Bloomberg and Reuters reported on October 20 that India said there has been substantial progress in trade negotiations with the U.S., while Trump's side reiterated that "the U.S. will continue to maintain a 50% punitive tariff on India until it stops purchasing Russian oil." On October 18, Indian officials revealed that the differences between India and the U.S. on trade-related issues are continuously narrowing, and an agreement is expected to be reached, potentially lowering the punitive tariffs. On October 15, Trump claimed that Modi had assured him that India would stop buying Russian oil. However, the Indian Foreign Ministry denied this call, emphasizing that India's primary concern is "protecting the interests of Indian consumers." In response, Trump warned on October 19 that if India continues to import Russian oil, the U.S. will continue to maintain the 50% punitive tariff on India. U.S. officials stated that India has halved its purchases of Russian oil. In response, Indian sources pointed out that there has been no noticeable drop in India's purchases of Russian oil so far. Currently, Indian refiners have already confirmed the shipping orders for November, and a reduction in procurement might not be reflected in import data until December or January of next year. Additionally, an Indian state-owned refining company stated that it is expected to reduce imports of Russian energy. Indian officials also said that India has the capability to increase oil imports from the U.S.
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