>>/54442/
Part of the reason for the US trade imbalance is the US dollar being the global reserve currency, which pushes up demand for it and makes it worth more than it otherwise would be, making US exports less competitive. That's not going to change, as there isn't a viable reserve currency other than the USD.

The US doesn't rely on Indian imports like it does with China. So it is viable to sanction them but likewise the Indians don't rely on the US either, so they effect of sanctions would not be sever and all it would do is cause diplomatic tensions and push them to working more with non-US aligned states like you mentioned.