The Trump administration is negotiating with India to open its $125-billion ecommerce market to American giants Amazon and Walmart, according to Financial Times sources. Current restrictions limit these companies to marketplace-only operations, while competing against local players like Reliance. Without a trade agreement, Indian exports face a potential 26% US tariff, though temporarily paused for 90 days. Praveen Khandelwal of the Confederation of All India Traders warns this could impact India's 90-million-strong network of small traders, emphasizing the need to protect local business interests.