The U.S. has proposed tariffs on Indian exports in response to India’s continued purchases of discounted Russian crude oil. What does this mean for India’s economy and trade relations? In this video,

MUMBAI (Reuters) -About 55% of India's merchandise exports to the United States will be subject to the tariff imposed by President Donald Trump's administration, the Indian government said on Monday.

In trade negotiations, as in chess, sometimes you need to accept a temporary disadvantage to secure a better long-term position, points out Sonal Varma, chief economist (India and Asia ex-Japan) at Nomura.