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.

White House Press Secretary Karoline Leavitt said President Trump used trade as leverage to end the India-Pakistan conflict after the Pahalgam attack, calling him proud of brokering peace deals worldwide.

Move reflects India’s desire to insulate itself from foreign currency fluctuations and could reduce country’s reliance on US dollar, analysts say.

Indian Prime Minister Narendra Modi met China’s top diplomat on Tuesday and hailed the “steady progress” made in improving the bilateral relationship after a yearslong standoff between the nuclear-armed Asian powers.

Indian Foreign Minister Subrahmanyam Jaishankar and his Chinese counterpart Wang Yi on Monday discussed border peace, trade issues and bilateral exchanges, aiming to strengthen cooperation between the two countries.

The flights were suspended in the aftermath of the Doklam crisis and further delayed due to the COVID-19 pandemic.

Chinese Foreign Minister Wang Yi, who arrived in India on Monday, is scheduled to hold talks with Modi and other leaders about the disputed border in the Himalayan mountains. Reducing the number of troops on the border and possibly resuming trade in the contested region are expected to be on the agenda.

A planned visit by U.S. trade negotiators to New Delhi from August 25-29 has been called off, a source said, delaying talks on a proposed trade agreement and dashing hopes of relief from additional U.

US-imposed tariffs may be driving two Asian powerhouses closer as India and China prepare to launch a new chapter in trade relations. A crucial step forward in trade ties came on August 19, when China removed export curbs on fertilizers,