What are the key components of the US-India Compact and what challenges does India present for American businesses?

The US-India Compact is a comprehensive trade agreement covering multiple sectors including energy, military collaboration, infrastructure, and artificial intelligence, announced during President Trump's meeting with Prime Minister Modi. However, Trump highlighted significant business challenges in India, particularly citing the country's extremely high tariffs as a major barrier. The president noted that India has "the highest tariffs just about in the world," making it "a very hard place to do business." This context helps explain why tech billionaire Elon Musk's meeting with Modi was likely focused on exploring business opportunities despite these trade barriers.