The United States is India’s largest trading partner and two-way trade between the two countries surpassed $118 billion in 2023/24, with India posting a trade surplus of $32 billion.

President Trump spoke Monday with Indian Prime Minister Narendra Modi, discussing the relationship between their two countries and plans for Modi to visit the White House. During the call, Trump stressed that India should increase the amount of American-made security equipment it purchases in an effort to balance the trade relationship between the two countries,

By Ira Dugal This was originally published in the India File newsletter, which is issued every Tuesday. Sign up here to get latest news from India and how it matters to the world. Investors in India are on edge ahead of the annual federal budget scheduled for release on Saturday.