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.

President Donald Trump on Tuesday threatened to raise tariffs on Indian imports as high as 25% if the allied nations cannot complete a long-sought trade agreement.