A scheduled trip by a U.S. trade delegation to India later this month has been called off, according to reports. Several rounds of talks on a bilateral trade deal between the U.S.—the world's largest economy—and India, the world's most populous nation and itself a major economic power, have so far failed to yield an agreement.

Ongoing trade negotiations between India and the US face hurdles, with both nations firm on certain unresolved issues. India's priority is safeguarding the interests of its farmers and fishermen, while the US seeks reduced tariffs on agricultural products and increased market access.

India's foreign minister said on Saturday that trade negotiations with Washington are continuing but there are lines that New Delhi needs to defend, just days before hefty additional U.S. tariffs are due to hit.

The US has doubled tariffs on Indian goods to as much as 50%, escalating trade tensions between the two strategic partners after months of failed negotiations.

If the United States and India can put their recent acrimony in the rear-view mirror, both sides stand to reap tremendous gains from a trade agreement. Unravelling relations hurt both sides—a reality that is well-known to decision-makers in Washington and New Delhi alike.

US President Donald Trump imposed a crushing 50% tariff on Indian goods to punish the country for buying Russian oil, upending a decades-long push by Washington to forge closer ties with New Delhi. The new tariffs,