The U.S. in July imposed a punitive 93.5% tariff on import of graphite anode materials from China, creating an opportunity for India's Epsilon to break Beijing's monopoly on supplies of the key battery component.

India on Wednesday test-fired an intermediate-range ballistic missile capable of carrying multiple nuclear warheads, a government statement said, in an apparent show of strength ahead of a threatened US tariff increase.

Bessent's remarks indicate that an easing of tensions between the two sides remains in place, potentially creating an opening for President Donald Trump to meet Chinese leader Xi Jinping

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.

All new iPhone 17 models, including the iPhone 17, iPhone 17 Air, iPhone 17 Pro, and Pro Max, for the US market, are now manufactured in India as Apple doubles down on reducing its reliance on China for US-bound iPhones.

It follows his meeting China's Foreign Minister Wang Yi in New Delhi this week.Indian Prime Minister Narendra Modi hailed the "steady progress" made in improving the bilateral relationship with China during his meeting with Beijing's Foreign Minister Wang Yi on Tuesday.