"The United States and India view each other as important strategic partners to advance common interests regionally and globally. Bilateral trade in goods and services is about 2% of U.S. world trade, but tripled in value between 2005 and 2017, reaching $126 billion (Figure 1). The trade relationship is more consequential for India, for whom the United States was its second largest export market (16% share) after the European Union (EU, 17%), and third largest source of imports (6%) after China (17%) and the EU (10%) in 2017. U.S. - India foreign direct investment (FDI) is small but growing. Defense sales are significant in bilateral trade as well. Civilian nuclear commerce, stalled for years over differences on liability protections, has produced major potential U.S. supply contracts. Many observers believe bilateral commercial ties could be more extensive if trade and investment barriers were addressed. Bilateral trade frictions exist on numerous fronts, though the two sides are working to resolve some issues."
CRS In Focus, IF10384
Congressional Research Service: https://crsreports.congress.gov/