KEY POINTS

India has taken a more measured approach toward U.S. President Donald Trump compared to China and Brazil, but some in Washington may be interpreting this as a sign of U.S. leverage

Indian Prime Minister Narendra Modi may be able to afford to wait, as any breakthrough between Russia and Ukraine could remove the U.S.′ reason for its 50% tariffs on India.

Trump has said India’s purchases of Russian oil are why it’s facing these high tariffs, with the full rate due to be imposed 21 days after Trump’s executive order was signed Wednesday.