As reported by Indian media, a U.S. trade delegation was to arrive in New Delhi on August 25 and leave on August 29, but the visit has now been cancelled. The move comes after Washington threatened to double tariffs on Indian imports to up to 50% unless New Delhi cuts its reliance on Russian oil.

US officials have linked the potential increase in tariffs to the results of President Donald Trump s scheduled talks with Russian President Vladimir Putin later this week in Alaska. Experts warn that such actions could lead to severe disruption to the two countries  bilateral trade relations.

Speaking in his Independence Day address from Red Fort in New Delhi, Prime Minister Narendra Modi stressed India s drive for energy independence and defense production self-reliance.

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"Self-reliance is the cornerstone of a developed India," he stated, promising that the nation would protect its national interests "like a wall."

Modi called on scientists and engineers to speed up research and development of critical technologies, such as semiconductor chips, fighter plane engines, and advanced defense systems. He said that domestically made semiconductor chips would be ready before the end of the year and unveiled proposals for a national space station and domestic defense shield in the decade ahead.

“Where economic egotism is growing day by day, we cannot remain idle but work on our strengths," he added.

U.S. Secretary of State Marco Rubio, meanwhile, in his Independence Day message to India, termed bilateral relations as "consequential and far-reaching" and hoped for "a brighter future for both countries.