for Washington to cut tariffs on India to 18 per cent from 50 per cent – a rate that previously included a 25% punitive tariff on India’s Russian oil purchases.