From the Document: "The United States and India view one another as important strategic partners to advance common interests regionally and globally. Bilateral trade in goods and services is 2% of U.S. world trade, and has grown in recent years (Figure 1). The trade relationship is more consequential for India; in 2017, the United States was its second largest export market (16% share) after the European Union (EU, 17%), and third largest import supplier (6%) after China (17%) and the EU (10%). U.S.-India foreign direct investment (FDI) is small, but growing. Defense sales also are significant in bilateral trade. Civilian nuclear commerce, stalled for years over differences on liability protections, has produced major potential U.S. supply contracts. The Trump Administration, which views bilateral trade balances as an indicator of the health of a trading relationship, takes issue with the U.S. trade deficit with India, and has criticized India for a range of 'unfair' trading practices. Countering this view, India notes that the U.S. bilateral trade deficit dropped in 2018. The causes and consequences of trade deficits are debated."
CRS In Focus, IF10384
Congressional Research Service: https://crsreports.congress.gov/