Rajan acknowledged India maintains steep tariffs in some sectors, but said both sides have a case. U.S. exporters face hurdles in India, while Indian farmers compete with heavily subsidized American agriculture and lack a social safety net.

Washington: President Donald Trump on Monday said American tariffs imposed on India for purchasing Russian oil have dealt a "big blow" to Moscow's economy, which is not doing well, as he referred to New Delhi as Russia's "largest or second largest oil buyer".

For years, India has balanced close partnerships with both Washington and Moscow, even throughout Ukraine war. Trump is finally demanding it picks a side