President Donald Trump says the United States and India are “pretty close” to a fair trade agreement that could lower tariffs currently set at 50 percent on Indian imports. India’s recent cuts to its Russian oil purchases appear to be a key factor. The president also hinted at a possible visit to India next year at Prime Minister Narendra Modi’s invitation.

President Trump’s newly enacted 50% tariff on Indian goods follows his initial 25% measure. Officials cite India’s continuing purchase of Russian oil as a key reason for the increase, raising concerns about the effects on key export industries.