Days after India and the US announced a trade deal with US President Donald Trump claiming that New Delhi has agreed to stop buying Russian oil, Russia on Wednesday (Feb 4) said that India is “free to buy oil from any country” it wants. Kremlin spokesman Dmitry Peskov said that there is nothing new in its decision to diversify crude suppliers, adding that India had done it always. Peskov was responding to a question about Trump’s recent claim that Prime Minister Narendra Modi had agreed to stop buying Russian oil and instead shift purchases to the United States and possibly Venezuela.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/opinions/two-cheers-not-three-indo-us-trade-deal-is-a-half-way-house-1770109461746">Two cheers, not three: Indo-US trade deal is a half-way house</a>&nbsp;Peskov said, "India has always purchased these products from other countries. Therefore, we see nothing new here," he told. A day earlier, Peskov said that Russia had received no official statement from India suggesting it planned to halt Russian oil imports. Russia’s Foreign Ministry also underlined the value of the energy relationship. Spokesperson Maria Zakharova said that the hydrocarbons trade benefits both sides and helps maintain stability in global energy markets. “India’s purchase of Russian hydrocarbons is beneficial for both sides and helps maintain stability in the global energy market. We are ready to continue close cooperation with our Indian partners,” she said at a briefing.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/-all-citizens-are-thanking-pm-modi-for-a-successful-trade-deal-piyush-goal-on-india-us-trade-agreement-1770119536603">'All citizens are thanking PM Modi for a successful trade deal': Piyush Goyal on India-US trade agreement</a><a href="https://www.wionews.com/videos/india-us-trade-deal-pm-modi-confirms-revised-18-tariffs-but-details-awaited-1770140167121/embed">https://www.wionews.com/videos/india-us-trade-deal-pm-modi-confirms-revised-18-tariffs-but-details-awaited-1770140167121/embed</a>&nbsp;<h2>India-US trade deal</h2>Prime Minister Modi confirmed the trade deal with the United States on Monday (Feb 2) and appreciated President Donald Trump’s leadership, terming it “vital for global peace, stability, and prosperity.” Trump claimed that India will stop buying Russian oil as the part of the deal. India or PM Modi has not commented on it yet. Trump, who had imposed a 25 per cent tariff on Indian exports late last year and later doubled the tariffs on India to 50 per cent punishing Delhi for buying oil from Russia, reduced the tariffs to 18 per cent. The final text and technical details of the trade deal are still being "papered." Meanwhile, after the announcement, Union External Affairs Minister S Jaishankar met US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent in Washington.

India-US trade deal cuts tariffs to 18 per cent, after Donald Trump claimed India would stop buying Russian oil. Russia rejected the claim, saying India is free to buy oil from any country and has long diversified suppliers. India has not confirmed any halt to Russian imports.

Days after India and the US announced a trade deal with US President Donald Trump claiming that New Delhi has agreed to stop buying Russian oil, Russia on Wednesday (Feb 4) said that India is “free to buy oil from any country” it wants. Kremlin spokesman Dmitry Peskov said that there is nothing new in its decision to diversify crude suppliers, adding that India had done it always. Peskov was responding to a question about Trump’s recent claim that Prime Minister Narendra Modi had agreed to stop buying Russian oil and instead shift purchases to the United States and possibly Venezuela. Also Read: Two cheers, not three: Indo-US trade deal is a half-way house Peskov said, "India has always purchased these products from other countries. Therefore, we see nothing new here," he told. A day earlier, Peskov said that Russia had received no official statement from India suggesting it planned to halt Russian oil imports. Russia’s Foreign Ministry also underlined the value of the energy relationship. Spokesperson Maria Zakharova said that the hydrocarbons trade benefits both sides and helps maintain stability in global energy markets. “India’s purchase of Russian hydrocarbons is beneficial for both sides and helps maintain stability in the global energy market. We are ready to continue close cooperation with our Indian partners,” she said at a briefing. Also Read: 'All citizens are thanking PM Modi for a successful trade deal': Piyush Goyal on India-US trade agreement https://www.wionews.com/videos/india-us-trade-deal-pm-modi-confirms-revised-18-tariffs-but-details-awaited-1770140167121/embed India-US trade deal Prime Minister Modi confirmed the trade deal with the United States on Monday (Feb 2) and appreciated President Donald Trump’s leadership, terming it “vital for global peace, stability, and prosperity.” Trump claimed that India will stop buying Russian oil as the part of the deal. India or PM Modi has not commented on it yet. Trump, who had imposed a 25 per cent tariff on Indian exports late last year and later doubled the tariffs on India to 50 per cent punishing Delhi for buying oil from Russia, reduced the tariffs to 18 per cent. The final text and technical details of the trade deal are still being "papered." Meanwhile, after the announcement, Union External Affairs Minister S Jaishankar met US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent in Washington.

India-US trade deal cuts tariffs to 18 per cent, after Donald Trump claimed India would stop buying Russian oil. Russia rejected the claim, saying India is free to buy oil from any country and has long diversified suppliers. India has not confirmed any halt to Russian imports.

'We see nothing new...': Kremlin breaks silence over Trump’s statement on India halting Russian oil purchases

India's External Affairs Minister S Jaishankar on Tuesday (Feb 3) said that he held meetings with US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent during his high-level visit to Washington. In a post on X, Jaishankar said that he had "a useful discussion on advancement of India - US economic partnership and strategic cooperation" with Bessent, he mentioned that his discussion with Rubio centered around a wide ranging topics including bilateral cooperation agenda, regional and global issues. Jaishankar's meeting with the top men of the Trump administration comes US President Donald Trump announced a major trade deal with India after speaking with Indian Prime Minister Narendra Modi, slashing reciprocal tariffs on Indian goods from 25 per cent to 18 per cent, effective immediately.&nbsp;<a href="https://www.wionews.com/videos/india-us-trade-deal-pm-modi-confirms-revised-18-tariffs-but-details-awaited-1770140167121/embed">https://www.wionews.com/videos/india-us-trade-deal-pm-modi-confirms-revised-18-tariffs-but-details-awaited-1770140167121/embed</a>&nbsp;&nbsp;In a post, Jaishankar said that his meeting with Rubio underscored the facets of India - US Strategic Partnership including cooperation on trade, energy, nuclear, defence, critical minerals and technology. He also hinted at continuous engagements between the diplomats of both the countries saying that early meetings may be held of various mechanisms to advance shared interests.&nbsp;<figure class="image"><img src="https://cdn1.wionews.com/prod/wion/images/2026/20260204/image-1770164711379.png"></figure>&nbsp;Also Read: <a href="https://www.wionews.com/india-news/india-us-trade-tariff-stalemate-broken-what-does-this-mean-for-new-delhi-and-its-economy-1770100909043">India US trade tariff stalemate ends, what does this mean for New Delhi and its economy</a>&nbsp;Soon after, Rubio also shared images with the Indian EAM and reiterated that they discussed bilateral cooperation on critical minerals exploration between the two countries. They also discussed scope to work together to unlock new economic opportunities between our two countries. “We also commended the trade deal between the United States and India,” Rubio said.<figure class="image"><img src="https://cdn1.wionews.com/prod/wion/images/2026/20260204/image-1770164742161.png"></figure>EAM Jaishankar will also attend first Critical Minerals Ministerial in Washington DC on Wednesday. It will bring together officials from more than 50 countries to strengthen cooperation on securing and diversifying global supply chains for key minerals, according to US State Department. Jaishankar's participation highlights India's role in the Minerals Security Partnership (MSP) and the new Pax Silica initiative aimed at securing AI and semiconductor supply chains.&nbsp;Also Read: <a href="https://www.wionews.com/world/eam-jaishankar-asserts-right-to-self-defence-against-terrorism-at-arab-fms-meet-1769880515632">EAM Jaishankar asserts right to self-defence against terrorism at Arab FMs’ meet</a><h2>India-US trade deal</h2>Prime Minister Modi confirmed the trade deal with the United States on Monday (Feb 2) and appreciated President Donald Trump’s leadership, terming it “vital for global peace, stability, and prosperity.” Trump claimed that India will stop buying Russian oil as the part of the deal. As part of the deal, Trump, who had imposed a 25 per cent tariff on Indian exports late last year and later doubled the tariffs on India to 50 per cent punishing Delhi for buying oil from Russia, reduced the tariffs to 18 per cent. This puts India in an advantageous position in comparison to competing economies. The resilience of Indian negotiators finally ended on a happy note after months of trade tensions and inappropriate criticism from Trump’s trade adviser Peter Navarro several times. However, the final text and technical details of the trade deal are still being "papered."

India's S Jaishankar met US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent in Washington to deepen India-US economic and strategic ties. The talks followed a new trade deal cutting US tariffs on Indian goods to 18 per cent

India's External Affairs Minister S Jaishankar on Tuesday (Feb 3) said that he held meetings with US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent during his high-level visit to Washington. In a post on X, Jaishankar said that he had "a useful discussion on advancement of India - US economic partnership and strategic cooperation" with Bessent, he mentioned that his discussion with Rubio centered around a wide ranging topics including bilateral cooperation agenda, regional and global issues. Jaishankar's meeting with the top men of the Trump administration comes US President Donald Trump announced a major trade deal with India after speaking with Indian Prime Minister Narendra Modi, slashing reciprocal tariffs on Indian goods from 25 per cent to 18 per cent, effective immediately. https://www.wionews.com/videos/india-us-trade-deal-pm-modi-confirms-revised-18-tariffs-but-details-awaited-1770140167121/embed In a post, Jaishankar said that his meeting with Rubio underscored the facets of India - US Strategic Partnership including cooperation on trade, energy, nuclear, defence, critical minerals and technology. He also hinted at continuous engagements between the diplomats of both the countries saying that early meetings may be held of various mechanisms to advance shared interests. Also Read: India US trade tariff stalemate ends, what does this mean for New Delhi and its economy Soon after, Rubio also shared images with the Indian EAM and reiterated that they discussed bilateral cooperation on critical minerals exploration between the two countries. They also discussed scope to work together to unlock new economic opportunities between our two countries. “We also commended the trade deal between the United States and India,” Rubio said. EAM Jaishankar will also attend first Critical Minerals Ministerial in Washington DC on Wednesday. It will bring together officials from more than 50 countries to strengthen cooperation on securing and diversifying global supply chains for key minerals, according to US State Department. Jaishankar's participation highlights India's role in the Minerals Security Partnership (MSP) and the new Pax Silica initiative aimed at securing AI and semiconductor supply chains. Also Read: EAM Jaishankar asserts right to self-defence against terrorism at Arab FMs’ meet India-US trade deal Prime Minister Modi confirmed the trade deal with the United States on Monday (Feb 2) and appreciated President Donald Trump’s leadership, terming it “vital for global peace, stability, and prosperity.” Trump claimed that India will stop buying Russian oil as the part of the deal. As part of the deal, Trump, who had imposed a 25 per cent tariff on Indian exports late last year and later doubled the tariffs on India to 50 per cent punishing Delhi for buying oil from Russia, reduced the tariffs to 18 per cent. This puts India in an advantageous position in comparison to competing economies. The resilience of Indian negotiators finally ended on a happy note after months of trade tensions and inappropriate criticism from Trump’s trade adviser Peter Navarro several times. However, the final text and technical details of the trade deal are still being "papered."

India's S Jaishankar met US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent in Washington to deepen India-US economic and strategic ties. The talks followed a new trade deal cutting US tariffs on Indian goods to 18 per cent

From critical minerals to nuclear ties: What Jaishankar discussed with Rubio, Bessent after India-US trade deal

The United States has reduced import tariffs on Indian exports from 50% to 18%, a move hailed as a major win for India’s trade. Following the announcement, Indian stock markets surged to record highs, and the rupee strengthened, marking its biggest gain in over three years.


US Cuts India Export Tariffs to 18%; Indian Stocks Hit Record, Rupee Soars Over 3 Years

Amid uncertainty over the scope and specifics of the India–US trade deal announced by US President Donald Trump and subsequently confirmed by Prime Minister Narendra Modi, Union Commerce and Industry Minister Piyush Goyal on Tuesday (February 3) shared insights into the deal. Addressing the media, Goyal asserted that the agreement would have wide-ranging benefits. “This deal will help everyone, all 140 crore Indians, from farmers to fisherfolk,” he said. He said that he had intended to brief Parliament on the matter, but refrained from doing so due to disruptions in the Lok Sabha.&nbsp;&nbsp;“But you saw the ugly scenes witnessed in the Lok Sabha today,” he remarked, placing the blame on the Opposition. “I condemn Rahul Gandhi for what happened,” he added, referring to the uproar triggered by the Leader of the Opposition’s attempt to cite an unpublished book by former Army chief Gen MM Naravane. Despite repeatedly claiming the deal would benefit multiple sectors, Goyal did not disclose specific provisions. He later acknowledged that negotiations were still ongoing and said a joint statement would be released in due course.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/-won-t-allow-privacy-of-any-citizen-to-be-compromised-supreme-court-slams-meta-1770118538789">'Won't allow privacy of any citizen to be compromised': Supreme Court slams Meta</a><h2>Goyal credits Modi's personal rapport with Trump for the deal</h2>Speaking on the substance of the trade deal, Goyal credited Prime Minister Modi’s personal rapport with the US president. “PM Modi used his friendship with Donald Trump to get the best deal among all the countries in the region, all countries that we compete with,” he said. He pointed to the pressures India had been facing before the agreement. “There were a lot of challenges. India was facing 50% tariffs; farmers were suffering; marine exporters were worried. Until a few days ago, Opposition leaders also had been asking us when the deal would happen,” Goyal noted.&nbsp;“We hadn't been able to get this deal for months, but PM Modi used his friendship to seal such a great deal, which will immensely benefit India,” he added. Responding to concerns that agriculture and dairy interests may have been compromised, Goyal insisted otherwise. “PM Modi has always looked out for the agriculture and dairy sectors, and he ensured that nothing bad happens to them,” he said. “PM Modi ensured that India's sensitive sectors, agriculture and dairy, were safeguarded and given attention in the deal.” He further claimed that coastal communities had already reacted positively. “Fishermen who export seafood celebrated in all coastal regions after the deal. This is a sign of how this deal heralds a bright future for India,” Goyal said, adding that engineering, textiles, marine products, and gems and jewellery were also expected to gain.<h2>Goyal attacks Opposition</h2>The minister then launched a direct attack on Opposition leaders, singling out Rahul Gandhi. “Rahul Gandhi is a negative person. He has a negative mentality. And any leader who joins hands with him — be it those from DMK or TMC — doesn't like a deal which will benefit so many sectors,” he said. He further asked, “Rahul Gandhi ko kya mirchi lagti hai? (Why does he feel the burn?) Does Rahul Gandhi have a problem with the country's growth?” Goyal went on to describe Gandhi’s outlook as “anti-national”. “The time has come for the citizens of the country to seek accountability from Rahul Gandhi, Mamata Banerjee, Stalin, Kanimozhi, Akhilesh Yadav,” he said, naming leaders from states expected to go to the polls within the next year.<h2>Agriculture sector in focus</h2>The most politically sensitive element of the agreement relates to agriculture, a sector that employs nearly half of India’s population and contributes about 18% to GDP. While the Indian government had earlier described agriculture as a non-negotiable “red line”, US Agriculture Secretary Brooke Rollins characterised the agreement as a breakthrough that would open Indian markets to American farm products.&nbsp;Within India, BJP-led NDA leaders praised Modi as a “generational leader” who had “made history”. The Opposition, however, reacted sharply, with Rahul Gandhi alleging that the Prime Minister had “sold the country”. Congress MP Jairam Ramesh demanded that the full text of the agreement be tabled and debated in Parliament. As of Tuesday afternoon, the government had yet to release the complete details, though BJP president and Union minister JP Nadda assured lawmakers that a formal statement would be issued and a discussion held.

'All citizens are thanking PM Modi for a successful trade deal': Piyush Goyal on India-US trade agreement

Amid uncertainty over the scope and specifics of the India–US trade deal announced by US President Donald Trump and subsequently confirmed by Prime Minister Narendra Modi, Union Commerce and Industry Minister Piyush Goyal on Tuesday (February 3) shared insights into the deal. Addressing the media, Goyal asserted that the agreement would have wide-ranging benefits. “This deal will help everyone, all 140 crore Indians, from farmers to fisherfolk,” he said. He said that he had intended to brief Parliament on the matter, but refrained from doing so due to disruptions in the Lok Sabha. “But you saw the ugly scenes witnessed in the Lok Sabha today,” he remarked, placing the blame on the Opposition. “I condemn Rahul Gandhi for what happened,” he added, referring to the uproar triggered by the Leader of the Opposition’s attempt to cite an unpublished book by former Army chief Gen MM Naravane. Despite repeatedly claiming the deal would benefit multiple sectors, Goyal did not disclose specific provisions. He later acknowledged that negotiations were still ongoing and said a joint statement would be released in due course. Also Read: 'Won't allow privacy of any citizen to be compromised': Supreme Court slams Meta Goyal credits Modi's personal rapport with Trump for the deal Speaking on the substance of the trade deal, Goyal credited Prime Minister Modi’s personal rapport with the US president. “PM Modi used his friendship with Donald Trump to get the best deal among all the countries in the region, all countries that we compete with,” he said. He pointed to the pressures India had been facing before the agreement. “There were a lot of challenges. India was facing 50% tariffs; farmers were suffering; marine exporters were worried. Until a few days ago, Opposition leaders also had been asking us when the deal would happen,” Goyal noted. “We hadn't been able to get this deal for months, but PM Modi used his friendship to seal such a great deal, which will immensely benefit India,” he added. Responding to concerns that agriculture and dairy interests may have been compromised, Goyal insisted otherwise. “PM Modi has always looked out for the agriculture and dairy sectors, and he ensured that nothing bad happens to them,” he said. “PM Modi ensured that India's sensitive sectors, agriculture and dairy, were safeguarded and given attention in the deal.” He further claimed that coastal communities had already reacted positively. “Fishermen who export seafood celebrated in all coastal regions after the deal. This is a sign of how this deal heralds a bright future for India,” Goyal said, adding that engineering, textiles, marine products, and gems and jewellery were also expected to gain. Goyal attacks Opposition The minister then launched a direct attack on Opposition leaders, singling out Rahul Gandhi. “Rahul Gandhi is a negative person. He has a negative mentality. And any leader who joins hands with him — be it those from DMK or TMC — doesn't like a deal which will benefit so many sectors,” he said. He further asked, “Rahul Gandhi ko kya mirchi lagti hai? (Why does he feel the burn?) Does Rahul Gandhi have a problem with the country's growth?” Goyal went on to describe Gandhi’s outlook as “anti-national”. “The time has come for the citizens of the country to seek accountability from Rahul Gandhi, Mamata Banerjee, Stalin, Kanimozhi, Akhilesh Yadav,” he said, naming leaders from states expected to go to the polls within the next year. Agriculture sector in focus The most politically sensitive element of the agreement relates to agriculture, a sector that employs nearly half of India’s population and contributes about 18% to GDP. While the Indian government had earlier described agriculture as a non-negotiable “red line”, US Agriculture Secretary Brooke Rollins characterised the agreement as a breakthrough that would open Indian markets to American farm products. Within India, BJP-led NDA leaders praised Modi as a “generational leader” who had “made history”. The Opposition, however, reacted sharply, with Rahul Gandhi alleging that the Prime Minister had “sold the country”. Congress MP Jairam Ramesh demanded that the full text of the agreement be tabled and debated in Parliament. As of Tuesday afternoon, the government had yet to release the complete details, though BJP president and Union minister JP Nadda assured lawmakers that a formal statement would be issued and a discussion held.

Minister of Commerce and Industry of India, Piyush Goyal, during a press conference on Tuesday (February 3) said that the trade deal between India-US will make the future of India a prosperous one

Who really blinked? That must be a question on many minds after President Donald Trump and Prime Minister Narendra Modi greeted and tweeted to announce what looked like the contours of a much-delayed Indo-US trade agreement. But don’t look for the answer just yet.&nbsp;There are quite a few uncertainties looming over the deal, that the only thing that can be said with a degree of certainty is that both parties have agreed that it is better to do business with each other in a long-standing strategic relationship, rather than prolong a months-long standoff on tariffs and much else in geopolitics that cast a long shadow over ties between the world’s two biggest democracies. India, with the US as its largest trading partner, had much at stake.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/india-us-trade-tariff-stalemate-broken-what-does-this-mean-for-new-delhi-and-its-economy-1770100909043/amp">India US trade tariff stalemate ends, what does this mean for New Delhi and its economy</a>&nbsp;Right now, it is a moment for sentimental appreciation. India’s stock market, which plunged on a marginal tweak-up in the Securities Transaction Tax (STT) in Sunday’s budget announcements, are up nearly 3 per cent in an overnight mood makeover. What really matters in the long run, however, would be a sector-wise list of winners and losers.&nbsp;On the one hand, there is a case for seeing this as a TACO (Trump Always Chickens Out) moment in which the White House incumbent goes back on his early bombast, but claims victory after a climbdown. On the other hand, the troubles are not over for India. As a source close to the negotiators from the Indian side says: Eighteen is the new zero!&nbsp;Trump has essentially rolled back his big “reciprocal tariff” hit from 25% to 18% apart from dropping his additional “punitive surcharge” of 25% linked to Russian oil purchases in the aftermath of the Ukraine conflict. But it is not quite the same as nil. As the source says, what we have is a “very limited agreement” restricted to the narrow Washington interest in goods that were already in the works but were stuck in a clash of attitudes. The bottom line: while the US has got away with zero duty on a few items, India may have to contend with the “new zero”.&nbsp;Also Read:&nbsp;<a href="https://www.wionews.com/world/trump-dials-indian-pm-modi-says-us-ambassador-sergio-gor-1770048397476">‘We agreed to trade deal’: Trump dials PM Modi, reduces tariffs on India from 25% to 18%</a>&nbsp;What we are seeing, as note in stock movements, is a sigh of relief in export-oriented Indian sectors such as apparel, chemicals, textiles and engineering goods that were stopped on their tracks by the steep tariffs.&nbsp;The limited agreement resembles a discount sale in an online marketplace -- more of an alluring advertising opportunity than a real bargain.&nbsp;Trump’s social media boast that India has agreed to slash Russian oil purchases while buying more from the US and Venezuela is full of diplomatic pinpricks, given that it subjects India into a trade blackmail. Nevertheless, the rollback is a confirmation that the US gave way after India’s posturing signalling a step-up of relations with Moscow and the China-centric Shanghai Cooperation Organisation. India is yet to give up Russian oil purchases, though they are down. From all indications, Venezuela is just a boast factor for Trump, as the oil reserves in that country are of a poor quality and involve steep cost considerations for refiners.&nbsp;There are more questions hanging in the air. What happens to US visa restrictions that have stymied India’s information technology exports, or, for that matter, rants by Trump’s far-right Republican supporters against immigration that borders on racism even against Indian Americans? Given that the Indian rupee has weakened in recent months against the US dollar, one wonders how much the competitiveness and profit margins of India’s merchandise exports eroded by 18% tariffs will be offset by the currency gain.&nbsp;In the backdrop, we have everything from artificial intelligence (AI) and its future gains and the US-led ‘Pax Silica’ which Washington launched last month to secure supply chains for semiconductors and AI to counter China’s grip on critical minerals. India is yet to join the Western alliance and there is reason to believe Trump’s climbdown also factored in the need to include India in the alliance given its significant clout in the software revolution of which AI is only the next frontier.&nbsp;Unlike the recently concluded India-European Union free trade agreement (FTA), the trade deal with the US is not a signed and sealed agreement yet. Geopolitical issues hang in the air, particularly on Washington’s wish to make India abandon its work in Iran’s Chabahar port. The extraordinary warmth Trump showed with Pakistan’s military chief Asim Munir and Islamabad’s establishment last year in the wake of India’s Operation Sindoor retaliation against the Pahalgam terror attack in Kashmir cannot be forgotten in a hurry.&nbsp;Also Read: <a href="https://www.wionews.com/videos/india-us-ties-trump-announces-trade-deal-with-india-after-pm-modi-call-1770056451367">India-US Ties: Trump Announces Trade Deal with India After PM Modi Call</a>&nbsp;Trump’s sweeping claim that India had agreed to reducing its tariffs and non-tariff barriers to zero and buying various US goods including energy products worth “more than $500 billion” are too vague to be accepted or dismissed at face value. We will have to wait and see. No time horizon has been cited.&nbsp;What remains is the ground reality: Geopolitically and economically, and given the nature of emerging technologies and America’s priority to contain China, India remains important for whoever sits in the White House. Besides, it is difficult to imagine the US without Silicon Valley, whose technology pioneers are unlikely to stomach for long a president seen hostile to India.&nbsp;But that is hardly a victory for the Modi government. It is more like some elbow room that needs to be utilised properly. Perhaps we can say the same about Trump whose Republicans face mid-term Congressional elections later this year. We are living in a diplomatically volatile world beset with technological uncertainties and inward-looking politics everywhere. The dust won’t settle so soon.

Who really blinked? That must be a question on many minds after President Donald Trump and Prime Minister Narendra Modi greeted and tweeted to announce a trade deal. There are quite a few uncertainties looming over the deal. Right now, it is a moment for sentimental appreciation.

Who really blinked? That must be a question on many minds after President Donald Trump and Prime Minister Narendra Modi greeted and tweeted to announce what looked like the contours of a much-delayed Indo-US trade agreement. But don’t look for the answer just yet. There are quite a few uncertainties looming over the deal, that the only thing that can be said with a degree of certainty is that both parties have agreed that it is better to do business with each other in a long-standing strategic relationship, rather than prolong a months-long standoff on tariffs and much else in geopolitics that cast a long shadow over ties between the world’s two biggest democracies. India, with the US as its largest trading partner, had much at stake. Also Read: India US trade tariff stalemate ends, what does this mean for New Delhi and its economy Right now, it is a moment for sentimental appreciation. India’s stock market, which plunged on a marginal tweak-up in the Securities Transaction Tax (STT) in Sunday’s budget announcements, are up nearly 3 per cent in an overnight mood makeover. What really matters in the long run, however, would be a sector-wise list of winners and losers. On the one hand, there is a case for seeing this as a TACO (Trump Always Chickens Out) moment in which the White House incumbent goes back on his early bombast, but claims victory after a climbdown. On the other hand, the troubles are not over for India. As a source close to the negotiators from the Indian side says: Eighteen is the new zero! Trump has essentially rolled back his big “reciprocal tariff” hit from 25% to 18% apart from dropping his additional “punitive surcharge” of 25% linked to Russian oil purchases in the aftermath of the Ukraine conflict. But it is not quite the same as nil. As the source says, what we have is a “very limited agreement” restricted to the narrow Washington interest in goods that were already in the works but were stuck in a clash of attitudes. The bottom line: while the US has got away with zero duty on a few items, India may have to contend with the “new zero”. Also Read: ‘We agreed to trade deal’: Trump dials PM Modi, reduces tariffs on India from 25% to 18% What we are seeing, as note in stock movements, is a sigh of relief in export-oriented Indian sectors such as apparel, chemicals, textiles and engineering goods that were stopped on their tracks by the steep tariffs. The limited agreement resembles a discount sale in an online marketplace -- more of an alluring advertising opportunity than a real bargain. Trump’s social media boast that India has agreed to slash Russian oil purchases while buying more from the US and Venezuela is full of diplomatic pinpricks, given that it subjects India into a trade blackmail. Nevertheless, the rollback is a confirmation that the US gave way after India’s posturing signalling a step-up of relations with Moscow and the China-centric Shanghai Cooperation Organisation. India is yet to give up Russian oil purchases, though they are down. From all indications, Venezuela is just a boast factor for Trump, as the oil reserves in that country are of a poor quality and involve steep cost considerations for refiners. There are more questions hanging in the air. What happens to US visa restrictions that have stymied India’s information technology exports, or, for that matter, rants by Trump’s far-right Republican supporters against immigration that borders on racism even against Indian Americans? Given that the Indian rupee has weakened in recent months against the US dollar, one wonders how much the competitiveness and profit margins of India’s merchandise exports eroded by 18% tariffs will be offset by the currency gain. In the backdrop, we have everything from artificial intelligence (AI) and its future gains and the US-led ‘Pax Silica’ which Washington launched last month to secure supply chains for semiconductors and AI to counter China’s grip on critical minerals. India is yet to join the Western alliance and there is reason to believe Trump’s climbdown also factored in the need to include India in the alliance given its significant clout in the software revolution of which AI is only the next frontier. Unlike the recently concluded India-European Union free trade agreement (FTA), the trade deal with the US is not a signed and sealed agreement yet. Geopolitical issues hang in the air, particularly on Washington’s wish to make India abandon its work in Iran’s Chabahar port. The extraordinary warmth Trump showed with Pakistan’s military chief Asim Munir and Islamabad’s establishment last year in the wake of India’s Operation Sindoor retaliation against the Pahalgam terror attack in Kashmir cannot be forgotten in a hurry. Also Read: India-US Ties: Trump Announces Trade Deal with India After PM Modi Call Trump’s sweeping claim that India had agreed to reducing its tariffs and non-tariff barriers to zero and buying various US goods including energy products worth “more than $500 billion” are too vague to be accepted or dismissed at face value. We will have to wait and see. No time horizon has been cited. What remains is the ground reality: Geopolitically and economically, and given the nature of emerging technologies and America’s priority to contain China, India remains important for whoever sits in the White House. Besides, it is difficult to imagine the US without Silicon Valley, whose technology pioneers are unlikely to stomach for long a president seen hostile to India. But that is hardly a victory for the Modi government. It is more like some elbow room that needs to be utilised properly. Perhaps we can say the same about Trump whose Republicans face mid-term Congressional elections later this year. We are living in a diplomatically volatile world beset with technological uncertainties and inward-looking politics everywhere. The dust won’t settle so soon.

Who really blinked? That must be a question on many minds after President Donald Trump and Prime Minister Narendra Modi greeted and tweeted to announce a trade deal. There are quite a few uncertainties looming over the deal. Right now, it is a moment for sentimental appreciation.

Two cheers, not three: Indo-US trade deal is a half-way house

India and US finally broke the trade deal stalemate as Donald Trump on Monday (Feb 2) announced a new deal with India featuring lower reciprocal tariffs. This slashes the tariffs from 50% to 18% for India. Under this agreement New Delhi would need to halt purchases of Russian oil and sharply increase imports of American goods.&nbsp;Trump had imposed a 25% tariff on Indian exports late last year as his deadline to sign a deal with countries had lapsed. Trump later doubled the tariffs on India to 50% as he accused Delhi of continuing to buy oil from Russia and thereby supporting Moscow in its war against Ukraine.&nbsp;The tariff reduction by the US was confirmed by Prime Minister Narendra Modi, who took to X to say, “Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement."<h2>What does the slash in US tariff mean for India?</h2>This lowering of tariffs from 50% to 18% gives India an advantageous position in comparison to competing economies like Indonesia that faces tariff of 19%, Vietnam 20%, Bangladesh 20%, China 34% and Pakistan 19%.&nbsp;The new trade deal is effective immediately.&nbsp;While India as claimed by Trump will cut tariffs and non-tariff barriers on US goods to zero. It will also buy over $500 billion in US goods and energy, including coal, along with technology, agricultural and other products.&nbsp;But what is to be noted is that the duties levied by the US on trade with India are still higher when compared to European partners like Japan and South Korea.&nbsp;The new trade deal, according to External Affairs Minister will boost &nbsp;boost job creation, spur economic growth, promote innovation and give a fillip to the &nbsp;'Make in India' initiative.&nbsp;Welcoming to move Jaishankar took to X to write, "This will create more jobs, spur growth and promote innovation in both economies. It will strengthen 'Make in India' endeavours and encourage trusted technology ties."&nbsp;

US president Donald Trump doubled the tariffs on India to 50% as he accused Delhi of continuing to buy oil from Russia and thereby supporting Moscow in its war against Ukraine.

India and US finally broke the trade deal stalemate as Donald Trump on Monday (Feb 2) announced a new deal with India featuring lower reciprocal tariffs. This slashes the tariffs from 50% to 18% for India. Under this agreement New Delhi would need to halt purchases of Russian oil and sharply increase imports of American goods. Trump had imposed a 25% tariff on Indian exports late last year as his deadline to sign a deal with countries had lapsed. Trump later doubled the tariffs on India to 50% as he accused Delhi of continuing to buy oil from Russia and thereby supporting Moscow in its war against Ukraine. The tariff reduction by the US was confirmed by Prime Minister Narendra Modi, who took to X to say, “Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement." What does the slash in US tariff mean for India? This lowering of tariffs from 50% to 18% gives India an advantageous position in comparison to competing economies like Indonesia that faces tariff of 19%, Vietnam 20%, Bangladesh 20%, China 34% and Pakistan 19%. The new trade deal is effective immediately. While India as claimed by Trump will cut tariffs and non-tariff barriers on US goods to zero. It will also buy over $500 billion in US goods and energy, including coal, along with technology, agricultural and other products. But what is to be noted is that the duties levied by the US on trade with India are still higher when compared to European partners like Japan and South Korea. The new trade deal, according to External Affairs Minister will boost boost job creation, spur economic growth, promote innovation and give a fillip to the 'Make in India' initiative. Welcoming to move Jaishankar took to X to write, "This will create more jobs, spur growth and promote innovation in both economies. It will strengthen 'Make in India' endeavours and encourage trusted technology ties."

US president Donald Trump doubled the tariffs on India to 50% as he accused Delhi of continuing to buy oil from Russia and thereby supporting Moscow in its war against Ukraine.

India-US trade tariff stalemate ends, what does this mean for New Delhi and its economy

Prime Minister Narendra Modi confirmed the trade deal with the United States on Monday and appreciated President Donald Trump’s leadership, terming it “vital for global peace, stability, and prosperity”.&nbsp;“Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,” PM Modi wrote on X.&nbsp;<h2>‘Two large economies and world’s largest democracies…’</h2>&nbsp;“When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation,” the PM added.“President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights,” the Indian PM added further on his social media post.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-dials-indian-pm-modi-says-us-ambassador-sergio-gor-1770048397476">‘We agreed to trade deal’: Trump dials PM Modi, reduces tariffs on India from 25% to 18%</a>&nbsp;Trump had imposed a 25% tariff on Indian exports late last year as his deadline to sign a deal with countries had lapsed. Trump later doubled the tariffs on India to 50% as he accused Delhi of continuing to buy oil from Russia and thereby supporting Moscow in its war against Ukraine.&nbsp;<h2>Trade deal, tariff reduction huge fillip for India&nbsp;</h2>&nbsp;The trade deal with the United States is a huge fillip for India, and the reduction in tariffs from 50% to 18% puts it in an advantageous position in comparison to competing economies.&nbsp;&nbsp;India now has lower tariffs compared to several competing economies. After the announcement, US tariffs on India are 18%, while Indonesia faces 19%, Vietnam 20%, Bangladesh 20%, and China 34%.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/-rogue-drone-sightings-near-uk-military-bases-doubled-in-2025-troops-to-get-shooting-down-powers-1770050063503">‘Rogue drone’ sightings near UK military bases doubled in 2025, troops to get shooting down powers</a>&nbsp;The resilience of Indian negotiators finally ended on a happy note after months of trade tensions and inappropriate criticism from Trump’s trade adviser Peter Navarro several times.&nbsp;PM Modi and Trump had spoken on multiple instances in recent times, raising hopes of the trade deal being sealed eventually.&nbsp;&nbsp;<h2>‘Limitless potential,’ says US Ambassador Sergio Gor</h2>&nbsp;The deal comes just days after US Ambassador to India Sergio Gor took charge. Just a few minutes before Trump announced the deal, Gor wrote on his handle on X, “President Trump just spoke to PM Modi. STAY TUNED...”&nbsp;After the trade deal announcement, Gor hailed the development and said the relationship between the United States and India has “limitless potential”.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-s-president-masoud-pezeshkian-orders-start-of-nuclear-talks-with-us-report-1770037263043">Iran‘s President Masoud Pezeshkian orders start of nuclear talks with US: Report</a>&nbsp;In his following post on X, the US Ambassador wrote, “As I have said many times, President Trump genuinely considers Prime Minister Modi a great friend! Thrilled by the news of the trade deal this evening. The relationship between the United States and India has LIMITLESS POTENTIAL!”&nbsp;Gor also confirmed that the US tariffs had in fact come down from 50 per cent to 18 per cent.&nbsp;Also Read: <a href="https://www.wionews.com/world/epstein-files-stash-reveals-norway-diplomat-terje-r-d-larsen-s-derogatory-remark-on-indians-social-media-erupts-1770028653881">Epstein files stash reveals Norway diplomat Terje Rød-Larsen’s derogatory remark on ‘Indians’; social media erupts</a>&nbsp;When asked by CNN News 18 whether the additional 25 per cent tariffs on India have been removed, Gor said, “That is correct. As you saw in the Truth of the President wrote, part of the agreement is that all nations around the world stop buying oil from Russia in order to bring peace. I know the Prime Minister deeply cares about bringing peace in that conflict, as does President Trump. So the number as it gets finalised will be 18 per cent.”&nbsp;In his Truth Social post, Trump had only mentioned that reciprocal tariffs were being reduced from 25 per cent to 18 per cent with no clarification on the status of the additional 25 per cent tariffs imposed on India later for buying Russian oil. &nbsp;&nbsp;&nbsp;Commerce Minister Piyush Goyal and Minister of External Affairs Dr S Jaishankar also hailed the deal and retweeted PM Modi’s post on X.

The trade deal with the United States is a huge fillip for India, and the reduction in tariffs from 50% to 18% puts it in an advantageous position in comparison to competing economies. US tariffs on India now are 18%, while Indonesia faces 19%, Vietnam 20%, Bangladesh 20%, and China 34%.

Prime Minister Narendra Modi confirmed the trade deal with the United States on Monday and appreciated President Donald Trump’s leadership, terming it “vital for global peace, stability, and prosperity”. “Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,” PM Modi wrote on X. ‘Two large economies and world’s largest democracies…’ “When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation,” the PM added. “President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights,” the Indian PM added further on his social media post. Also Read: ‘We agreed to trade deal’: Trump dials PM Modi, reduces tariffs on India from 25% to 18% Trump had imposed a 25% tariff on Indian exports late last year as his deadline to sign a deal with countries had lapsed. Trump later doubled the tariffs on India to 50% as he accused Delhi of continuing to buy oil from Russia and thereby supporting Moscow in its war against Ukraine. Trade deal, tariff reduction huge fillip for India The trade deal with the United States is a huge fillip for India, and the reduction in tariffs from 50% to 18% puts it in an advantageous position in comparison to competing economies. India now has lower tariffs compared to several competing economies. After the announcement, US tariffs on India are 18%, while Indonesia faces 19%, Vietnam 20%, Bangladesh 20%, and China 34%. Also Read: ‘Rogue drone’ sightings near UK military bases doubled in 2025, troops to get shooting down powers The resilience of Indian negotiators finally ended on a happy note after months of trade tensions and inappropriate criticism from Trump’s trade adviser Peter Navarro several times. PM Modi and Trump had spoken on multiple instances in recent times, raising hopes of the trade deal being sealed eventually. ‘Limitless potential,’ says US Ambassador Sergio Gor The deal comes just days after US Ambassador to India Sergio Gor took charge. Just a few minutes before Trump announced the deal, Gor wrote on his handle on X, “President Trump just spoke to PM Modi. STAY TUNED...” After the trade deal announcement, Gor hailed the development and said the relationship between the United States and India has “limitless potential”. Also Read: Iran‘s President Masoud Pezeshkian orders start of nuclear talks with US: Report In his following post on X, the US Ambassador wrote, “As I have said many times, President Trump genuinely considers Prime Minister Modi a great friend! Thrilled by the news of the trade deal this evening. The relationship between the United States and India has LIMITLESS POTENTIAL!” Gor also confirmed that the US tariffs had in fact come down from 50 per cent to 18 per cent. Also Read: Epstein files stash reveals Norway diplomat Terje Rød-Larsen’s derogatory remark on ‘Indians’; social media erupts When asked by CNN News 18 whether the additional 25 per cent tariffs on India have been removed, Gor said, “That is correct. As you saw in the Truth of the President wrote, part of the agreement is that all nations around the world stop buying oil from Russia in order to bring peace. I know the Prime Minister deeply cares about bringing peace in that conflict, as does President Trump. So the number as it gets finalised will be 18 per cent.” In his Truth Social post, Trump had only mentioned that reciprocal tariffs were being reduced from 25 per cent to 18 per cent with no clarification on the status of the additional 25 per cent tariffs imposed on India later for buying Russian oil. Commerce Minister Piyush Goyal and Minister of External Affairs Dr S Jaishankar also hailed the deal and retweeted PM Modi’s post on X.

The trade deal with the United States is a huge fillip for India, and the reduction in tariffs from 50% to 18% puts it in an advantageous position in comparison to competing economies. US tariffs on India now are 18%, while Indonesia faces 19%, Vietnam 20%, Bangladesh 20%, and China 34%.

PM Modi thanks Trump, as US tariffs on Indian exports come down from 50% to 18%

As negotiations over the India-US trade deal drag on due to several contentious issues like greater access to US dairy and agriculture products, the pulses or dal may become another bone of contention between the two sides after two American senators wrote to Presiident Doanld Trump to push New Delhi to quash a 30 per cent import duty on the US pulses. In a letter dated 16 January, senators Kevin Cramer of North Dakota and Steve Daines of Montana urged Trump to take up the issue of "favourable pulses crop provision" in future agreements between Washington and New Delhi, saying that the US pulse crop producers face a significant competitive disadvantage when exporting their high-quality product to India.&nbsp;The letter brought India's countermeasures against Trump's punitive 50 per cent tariffs to light as it went unnoticed by the media. New Delhi announced additional tariffs on US crops after the US President's escalated levies took effect in late August.&nbsp;&nbsp;

India announced on October 30, 2025, that it would impose a 30 per cent tariff on yellow peas. The higher duty went into effect on November 1, 2025. As a result of the unfair Indian tariffs, US pulse crop producers could face a significant competitive disadvantage when exporting their high-quality product to India, the letter reads.&nbsp;The senators mentioned their earlier letter on the same issue during Trump's first term, which he hand-delivered to Prime Minister Modi during the 2020 trade negotiatiation leading to bringing "US producers to the table".&nbsp;Also Read: <a href="https://www.wionews.com/world/another-hindu-man-killed-in-bangladesh-30-year-old-ripon-shaha-run-over-by-suv-at-fuel-station-hindus-targated-targated-killings-1768656284472">Another Hindu man killed in Bangladesh; 30-year-old Ripon Shaha run over by SUV at fuel station</a>&nbsp;The lawmaker pointed out that India, being the largest consumer of these crops, with around 27 per cent of the world's consumption, can be advantageous for the American farmers by exporting these commodities and "can boost trade disparities with the US."&nbsp;India faced some of the highest levies imposed by Trump. Initially hit with a 25 per cent tariff, the United States doubled the duty to 50 per cent in August 2025, adding a punitive surcharge linked to New Delhi’s continued Russian oil imports. The 50 per cent rate applies to key exports including textiles, gems and jewellery, footwear, furniture and chemicals, while sectors such as pharmaceuticals, semiconductors, tea, coffee and spices have received exemptions.

The letter brought India's countermeasures against Trump's punitive 50 per cent tariffs to light as it went unnoticed by the media. New Delhi announced additional tariffs on US crops after the US President's escalated levies took effect.

As negotiations over the India-US trade deal drag on due to several contentious issues like greater access to US dairy and agriculture products, the pulses or dal may become another bone of contention between the two sides after two American senators wrote to Presiident Doanld Trump to push New Delhi to quash a 30 per cent import duty on the US pulses. In a letter dated 16 January, senators Kevin Cramer of North Dakota and Steve Daines of Montana urged Trump to take up the issue of "favourable pulses crop provision" in future agreements between Washington and New Delhi, saying that the US pulse crop producers face a significant competitive disadvantage when exporting their high-quality product to India. The letter brought India's countermeasures against Trump's punitive 50 per cent tariffs to light as it went unnoticed by the media. New Delhi announced additional tariffs on US crops after the US President's escalated levies took effect in late August.

The letter brought India's countermeasures against Trump's punitive 50 per cent tariffs to light as it went unnoticed by the media. New Delhi announced additional tariffs on US crops after the US President's escalated levies took effect.

India-US trade deal: American senators write to Trump, urge him to press Modi on lowering tariffs on pulses

The Ministry of External Affairs, in its weekly media briefing on Friday (January 9), stated that Indian Prime Minister Narendra Modi spoke to US President Donald Trump eight times in 2025, amid strained New Delhi-Washington ties over the Free Trade Agreement (FTA) and tariffs. While the statement was not directly in reply to the claims made by US Commerce Secretary Howard Lutnick that US-India FTA negotiations were not moving forward because 'PM Modi didn't call President Trump', it seemed in that context. &nbsp;“We have seen the remarks. India and the US were committed to negotiating a bilateral trade agreement as far back as February 13, 2025. Since then, the two sides have held multiple rounds of negotiations to arrive at a balanced and mutually beneficial trade agreement. On several occasions, we have been close to a deal. The characterisation of these discussions in the reported remarks is not accurate," MEA spokesperson Randhir Jaiswal told the reporters.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/sonamarg-transforms-into-winter-paradise-as-kashmir-tourism-bounces-back-1767960350503">Sonamarg transforms into winter paradise as Kashmir tourism bounces back</a>&nbsp;The MEA spokesperson, Randhir Jaiswal, said that Modi and Trump spoke over the phone eight times last year, discussing a wide range of topics. "We remain interested in a mutually beneficial trade deal between the two complementary economies. We look forward to concluding it. Incidentally, Prime Minister and President Trump have also spoken on the phone on 8 occasions during 2025, covering different aspects of our wide-ranging partnership,” MEA spokesperson further said.&nbsp;<a href="https://www.wionews.com/videos/ed-vs-mamata-banerjee-west-bengal-cm-leads-rally-in-kolkata-against-ed-action-1767960352355/embed">https://www.wionews.com/videos/ed-vs-mamata-banerjee-west-bengal-cm-leads-rally-in-kolkata-against-ed-action-1767960352355/embed</a>&nbsp;Speaking on Chamath Palihapitiya’s All In podcast on Thursday (January 8), Lutnick said that he had suggested Prime Minister Narendra Modi personally reach out to Donald Trump to finalise the agreement. According to him, New Delhi was reluctant to take that step, and as a result, “so Modi didn't call”. He added that while the US has already finished trade agreements with Indonesia, the Philippines, and Vietnam, he had expected India’s deal to be wrapped up even earlier. Explaining the sequencing, Lutnick said, “We did Indonesia, the Philippines, Vietnam, and we announced a whole bunch of deals. So we did this whole bunch of deals because we negotiated them and assumed India was going to be done before them. I have negotiated them at a higher rate.”

MEA on Friday (January 9) said PM Modi and Trump spoke eight times in 2025, rejecting US claims talks stalled as the Indian PM didn’t call

The Ministry of External Affairs, in its weekly media briefing on Friday (January 9), stated that Indian Prime Minister Narendra Modi spoke to US President Donald Trump eight times in 2025, amid strained New Delhi-Washington ties over the Free Trade Agreement (FTA) and tariffs. While the statement was not directly in reply to the claims made by US Commerce Secretary Howard Lutnick that US-India FTA negotiations were not moving forward because 'PM Modi didn't call President Trump', it seemed in that context. “We have seen the remarks. India and the US were committed to negotiating a bilateral trade agreement as far back as February 13, 2025. Since then, the two sides have held multiple rounds of negotiations to arrive at a balanced and mutually beneficial trade agreement. On several occasions, we have been close to a deal. The characterisation of these discussions in the reported remarks is not accurate," MEA spokesperson Randhir Jaiswal told the reporters. Also Read: Sonamarg transforms into winter paradise as Kashmir tourism bounces back The MEA spokesperson, Randhir Jaiswal, said that Modi and Trump spoke over the phone eight times last year, discussing a wide range of topics. "We remain interested in a mutually beneficial trade deal between the two complementary economies. We look forward to concluding it. Incidentally, Prime Minister and President Trump have also spoken on the phone on 8 occasions during 2025, covering different aspects of our wide-ranging partnership,” MEA spokesperson further said. https://www.wionews.com/videos/ed-vs-mamata-banerjee-west-bengal-cm-leads-rally-in-kolkata-against-ed-action-1767960352355/embed Speaking on Chamath Palihapitiya’s All In podcast on Thursday (January 8), Lutnick said that he had suggested Prime Minister Narendra Modi personally reach out to Donald Trump to finalise the agreement. According to him, New Delhi was reluctant to take that step, and as a result, “so Modi didn't call”. He added that while the US has already finished trade agreements with Indonesia, the Philippines, and Vietnam, he had expected India’s deal to be wrapped up even earlier. Explaining the sequencing, Lutnick said, “We did Indonesia, the Philippines, Vietnam, and we announced a whole bunch of deals. So we did this whole bunch of deals because we negotiated them and assumed India was going to be done before them. I have negotiated them at a higher rate.”

MEA on Friday (January 9) said PM Modi and Trump spoke eight times in 2025, rejecting US claims talks stalled as the Indian PM didn’t call

'Modi, Trump spoke 8 times last year': MEA counters US Commerce Secretary Howard Lutnick claims over India-US trade talks

US Commerce Secretary Howard Lutnick has blamed the collapse of a proposed India–US trade deal on Indian Prime Minister Narendra Modi. While appearing on a podcast, Donald Trump's commerce secretary said that the trade deal did not materialise because Modi never made a personal call to the POTUS.<h2>Modi to blame for India-US trade deal failure?</h2>Speaking on the All In Podcast, Lutnick said the agreement was essentially ready but stalled because the final political outreach never happened. "I set the deal up," he said, adding that he had asked Indian officials to get Modi to call Trump, but "They (India) were uncomfortable with it. So, Modi didn't call."According to Lutnick, Washington had assumed India would be among the first countries to wrap up a trade agreement under Trump's second term. On that assumption, the US pushed ahead with negotiations with other nations at higher rates. Deals with Indonesia, the Philippines and Vietnam were concluded first, and at tariff levels that later complicated talks with New Delhi.Also read | <a href="https://www.wionews.com/world/trump-pulls-us-out-of-66-organisations-and-treaties-including-india-led-international-solar-alliance-1767847347430">US exits 66 orgs and treaties, including India-led International Solar Alliance</a>"So that Friday left. The middle of the next week we did Indonesia, Philippines, Vietnam. We announced a whole bunch of deals," Lutnick said. "And because we negotiated them and assumed India was gonna be done before them... I had negotiated them at a higher rate."He added that the conditions India believed were still on offer were no longer valid. "So now the problem is the deals came out at a higher rate and then India calls back it says oh, 'okay, We're ready,' I said ready for what?" Lutnick said. India has yet to formally respond to Lutnick’s remarks.&nbsp;Watch what he said here:

<blockquote class="twitter-tweet" data-theme="dark" data-dnt="true" align="center">BIG BREAKING: India trade deal isn&#39;t done because PM Modi did not call Trump, claims US Commerce Secretary Lutnick &quot;I set the deal up. But you had to have Modi call President Trump. They (India) were uncomfortable with it. So Modi didn&#39;t call.&quot; <a href="https://t.co/gFiUGGaJRl">pic.twitter.com/gFiUGGaJRl</a>&mdash; Shashank Mattoo (@MattooShashank) <a href="https://twitter.com/MattooShashank/status/2009474733818232944?ref_src=twsrc%5Etfw">January 9, 2026</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h2>What now?</h2>Lutnick said that the US has now "stepped back from that trade deal that we had agreed to earlier. We are not thinking about it anymore."The US Commerce secretary's comments come on the heels of a bipartisan Russia sanctions bill approved by Trump on Wednesday (Jan 7) that targets countries buying Russian oil. The legislation, penned by senators Lindsey Graham and Richard Blumenthal, authorises tariffs of up to 500 per cent on imports from countries like India.Also read | <a href="https://www.wionews.com/india-news/-pm-modi-is-not-happy-with-me-over-tariffs-says-trump-but-assures-continued-strong-ties-1767726513565">'PM Modi is not happy with me over tariffs,' says Trump, but assures strong ties</a>Explicitly naming India, China and Brazil, Lutnick said that the bill would give Trump "tremendous leverage" to incentivise these nations to stop buying the cheap Russian oil that "provides the financing for Putin's bloodbath against Ukraine".Recently, while speaking to reporters, Trump said Modi knew he (POTUS) was unhappy with India's oil imports from Russia and warned tariffs could be raised "very quickly." Trade talks between the two nations fell apart in 2025, when Trump doubled tariffs on Indian goods to 50 per cent, the highest rate imposed on any major economy. That included a 25 per cent retaliatory levy tied directly to India's continued purchases of Russian oil.&nbsp;&nbsp;

US Commerce Secretary Howard Lutnick says an India-US trade deal collapsed because PM Narendra Modi never personally called President Donald Trump. The deal, once ready, fell apart as Washington moved on, he claimed. Watch what he said here.

US Commerce Secretary Howard Lutnick has blamed the collapse of a proposed India–US trade deal on Indian Prime Minister Narendra Modi. While appearing on a podcast, Donald Trump's commerce secretary said that the trade deal did not materialise because Modi never made a personal call to the POTUS. Modi to blame for India-US trade deal failure? Speaking on the All In Podcast, Lutnick said the agreement was essentially ready but stalled because the final political outreach never happened. "I set the deal up," he said, adding that he had asked Indian officials to get Modi to call Trump, but "They (India) were uncomfortable with it. So, Modi didn't call." According to Lutnick, Washington had assumed India would be among the first countries to wrap up a trade agreement under Trump's second term. On that assumption, the US pushed ahead with negotiations with other nations at higher rates. Deals with Indonesia, the Philippines and Vietnam were concluded first, and at tariff levels that later complicated talks with New Delhi. Also read | US exits 66 orgs and treaties, including India-led International Solar Alliance "So that Friday left. The middle of the next week we did Indonesia, Philippines, Vietnam. We announced a whole bunch of deals," Lutnick said. "And because we negotiated them and assumed India was gonna be done before them... I had negotiated them at a higher rate." He added that the conditions India believed were still on offer were no longer valid. "So now the problem is the deals came out at a higher rate and then India calls back it says oh, 'okay, We're ready,' I said ready for what?" Lutnick said. India has yet to formally respond to Lutnick’s remarks. Watch what he said here:

US Commerce Secretary Howard Lutnick says an India-US trade deal collapsed because PM Narendra Modi never personally called President Donald Trump. The deal, once ready, fell apart as Washington moved on, he claimed. Watch what he said here.

India lost a major trade deal with US because of ‘no call from Modi’, says Trump aide Lutnick

United States President Donald Trump said on Monday (Nov 11) that the US is getting close to reaching a trade deal with India. The US president said that the deal would expand economic and security ties between the two countries, boost American energy exports and promote investments in key US sectors. Trump spoke to reporters during the swearing-in ceremony of Sergio Gor, the new US Ambassador to India, at the Oval Office.&nbsp;"We’re making a deal with India. Much different than we had. Right now they don’t love me but they will love us again. We’re getting a fair deal. They’re very good negotiators, so Sergio, you will have to take a look at that. I think we’re pretty close to doing a deal that is good for everybody," Trump said. Speaking to reporters later, Trump also repeated the claims of India stopping the purchase of Russian oil, "Well, right now, the tariffs are very high on India because of the Russian oil, and they’ve stopped doing the Russian oil. It’s been reduced very substantially. Yeah, we’re going to be bringing the tariffs down. At some point, we’re going to be bringing them down," he said.&nbsp;Praising India as "one of the world's oldest civilisations" and "the largest country in the world", United States President Donald Trump presided over the swearing-in ceremony of Sergio Gor as the next US Ambassador to India, underscoring the vital importance of the US-India partnership Trump said he was entrusting Gor to further strengthen strategic, economic, and security ties with New Delhi, while deepening America's "fantastic relationship" with Prime Minister Narendra Modi. &nbsp;Present at the swearing-in ceremony were US Vice President JD Vance, Secretary of State Marco Rubio, Secretary Scott Bessent, Attorney General Pam Bondi and US Attorney for the District of Columbia Jeanine Pirro, Erika Kirk and several senators.&nbsp;In August, Trump nominated Sergio Gor as India's next ambassador and Special Envoy for South and Central Asian Affairs. During his testimony before the Senate Foreign Relations Committee in September, Gor had emphasised that India is “one of the most important relationships our nation (US) has in the world.” Ahead of his swearing-in, he had visited India in October and met Prime Minister Narendra Modi, EAM S Jaishankar and NSA Ajit Doval.&nbsp;&nbsp;

US President Donald Trump said the US is close to finalizing a trade deal with India that will boost energy exports, investments, and security ties. At Ambassador Sergio Gor’s swearing-in, Trump said tariffs on Indian imports may be reduced soon, noting India has cut Russian oil purchases.

United States President Donald Trump said on Monday (Nov 11) that the US is getting close to reaching a trade deal with India. The US president said that the deal would expand economic and security ties between the two countries, boost American energy exports and promote investments in key US sectors. Trump spoke to reporters during the swearing-in ceremony of Sergio Gor, the new US Ambassador to India, at the Oval Office. "We’re making a deal with India. Much different than we had. Right now they don’t love me but they will love us again. We’re getting a fair deal. They’re very good negotiators, so Sergio, you will have to take a look at that. I think we’re pretty close to doing a deal that is good for everybody," Trump said. Speaking to reporters later, Trump also repeated the claims of India stopping the purchase of Russian oil, "Well, right now, the tariffs are very high on India because of the Russian oil, and they’ve stopped doing the Russian oil. It’s been reduced very substantially. Yeah, we’re going to be bringing the tariffs down. At some point, we’re going to be bringing them down," he said. Praising India as "one of the world's oldest civilisations" and "the largest country in the world", United States President Donald Trump presided over the swearing-in ceremony of Sergio Gor as the next US Ambassador to India, underscoring the vital importance of the US-India partnership Trump said he was entrusting Gor to further strengthen strategic, economic, and security ties with New Delhi, while deepening America's "fantastic relationship" with Prime Minister Narendra Modi. Present at the swearing-in ceremony were US Vice President JD Vance, Secretary of State Marco Rubio, Secretary Scott Bessent, Attorney General Pam Bondi and US Attorney for the District of Columbia Jeanine Pirro, Erika Kirk and several senators. In August, Trump nominated Sergio Gor as India's next ambassador and Special Envoy for South and Central Asian Affairs. During his testimony before the Senate Foreign Relations Committee in September, Gor had emphasised that India is “one of the most important relationships our nation (US) has in the world.” Ahead of his swearing-in, he had visited India in October and met Prime Minister Narendra Modi, EAM S Jaishankar and NSA Ajit Doval.

US President Donald Trump said the US is close to finalizing a trade deal with India that will boost energy exports, investments, and security ties. At Ambassador Sergio Gor’s swearing-in, Trump said tariffs on Indian imports may be reduced soon, noting India has cut Russian oil purchases.

'Right now they don’t love me...': Trump says US-India getting close to 'fair deal' on trade, repeats Russian oil claims

India and the United States are preparing to send trade delegations next week after both President Donald Trump and Prime Minister Narendra Modi directed officials to finalise a long-awaited agreement in the coming weeks.The move follows high-level exchanges earlier this month. On Friday, Trump posted on social media, “I am pleased to announce that India, and the US, are continuing negotiations to address the trade barriers between our two nations. I look forward to speaking with my very good friend, PM Modi, in the upcoming weeks. I feel certain that there will be no difficulty in coming to a successful conclusion for both of our great countries.”Also read: <a href="https://www.wionews.com/world/trump-in-epstein-crossfire-white-house-screams-hoax-says-will-support-hiring-handwriting-expert-to-review-birthday-note-1757466394943">WH screams 'hoax,' backs handwriting probe on Trump's Epstein birthday note</a>Responding to Trump's Truth Social post, PM Modi posted on X, “India and the US are close friends and natural partners. I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the India-US partnership. Our teams are working to conclude these discussions at the earliest. I am also looking forward to speaking with President Trump. We will work together to secure a brighter, more prosperous future for both our people.”

<blockquote class="twitter-tweet">India and the US are close friends and natural partners. I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the India-US partnership. Our teams are working to conclude these discussions at the earliest. I am also looking forward… <a href="https://t.co/3K9hlJxWcl">pic.twitter.com/3K9hlJxWcl</a>&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1965597878237139351?ref_src=twsrc%5Etfw">September 10, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h2>Trump shifts tone</h2>Just last week, Trump had criticised New Delhi, saying India had offered to cut tariffs on US goods to zero “too late” and should have lowered them years ago. The more positive message now comes after months of turbulent negotiations. Talks have often stalled, with India warning that Trump’s 50% tariffs on Indian exports could reduce the country’s GDP growth by half a percentage point this year. Trump doubled the duties on Indian imports after New Delhi refused to halt purchases of Russian oil, which Washington argues help fund Moscow’s war in Ukraine.<h2>The scale of trade ties</h2>Two-way goods trade between the US and India stood at $129 billion in 2024, with the US recording a $45.8 billion deficit, according to data from the US Census Bureau. Alongside trade, Washington will send a delegation on 17–18 September to discuss India’s concerns over the $3 billion purchase of six P8I anti-submarine warfare aircraft.The two sides are also expected to sign an agreement this month for 113 GE-404 aircraft engines to power India’s Tejas Mark I A fighter jets.

India and US to send trade teams next week as Trump and Modi push for a swift deal. Both leaders express confidence in boosting trade ties and strengthening India-US economic partnership.

India and the United States are preparing to send trade delegations next week after both President Donald Trump and Prime Minister Narendra Modi directed officials to finalise a long-awaited agreement in the coming weeks. The move follows high-level exchanges earlier this month. On Friday, Trump posted on social media, “I am pleased to announce that India, and the US, are continuing negotiations to address the trade barriers between our two nations. I look forward to speaking with my very good friend, PM Modi, in the upcoming weeks. I feel certain that there will be no difficulty in coming to a successful conclusion for both of our great countries.” Also read: WH screams 'hoax,' backs handwriting probe on Trump's Epstein birthday note Responding to Trump's Truth Social post, PM Modi posted on X, “India and the US are close friends and natural partners. I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the India-US partnership. Our teams are working to conclude these discussions at the earliest. I am also looking forward to speaking with President Trump. We will work together to secure a brighter, more prosperous future for both our people.”

India and US to send trade teams next week as Trump and Modi push for a swift deal. Both leaders express confidence in boosting trade ties and strengthening India-US economic partnership.

'Close friends, natural partners': Trump softens tone on India, says trade deal will be done ‘soon’ - Here's how PM Modi responded

As India-US ties took a drastic turn recently after US President Donald Trump's tariffs threat, China on Thursday (August 14) expressed optimism to work with India, and cement political mutual trust, along with handling differences properly.&nbsp;Foreign Ministry Spokesperson Lin Jian, during a press conference, told reporters that India and China are maintaining interactions at various levels, in order to act on the important common understandings reached between leaders of our two countries.<h2>India-China direct flights</h2>When asked about India resuming direct flights to China as early as next month, Jian said that the Chinese side has been in "close communication with India to promote the early resumption of direct flights between the two countries."&nbsp;"The total population of China and India combined is over 2.8 billion. Resuming direct flights between the Chinese mainland and India helps facilitate cross-border travel, exchanges and cooperation," the spokesperson added.<h2>China backs India against US tariffs</h2>Further highlighting on how India-China relations have taken a positive turn after the US imposed challenges on India, Jian assured that Beijing "stands ready to work with India" to act on the important common understandings reached between leaders of our two countries.&nbsp;"China and India are both major developing countries and important members of the Global South. A cooperative pas de deux of the dragon and the elephant as partners helping each other succeed is the right choice for both sides," the spokesperson said.&nbsp;She stressed that China will work along with India to increase political mutual interest and expand exchanges and cooperation together.&nbsp;"China stands ready to work with India to act on the important common understandings reached between leaders of our two countries, consistently increase political mutual trust, expand exchanges and cooperation together, properly handle differences while bearing in mind the bigger picture, and strengthen coordination and cooperation on such multilateral platforms as the Shanghai Cooperation Organization, with a view to promoting the sound and steady development of China-India relations," added.&nbsp;This comes after Trump imposed massive tariffs on India, citing concerns over New Delhi buying Russian oil, which has potentially brought Russia and China closer to India.&nbsp;China even came in support of India last week, against Trump's tariffs, saying, "India's sovereignty is non-negotiable and its foreign policy choices cannot be manipulated by other countries, no matter how significant their own ties with India are."

Foreign Ministry Spokesperson Lin Jian, during a press conference, told reporters that India and China are maintaining interactions at various levels, in order to act on the important common understandings reached between leaders of our two countries.

As India-US ties took a drastic turn recently after US President Donald Trump's tariffs threat, China on Thursday (August 14) expressed optimism to work with India, and cement political mutual trust, along with handling differences properly. Foreign Ministry Spokesperson Lin Jian, during a press conference, told reporters that India and China are maintaining interactions at various levels, in order to act on the important common understandings reached between leaders of our two countries. India-China direct flights When asked about India resuming direct flights to China as early as next month, Jian said that the Chinese side has been in "close communication with India to promote the early resumption of direct flights between the two countries." "The total population of China and India combined is over 2.8 billion. Resuming direct flights between the Chinese mainland and India helps facilitate cross-border travel, exchanges and cooperation," the spokesperson added. China backs India against US tariffs Further highlighting on how India-China relations have taken a positive turn after the US imposed challenges on India, Jian assured that Beijing "stands ready to work with India" to act on the important common understandings reached between leaders of our two countries. "China and India are both major developing countries and important members of the Global South. A cooperative pas de deux of the dragon and the elephant as partners helping each other succeed is the right choice for both sides," the spokesperson said. She stressed that China will work along with India to increase political mutual interest and expand exchanges and cooperation together. "China stands ready to work with India to act on the important common understandings reached between leaders of our two countries, consistently increase political mutual trust, expand exchanges and cooperation together, properly handle differences while bearing in mind the bigger picture, and strengthen coordination and cooperation on such multilateral platforms as the Shanghai Cooperation Organization, with a view to promoting the sound and steady development of China-India relations," added. This comes after Trump imposed massive tariffs on India, citing concerns over New Delhi buying Russian oil, which has potentially brought Russia and China closer to India. China even came in support of India last week, against Trump's tariffs, saying, "India's sovereignty is non-negotiable and its foreign policy choices cannot be manipulated by other countries, no matter how significant their own ties with India are."

Foreign Ministry Spokesperson Lin Jian, during a press conference, told reporters that India and China are maintaining interactions at various levels, in order to act on the important common understandings reached between leaders of our two countries.

'Dragon and elephant helping each other': China backs India amid Trump's massive tariffs

An early visit by Prime Minister Narendra Modi to the White House had sparked months of talks between India and the United States. By July, Indian officials believed a deal had been finalised and was only awaiting President Donald Trump’s approval. But that approval never arrived. Instead, Trump announced steep tariffs, a 25% duty on Indian goods, followed by another 25% aimed at discouraging India from buying Russian oil. The combined 50% tariff has dealt a blow to relations between the two countries.Also read: <a href="https://www.wionews.com/world/zelensky-rejects-land-swap-proposal-ahead-of-trump-putin-meeting-over-russia-ukraine-war-1754727534070">Zelensky rejects 'land swap' proposal ahead of Trump-Putin meeting</a><h2>Tariffs derail trade hopes</h2>The collapse of the talks reflected Trump’s dissatisfaction with India’s tariff cuts. While New Delhi had agreed to reduce many barriers, it stopped short of the near-zero rates offered by countries like Indonesia. A US official said the Indian offer was “totally insufficient” compared with other deals Trump had secured.Mukesh Aghi, head of the US–India Strategic Partnership Forum, told POLITICO, “We are in a situation now where he is completely upset with India, and the 25 years of effort to build a relationship seems to be going down in 25 hours.”<h2>Shifting focus to Europe</h2>In mid-July, Trump had said a deal with India was close, but his attention quickly moved to talks with the European Union. Negotiations with India stalled, despite expectations in New Delhi that a leader-to-leader conversation could finalise the agreement. Modi, wary of being publicly criticised, avoided such a call. US officials noted that agreements with Japan and South Korea had been reached without direct talks between leaders.<h2>Russian oil at the centre of tensions</h2>The situation escalated when Trump targeted India with an extra 25% tariff over its continued purchase of Russian oil. India bought $52.7 billion worth of Russian oil last year, refining some for sale to Europe. New Delhi insists these imports are essential for its energy security and objects to being singled out when other countries, including the EU and Turkey, also buy Russian energy.Randhir Jaiswal, spokesperson for India’s Ministry of External Affairs, said it was, “extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest.”<h2>Talks still on the table</h2>Trump has hinted that other nations could soon face similar measures, saying, “You’re going to see a lot more.” Despite the tensions, discussions continue. A breakthrough before the 27 August deadline could prevent the tariffs from taking full effect. Aghi noted that Trump has avoided criticising Modi directly, suggesting the White House is keeping channels open.

Trade talks between India and the US collapsed after President Trump imposed steep tariffs, citing India’s insufficient tariff cuts, straining relations despite earlier progress and high-level diplomatic efforts.

An early visit by Prime Minister Narendra Modi to the White House had sparked months of talks between India and the United States. By July, Indian officials believed a deal had been finalised and was only awaiting President Donald Trump’s approval. But that approval never arrived. Instead, Trump announced steep tariffs, a 25% duty on Indian goods, followed by another 25% aimed at discouraging India from buying Russian oil. The combined 50% tariff has dealt a blow to relations between the two countries. Also read: Zelensky rejects 'land swap' proposal ahead of Trump-Putin meeting Tariffs derail trade hopes The collapse of the talks reflected Trump’s dissatisfaction with India’s tariff cuts. While New Delhi had agreed to reduce many barriers, it stopped short of the near-zero rates offered by countries like Indonesia. A US official said the Indian offer was “totally insufficient” compared with other deals Trump had secured. Mukesh Aghi, head of the US–India Strategic Partnership Forum, told POLITICO, “We are in a situation now where he is completely upset with India, and the 25 years of effort to build a relationship seems to be going down in 25 hours.” Shifting focus to Europe In mid-July, Trump had said a deal with India was close, but his attention quickly moved to talks with the European Union. Negotiations with India stalled, despite expectations in New Delhi that a leader-to-leader conversation could finalise the agreement. Modi, wary of being publicly criticised, avoided such a call. US officials noted that agreements with Japan and South Korea had been reached without direct talks between leaders. Russian oil at the centre of tensions The situation escalated when Trump targeted India with an extra 25% tariff over its continued purchase of Russian oil. India bought $52.7 billion worth of Russian oil last year, refining some for sale to Europe. New Delhi insists these imports are essential for its energy security and objects to being singled out when other countries, including the EU and Turkey, also buy Russian energy. Randhir Jaiswal, spokesperson for India’s Ministry of External Affairs, said it was, “extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest.” Talks still on the table Trump has hinted that other nations could soon face similar measures, saying, “You’re going to see a lot more.” Despite the tensions, discussions continue. A breakthrough before the 27 August deadline could prevent the tariffs from taking full effect. Aghi noted that Trump has avoided criticising Modi directly, suggesting the White House is keeping channels open.

Trade talks between India and the US collapsed after President Trump imposed steep tariffs, citing India’s insufficient tariff cuts, straining relations despite earlier progress and high-level diplomatic efforts.

'25-year relationship went down in 25 hours': Why Trump walked away from an India trade deal at the last minute

United States President Donald Trump on Tuesday (Aug 5) said that he does not know about his country's trade with Russia. His response came when he was asked about America's business with Russia, amid his continuous criticism of India's trade with Russia. Trump on Tuesday, threatened India, saying he would raise the tariff on the country “very substantially over the next 24 hours” due to its purchase of Russian oil. On Monday, Trump had warned that he would raise the tariff on India “substantially”, saying that India was not only buying “massive amounts of Russian oil” but also selling it “on the open market for big profits”. However, in response, the Ministry of External Affairs (MEA) called Trump's comments ‘unjustified and unreasonable’ and stated that it was the US that had encouraged India to buy oil from Russia after the start of the war in Ukraine in February 2022, because such purchases helped stabilise global energy markets. Trump had imposed a 25 per cent tariff on India on July 30.&nbsp;On Tuesday's press briefing, Trump was asked by Indian news agency ANI: "India says that the US imports Russian uranium, fertilisers, while criticising their energy imports, what is your comment on this?" The US president dodged the question, stating that he is not aware of it. “I don't know anything about it. I will have to check, but I will get back to you on it.” Trump also said that he never specified the exact rate of tariffs he would impose on countries doing business with Russia. "I never said a percentage, but we'll be doing quite a bit of that. We'll see what happens over the next fairly short period of time. But we will see what happens...", Trump added.

<blockquote class="twitter-tweet" data-media-max-width="560">Reporter: India says US imports Russian Uranium, chemicals and fertilisers while criticising India’s energy imports from Russia Donald Trump: I don&#39;t know anything about that. I have to check. Will get back to you (Source: US Network Pool via Reuters)<a href="https://twitter.com/hashtag/DonaldTrump?src=hash&amp;ref_src=twsrc%5Etfw">#DonaldTrump</a> <a href="https://twitter.com/hashtag/India?src=hash&amp;ref_src=twsrc%5Etfw">#India</a>… <a href="https://t.co/Cznym3hgA9">pic.twitter.com/Cznym3hgA9</a>&mdash; WION (@WIONews) <a href="https://twitter.com/WIONews/status/1952928570612806102?ref_src=twsrc%5Etfw">August 6, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h2>India's response to Trump's continuous threats</h2>New Delhi, in its response to the White House, argued that it was the US that had encouraged India to buy oil from Russia after the start of the war in Ukraine in February 2022, as such purchases helped stabilise global energy markets. “Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.” “We make decisions based on the price at which oil is available in the international market, and depending on the global situation at that time,” Randhir Jaiswal, the spokesperson of the MEA, told journalists in New Delhi on Friday. The MEA statement also highlighted that the US and Europe import several items from Russia while they continue to demand the suspension of India-Russia trade. “Where the United States is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilisers as well as chemicals…Europe-Russia trade includes not just energy, but also fertilisers, mining products, chemicals, iron and steel and machinery and transport equipment.,” the statement said.

<blockquote class="twitter-tweet">Statement by Official Spokesperson⬇️ 🔗 <a href="https://t.co/O2hJTOZBby">https://t.co/O2hJTOZBby</a> <a href="https://t.co/RTQ2beJC0W">pic.twitter.com/RTQ2beJC0W</a>&mdash; Randhir Jaiswal (@MEAIndia) <a href="https://twitter.com/MEAIndia/status/1952412858567844061?ref_src=twsrc%5Etfw">August 4, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

US President Donald Trump on Tuesday (local time) stated that he had no knowledge that the United States imports Russian chemicals and fertilisers. His statement came when he was asked about his country's business with Russia as he continues his attack on India over Russian trade 

United States President Donald Trump on Tuesday (Aug 5) said that he does not know about his country's trade with Russia. His response came when he was asked about America's business with Russia, amid his continuous criticism of India's trade with Russia. Trump on Tuesday, threatened India, saying he would raise the tariff on the country “very substantially over the next 24 hours” due to its purchase of Russian oil. On Monday, Trump had warned that he would raise the tariff on India “substantially”, saying that India was not only buying “massive amounts of Russian oil” but also selling it “on the open market for big profits”. However, in response, the Ministry of External Affairs (MEA) called Trump's comments ‘unjustified and unreasonable’ and stated that it was the US that had encouraged India to buy oil from Russia after the start of the war in Ukraine in February 2022, because such purchases helped stabilise global energy markets. Trump had imposed a 25 per cent tariff on India on July 30. On Tuesday's press briefing, Trump was asked by Indian news agency ANI: "India says that the US imports Russian uranium, fertilisers, while criticising their energy imports, what is your comment on this?" The US president dodged the question, stating that he is not aware of it. “I don't know anything about it. I will have to check, but I will get back to you on it.” Trump also said that he never specified the exact rate of tariffs he would impose on countries doing business with Russia. "I never said a percentage, but we'll be doing quite a bit of that. We'll see what happens over the next fairly short period of time. But we will see what happens...", Trump added.

US President Donald Trump on Tuesday (local time) stated that he had no knowledge that the United States imports Russian chemicals and fertilisers. His statement came when he was asked about his country's business with Russia as he continues his attack on India over Russian trade&nbsp;

I don't...: Trump's SHOCKING response to India's claim about US-Russia uranium and fertilizer trade

Days after US President Donald Trump's 25 per cent tariffs on India, India's Ministry of External Affairs on Friday (August 1) reaffirmed the strength and resilience of India-US relations. The MEA stressed that the India-US relationship has "weathered many transitions" and remains anchored in shared interests and mutual respect.&nbsp;Trump on Wednesday announced 25 per cent tariffs, along with a penalty on India, citing high trade barriers and India's arms and oil imports from Russia amid its war with Ukraine.&nbsp;MEA Spokesperson Randhir Jaiswal on Friday said that India and the US have strong defence ties, which have been strengthening over the last several years.&nbsp;“There is potential for our defence partnership to grow further. We remain focused on the substantive agenda that both countries have committed to," Jaiswal asserted.&nbsp;Despite the disappointing tariff announcement, India's ministry expressed confidence that bilateral ties between the two nations would continue to progress.&nbsp;"We are confident our relationship with the United States will continue to move forward,” Jaiswal said.<h2>Ties shouldn't be seen from prison of third nation</h2>MEA Spokesperson Randhir Jaiswal further stressed that the ties between India and the US should not be seen through the prism of a third nation.&nbsp;“Ties with any country, and all the ties that we have with various countries, stand on their own merit and shouldn’t be seen through the prism of a third country,” he said.&nbsp;Trump on Wednesday announced that impose 25 per cent tariffs on India, along with a penalty, citing several reasons. India has been disappointed by the US tariffs.&nbsp;India's Commerce Minister Piyush Goyal said that the government is now engaging with exporters to assess the impact of Mr Trump's tariffs. He added that his ministry is collecting feedback from exporters and industry groups, and will take "all necessary steps to secure and advance our national interest."&nbsp;

MEA Spokesperson Randhir Jaiswal on Friday said that India and the US have strong defence ties, which have been strengthening over the last several years. This comes days after Trump announced 25 per cent tariffs, along with a penalty on India. 

Days after US President Donald Trump's 25 per cent tariffs on India, India's Ministry of External Affairs on Friday (August 1) reaffirmed the strength and resilience of India-US relations. The MEA stressed that the India-US relationship has "weathered many transitions" and remains anchored in shared interests and mutual respect. Trump on Wednesday announced 25 per cent tariffs, along with a penalty on India, citing high trade barriers and India's arms and oil imports from Russia amid its war with Ukraine. MEA Spokesperson Randhir Jaiswal on Friday said that India and the US have strong defence ties, which have been strengthening over the last several years. “There is potential for our defence partnership to grow further. We remain focused on the substantive agenda that both countries have committed to," Jaiswal asserted. Despite the disappointing tariff announcement, India's ministry expressed confidence that bilateral ties between the two nations would continue to progress. "We are confident our relationship with the United States will continue to move forward,” Jaiswal said. Ties shouldn't be seen from prison of third nation MEA Spokesperson Randhir Jaiswal further stressed that the ties between India and the US should not be seen through the prism of a third nation. “Ties with any country, and all the ties that we have with various countries, stand on their own merit and shouldn’t be seen through the prism of a third country,” he said. Trump on Wednesday announced that impose 25 per cent tariffs on India, along with a penalty, citing several reasons. India has been disappointed by the US tariffs. India's Commerce Minister Piyush Goyal said that the government is now engaging with exporters to assess the impact of Mr Trump's tariffs. He added that his ministry is collecting feedback from exporters and industry groups, and will take "all necessary steps to secure and advance our national interest."

MEA Spokesperson Randhir Jaiswal on Friday said that India and the US have strong defence ties, which have been strengthening over the last several years. This comes days after Trump announced 25 per cent tariffs, along with a penalty on India.&nbsp;

Can Trump's tariffs upend India-US ties? MEA responds amid ongoing trade row—Here's what it said

India has stood firm in its trade negotiations with the US, prioritising its national interests and protecting domestic industries. This is probably what's frustrating President Donald Trump, who announced 25 per cent tariffs and additional penalties on India, citing trade gap, high tariffs as well as non-tariff barriers, and trade in arms and energy with Russia. An Indian team has been negotiating with the US counterparts for a trade deal - reportedy to be worth nearly $118 billion - to avert the tariffs, but the Trump deadline of August 1 is unlikely to be met. There are some crucial sectors of Indian economy on which Prime Minister Narendra Modi's government will not compromise. This is both to protect domestic industries, and to prevent political fallout and possible criticism of selling out to the US.&nbsp;<h2>India won't rush into a trade deal with US</h2>Addressing parliament on Thursday (July 31), Trade Minister Piyush Goyal said the government "will protect the interests of our farmers, small industries and entrepreneurs."He said India will not rush into an agreement just to meet Trump's deadlines and will only accept a deal that aligns with its national interests.<h2>Protecting the Indian farmer: Agricultural sector safeguards are important for both Indian economy and politics</h2>India is keen to safeguard its farming sector, where the US has been seeking greater market access for products like maize, soybean and corn. Another issue of contention is genetically modified (GM) crops, which India has been resisting. More about it later. Allowing such imports in large amounts will hit domestic farmers as well as food security. In trade deals with other countries also, India has consistently avoided tariff concessions on major agricultural products. The thrust has always been on protecting millions of Indian small farmers in order to ensure food security.<a href="https://www.wionews.com/videos/trump-s-tariffs-could-disrupt-118bn-in-india-us-trade-india-braces-for-25-tariff-hit-1753958648484/embed">https://www.wionews.com/videos/trump-s-tariffs-could-disrupt-118bn-in-india-us-trade-india-braces-for-25-tariff-hit-1753958648484/embed</a>&nbsp;<h2>India has a red line on dairy sector</h2>Diary products are another 'non-negotiable red line' for India. India has refused to allow imports of US dairy products, including so-called 'non-vegetarian milk' (possibly from animals fed with certain kinds of feeds or hormones). India wants to protect its dairy farmers and make the domestic market stable. Not just the US, but India has not given duty concessions for dairy products in any of its free trade agreements.<h2>Genetically Modified (GM) Crops: A controversial territory</h2>GM crops have been a controversial topic in India for decades. India has explicitly rejected American demands to allow imports of GM crops, such as soybean and corn. It could hit Indian agriculture, and affect people's health.<h2>Non-Tariff Barriers and quality control orders</h2>Quality Control Orders are part of the ‘self-reliant India’ initiative, aimed at curbing low-quality imports and promoting domestic manufacturing. The US has raised concerns about QCOs. The other sticking point is NTFs, which block market access to several US products. India, for which both NTBs and QCOs as crucial for protecting its domestic industries, is unlikely to relax them.<h2>Energy Imports are about India's strategic autonomy</h2>In meeting its energy demands, India has been importing from countries the West sees as enemies, particularly Russia and Iran. But India is very clear that national interest will guide its energy purchases. These imports, such as petroleum from Russia, are cheaper for India. India has tied its energy trade with its strategic autonomy. This is not an area India can compromise.&nbsp;These positions align with India’s broader trade policy, which prioritises protecting domestic industries, ensuring food security, and maintaining a favourable trade balance.India, meanwhile, remains open to offering concessions in other areas. This includes cuts in tariffs on automobiles and American whiskey, or duty concessions for textiles, leather, footwear, and auto parts.

The Trump deadline of August 1 for a trade deal with India is unlikely to be met. There are some crucial sectors of Indian economy on which Prime Minister Narendra Modi's government will not compromise. Here is why

India has stood firm in its trade negotiations with the US, prioritising its national interests and protecting domestic industries. This is probably what's frustrating President Donald Trump, who announced 25 per cent tariffs and additional penalties on India, citing trade gap, high tariffs as well as non-tariff barriers, and trade in arms and energy with Russia. An Indian team has been negotiating with the US counterparts for a trade deal - reportedy to be worth nearly $118 billion - to avert the tariffs, but the Trump deadline of August 1 is unlikely to be met. There are some crucial sectors of Indian economy on which Prime Minister Narendra Modi's government will not compromise. This is both to protect domestic industries, and to prevent political fallout and possible criticism of selling out to the US. India won't rush into a trade deal with US Addressing parliament on Thursday (July 31), Trade Minister Piyush Goyal said the government "will protect the interests of our farmers, small industries and entrepreneurs." He said India will not rush into an agreement just to meet Trump's deadlines and will only accept a deal that aligns with its national interests. Protecting the Indian farmer: Agricultural sector safeguards are important for both Indian economy and politics India is keen to safeguard its farming sector, where the US has been seeking greater market access for products like maize, soybean and corn. Another issue of contention is genetically modified (GM) crops, which India has been resisting. More about it later. Allowing such imports in large amounts will hit domestic farmers as well as food security. In trade deals with other countries also, India has consistently avoided tariff concessions on major agricultural products. The thrust has always been on protecting millions of Indian small farmers in order to ensure food security. https://www.wionews.com/videos/trump-s-tariffs-could-disrupt-118bn-in-india-us-trade-india-braces-for-25-tariff-hit-1753958648484/embed India has a red line on dairy sector Diary products are another 'non-negotiable red line' for India. India has refused to allow imports of US dairy products, including so-called 'non-vegetarian milk' (possibly from animals fed with certain kinds of feeds or hormones). India wants to protect its dairy farmers and make the domestic market stable. Not just the US, but India has not given duty concessions for dairy products in any of its free trade agreements. Genetically Modified (GM) Crops: A controversial territory GM crops have been a controversial topic in India for decades. India has explicitly rejected American demands to allow imports of GM crops, such as soybean and corn. It could hit Indian agriculture, and affect people's health. Non-Tariff Barriers and quality control orders Quality Control Orders are part of the ‘self-reliant India’ initiative, aimed at curbing low-quality imports and promoting domestic manufacturing. The US has raised concerns about QCOs. The other sticking point is NTFs, which block market access to several US products. India, for which both NTBs and QCOs as crucial for protecting its domestic industries, is unlikely to relax them. Energy Imports are about India's strategic autonomy In meeting its energy demands, India has been importing from countries the West sees as enemies, particularly Russia and Iran. But India is very clear that national interest will guide its energy purchases. These imports, such as petroleum from Russia, are cheaper for India. India has tied its energy trade with its strategic autonomy. This is not an area India can compromise. These positions align with India’s broader trade policy, which prioritises protecting domestic industries, ensuring food security, and maintaining a favourable trade balance. India, meanwhile, remains open to offering concessions in other areas. This includes cuts in tariffs on automobiles and American whiskey, or duty concessions for textiles, leather, footwear, and auto parts.

The Trump deadline of August 1 for a trade deal with India is unlikely to be met. There are some crucial sectors of Indian economy on which Prime Minister Narendra Modi's government will not compromise. Here is why

Why Modi will not compromise on trade deal with Trump. These sectors are crucial for Indian economy (and politics)

Hours after announcing a 25 per cent tariff on India, United States President Donald Trump on Wednesday (July 30) said that he doesn't care about India's business with Russia and explained the real reason behind his tariff. In a post on Truth Social, Trump said that US has done “very little” business with India, with very high tariffs. He also slammed the Indian and Russian economies as “dead”. The US president also came down heavily on Russia as well as former Russian President Dmitry Medvedev. Trump, who gave an ultimatum to Russia to end the Ukraine war, clarified that he does not want any business deal with Russia. Trump's statement comes after he said that America will impose 25 per cent tariffs on goods imported from India "plus an unspecified penalty" for buying Russian oil and weapons. &nbsp;“I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let’s keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he’s still President, to watch his words. He’s entering very dangerous territory!”&nbsp;

Trump earlier reiterated that the US has “massive trade deficit with India.” While acknowledging India as a “friend,” Trump criticised the country for maintaining excessively high tariffs and what he described as “obnoxious” non-monetary trade barriers, which he claimed have hindered US–India trade for years. He also condemned India’s continued purchase of military equipment and energy from Russia, calling it inappropriate amid ongoing global efforts to halt Russia’s war in Ukraine. In response, India’s government stated it is reviewing the decision and reaffirmed its commitment to negotiating a fair, balanced trade agreement that protects domestic interests.

United States President Donald Trump said that he doesn't care about India's business with Russia and explained the real reason behind his tariff. His statement comes after he said that he would impose "unspecified penalty" on India for buying Russian oil and weapons.

Hours after announcing a 25 per cent tariff on India, United States President Donald Trump on Wednesday (July 30) said that he doesn't care about India's business with Russia and explained the real reason behind his tariff. In a post on Truth Social, Trump said that US has done “very little” business with India, with very high tariffs. He also slammed the Indian and Russian economies as “dead”. The US president also came down heavily on Russia as well as former Russian President Dmitry Medvedev. Trump, who gave an ultimatum to Russia to end the Ukraine war, clarified that he does not want any business deal with Russia. Trump's statement comes after he said that America will impose 25 per cent tariffs on goods imported from India "plus an unspecified penalty" for buying Russian oil and weapons. “I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let’s keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he’s still President, to watch his words. He’s entering very dangerous territory!”

United States President Donald Trump said that he doesn't care about India's business with Russia and explained the real reason behind his tariff. His statement comes after he said that he would impose "unspecified penalty" on India for buying Russian oil and weapons.

'Don’t care what...': Trump criticises India, Russia as 'dead economies', issues BIG statement after 25% tariff announcement

Hours after announcing a 25% tariff and penalty on India, US President Donald Trump said on Wednesday (July 30) that negotiations with New Delhi are still ongoing. During a press conference at the White House, Trump was asked about the new penalty imposed on India for “supporting” Russia and whether other countries might face similar action. In his response, Trump appeared to link the move to India’s membership in BRICS, a group of eleven emerging economies that includes Russia and China.Also read: <a href="https://www.wionews.com/world/us-to-have-oil-partnership-with-pakistan-trump-says-washington-to-help-develop-islamabad-s-massive-oil-reserves-1753909702771">US to have oil partnership with Pakistan? Trump says Washington to help develop Islamabad's ‘massive oil reserves’</a>“Well, we are negotiating right now and it’s also BRICS. BRICS, which is basically a group of countries that are anti the United States and India is a member of that if you can believe it…It is an attack on the dollar and we are not going to let anybody attack the dollar. So it’s partially BRICS and it’s partially trade,” he said. Apart from India, the BRICS bloc includes Brazil, Russia, China, South Africa, Saudi Arabia, Egypt, UAE, Ethiopia, Indonesia, and Iran.<h2>Trump says India has one of the world’s highest tariffs</h2>Despite referring to Prime Minister Narendra Modi as a “friend”, Trump criticised India’s trade practices, calling the country one of the highest-tariff nations globally. “We had a tremendous deficit. As you know Prime Minister Modi is a friend of mine, but they don’t do very much business in terms of business with us. They sell a lot to us, but we don’t buy from them. You know why? Because the tariff is so high,” Trump said.He added that India is now willing to cut tariffs “very substantially”, but negotiations are still in progress. “We are talking to India now. We will see what happens. It doesn’t matter too much whether we have a deal or we charge them a certain tariff. But you will know at the end of this week,” he added.<h2>Is a trade deal still possible?</h2>When asked directly whether he is open to negotiating the tariff decision with India, Trump confirmed that talks are ongoing. “We are talking to them now. We will see what happens. India was the highest or just about the highest-tariff nation in the world…We will see. We are negotiating with India right now,” he said.<h2>India responds to Trump’s 25% tariff decision</h2>In response to the US move, the Indian government said it is reviewing the announcement and considering its implications. “India and the US have been engaged in negotiations on concluding a fair, balanced, and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective,” the Ministry of Commerce and Industry said&nbsp;in&nbsp;a&nbsp;statement.

President Trump defended a 25% tariff on India, linking it to trade issues and India’s BRICS membership, which he called anti-US. He confirmed negotiations with New Delhi are still ongoing.

Hours after announcing a 25% tariff and penalty on India, US President Donald Trump said on Wednesday (July 30) that negotiations with New Delhi are still ongoing. During a press conference at the White House, Trump was asked about the new penalty imposed on India for “supporting” Russia and whether other countries might face similar action. In his response, Trump appeared to link the move to India’s membership in BRICS, a group of eleven emerging economies that includes Russia and China. Also read: US to have oil partnership with Pakistan? Trump says Washington to help develop Islamabad's ‘massive oil reserves’ “Well, we are negotiating right now and it’s also BRICS. BRICS, which is basically a group of countries that are anti the United States and India is a member of that if you can believe it…It is an attack on the dollar and we are not going to let anybody attack the dollar. So it’s partially BRICS and it’s partially trade,” he said. Apart from India, the BRICS bloc includes Brazil, Russia, China, South Africa, Saudi Arabia, Egypt, UAE, Ethiopia, Indonesia, and Iran. Trump says India has one of the world’s highest tariffs Despite referring to Prime Minister Narendra Modi as a “friend”, Trump criticised India’s trade practices, calling the country one of the highest-tariff nations globally. “We had a tremendous deficit. As you know Prime Minister Modi is a friend of mine, but they don’t do very much business in terms of business with us. They sell a lot to us, but we don’t buy from them. You know why? Because the tariff is so high,” Trump said. He added that India is now willing to cut tariffs “very substantially”, but negotiations are still in progress. “We are talking to India now. We will see what happens. It doesn’t matter too much whether we have a deal or we charge them a certain tariff. But you will know at the end of this week,” he added. Is a trade deal still possible? When asked directly whether he is open to negotiating the tariff decision with India, Trump confirmed that talks are ongoing. “We are talking to them now. We will see what happens. India was the highest or just about the highest-tariff nation in the world…We will see. We are negotiating with India right now,” he said. India responds to Trump’s 25% tariff decision In response to the US move, the Indian government said it is reviewing the announcement and considering its implications. “India and the US have been engaged in negotiations on concluding a fair, balanced, and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective,” the Ministry of Commerce and Industry said in a statement.

President Trump defended a 25% tariff on India, linking it to trade issues and India’s BRICS membership, which he called anti-US. He confirmed negotiations with New Delhi are still ongoing.

‘Partially BRICS, partially trade’: Trump reveals TWO reasons why he slapped 25% tariff on India, then calls Modi a ‘friend’

US President Donald Trump on Wednesday (July 30) announced to impose a 25 per cent tariff on India, effective from August 1, saying that the US has a massive trade deficit with India. Trump stressed that, along with a 25 per cent tariff, India will also be paying penalties.&nbsp;Trump took to Truth Social on Wednesday, and while noting that India is a "friend", said that relatively, the US has done "little business with them because their tariffs are far too high."&nbsp;The US president added that India's tariffs are among the “highest in the world, and they have the most strenuous and obnoxious non-monetary trade barriers of any country.”

<blockquote class="twitter-tweet">US President Donald Trump announces 25% tariffs on India starting August 1st. Source: Donald Trump&#39;s Truth Social Account <a href="https://t.co/bgj1wsGcMR">pic.twitter.com/bgj1wsGcMR</a>&mdash; WION (@WIONews) <a href="https://twitter.com/WIONews/status/1950531766038761550?ref_src=twsrc%5Etfw">July 30, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Trump continued, as he raised concerns over India buying the majority of its military equipment from Russia, at a time when everyone wants Russia to stop the war in Ukraine. "Also, they have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE," he stressed. Trump announced to put penalties on India, along with the 25 per cent tariffs, starting on August 1. "ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!," he posted. In just a few minutes, Trump shared another post, stating, "WE HAVE A MASSIVE TRADE DEFICIT WITH INDIA!!!." Earlier on Tuesday, while speaking to reporters, Trump threatened to slap tariffs of up to 25% on Indian imports if Washington and New Delhi fail to finalise a trade deal soon. Although Trump referred to India as a friendly partner, he has repeatedly criticised the country’s trade practices and high import duties, calling the relationship “very tough”.

US President Donald Trump on Wednesday (July 30) announced to impose 25 per cent tariff on India, effective from August 1, saying that the US has a massive trade deficit with India. 

US President Donald Trump on Wednesday (July 30) announced to impose a 25 per cent tariff on India, effective from August 1, saying that the US has a massive trade deficit with India. Trump stressed that, along with a 25 per cent tariff, India will also be paying penalties. Trump took to Truth Social on Wednesday, and while noting that India is a "friend", said that relatively, the US has done "little business with them because their tariffs are far too high." The US president added that India's tariffs are among the “highest in the world, and they have the most strenuous and obnoxious non-monetary trade barriers of any country.”

The US president said that India's tariffs are among the highest in the world, adding that they have the most strenuous and obnoxious non-monetary trade barriers of any country.

'Massive trade deficit with India': Trump imposes 25% tariff on India, plus penalties for arms trade with Russia

US President Donald Trump has suggested that a trade agreement with India could be on the horizon, saying “another deal is coming… maybe,” according to a Reuters report. Speaking about trade negotiations, Trump said, “We have some pretty good deals to announce.”Also read: <a href="https://www.wionews.com/world/trump-won-t-rule-out-firing-lousy-jerome-powell-can-us-president-even-fire-federal-reserve-chair-1752684726290">Trump ‘won’t rule out’ firing ‘lousy’ Jerome Powell - Can US president even fire Federal&nbsp;Reserve&nbsp;chair?</a><h2>India pushes back on any rushed deal</h2>The comment comes as a delegation from India’s commerce ministry is in Washington, DC for another round of trade talks. However, Indian Commerce Minister Piyush Goyal has made it clear that New Delhi will not be rushed. “India does not enter into any trade agreement based on deadlines and will accept the proposed trade deal with the US only when it is fully finalised, properly concluded, and in the national interest,” Goyal told PTI earlier this month.<h2>What does the US want from India?</h2>The US is pushing for greater access to the Indian market, particularly for American agricultural and dairy products. Trump drew a comparison to Indonesia, where he recently signed a deal allowing American firms full trade access. “Indonesia was great. He [President Prabowo Subianto] is a great president and we made a terrific deal,” Trump said. “I think something similar will happen, I would say, with India,” he added.<h2>What is Trump's deal with Indonesia?</h2>Under the new agreement, Indonesian goods would face a 19% tariff when exported to the US, while US exports to Jakarta would face no tariffs, an asymmetric arrangement favouring American companies. Indonesia initially received a tariff letter stating that the country’s goods would face a 32% tariff starting on August 1 if an agreement was not reached.<h2>India seeks tariff relief on metals and autos</h2>While India is keen to avoid US-imposed tariffs, officials have said they won’t compromise core interests. New Delhi is particularly seeking relief from the 26% additional tariff on various goods, as well as steep duties on steel, aluminium (50%), and automobiles (25%). India has also remained firm on its stance regarding dairy imports, refusing to offer duty concessions in that sector under any free trade agreement to date.It is worth noting that India was not among the 14 countries, including Japan, South Korea, Bangladesh and Myanmar, that received Trump’s latest wave of letters threatening tariff action.

The US is pushing for greater access to the Indian market, particularly for American agricultural and dairy products. Trump drew a comparison to Indonesia, where he recently signed a deal allowing American firms full trade access. 

US President Donald Trump has suggested that a trade agreement with India could be on the horizon, saying “another deal is coming… maybe,” according to a Reuters report. Speaking about trade negotiations, Trump said, “We have some pretty good deals to announce.” Also read: Trump ‘won’t rule out’ firing ‘lousy’ Jerome Powell - Can US president even fire Federal Reserve chair? India pushes back on any rushed deal The comment comes as a delegation from India’s commerce ministry is in Washington, DC for another round of trade talks. However, Indian Commerce Minister Piyush Goyal has made it clear that New Delhi will not be rushed. “India does not enter into any trade agreement based on deadlines and will accept the proposed trade deal with the US only when it is fully finalised, properly concluded, and in the national interest,” Goyal told PTI earlier this month. What does the US want from India? The US is pushing for greater access to the Indian market, particularly for American agricultural and dairy products. Trump drew a comparison to Indonesia, where he recently signed a deal allowing American firms full trade access. “Indonesia was great. He [President Prabowo Subianto] is a great president and we made a terrific deal,” Trump said. “I think something similar will happen, I would say, with India,” he added. What is Trump's deal with Indonesia? Under the new agreement, Indonesian goods would face a 19% tariff when exported to the US, while US exports to Jakarta would face no tariffs, an asymmetric arrangement favouring American companies. Indonesia initially received a tariff letter stating that the country’s goods would face a 32% tariff starting on August 1 if an agreement was not reached. India seeks tariff relief on metals and autos While India is keen to avoid US-imposed tariffs, officials have said they won’t compromise core interests. New Delhi is particularly seeking relief from the 26% additional tariff on various goods, as well as steep duties on steel, aluminium (50%), and automobiles (25%). India has also remained firm on its stance regarding dairy imports, refusing to offer duty concessions in that sector under any free trade agreement to date. It is worth noting that India was not among the 14 countries, including Japan, South Korea, Bangladesh and Myanmar, that received Trump’s latest wave of letters threatening tariff action.

The US is pushing for greater access to the Indian market, particularly for American agricultural and dairy products. Trump drew a comparison to Indonesia, where he recently signed a deal allowing American firms full trade access.&nbsp;

US-India trade deal in sight? Trump says deal could happen ‘soon’, hints it may resemble Indonesia agreement - All you need to know

India, US talk trade amid Trump tariff threat: Amid crunch talks for a Bilateral Trade Agreement (BTA) with the US as the Trump tariff threat looms, India has proposed retaliatory tariffs under WTO rules in response to the US "safeguard" tariffs on steel and aluminium. The first phase of a BTA, which could be a ‘mini-deal’ is expected to be inked by September-October. But that will cross the August 1 deadline given by US President Donald Trump for countries to reach trade deals with the US, or face tariffs. What is the status of India-US trade deal? How will India be affected if no trade deal is reached? Here is what you should know:<h2>What is the status of India-US trade deal?</h2>Even as he sent out letters to several trading partner countries, Trump continued to say that a deal is likely with India.The two sides are racing to finalise the BTA as soon as possible, having missed the deadline of July 9, the date till which Trump had frozen the tariffs.An Indian commerce ministry team is preparing for another round of negotiations in Washington on the trade deal, according to indian media reports.<h2>India's offers and differences with US on tariffs and trade</h2>India has offered zero tariffs on 60 per cent of US imports worth $23 billion. New Delhi has also promised preferential access for 90 per cent of US goods, as well as cuts on items like bourbon whiskey and Harley-Davidson bikes.The US insists on lower tariffs on agriculture and dairy products. It wants access to the Indian market for the controversial Genetically Modified or GM crops. On these issues, India has remained firm in protecting the interests of the Indian farmers. India has also reportedly resisted a US demand to reduce its 'Made in India' origin rule from 60 per cent to 35 per cent.<h2>What tariffs could hit India if no trade deal is reached by August 1?</h2>Trump has expressed optimism about a trade deal with India. It is quite possible that he would extend the deadline for the same with India ‘on good faith’.&nbsp;But if a deal is not reached, India could face a 10 per cent 'universal tariff' on all imports from India, as imposed by the US president in April. In addition, India could face an extra 17 per cent reciprocal tariff. The overall tariff rate, therefore, could be 27 per cent.<h2>Which sectors of India are facing US tariffs?</h2>Perhaps the biggest import tariffs could be on steel and aluminium, which could be raised up to 50 per cent. Indian auto imports could face 25 per cent tariff, though Indian parts coming via Canada and Mexico might get exemptions.Also exempted, as of now, are pharmaceutical, semiconductor and copper imports from India. Certain minerals and energy products critical to the US economy might also be exempt. &nbsp;<a href="https://www.wionews.com/videos/donald-trump-issues-fresh-tariff-letters-for-6-countries-1752084934139/embed">https://www.wionews.com/videos/donald-trump-issues-fresh-tariff-letters-for-6-countries-1752084934139/embed</a><h2>How will India-specific tariffs affect Indian exporters?</h2>The key sectors from India that could be hit by tariffs are gems, jewellery, marine products, electronics and auto parts.Textile imports from India could face up to 27 per cent tariff. Still, Indian textile and apparel might get a relative advantage, given that China, the main exporter to the US, is facing 145 per cent tariffs.<h2>US has a trade deficit with India and Trump wants to change it</h2>Indian exports to the US stood at around $129 billion in 2024, with pharmaceuticals alone accounting for $13 billion.The US has a trade deficit of $45 billion with India, which is a major grievance of Trump. He is taking the tariff route to reduce this gap.The Trump administration estimates US tariff revenues of around $34.8 billion per year from India, assuming there is no trade drop.<h2>Prognosis: What will happen to Indian exports to the US if no deal is reached?</h2>There will be high costs on some key Indian goods as mentioned above. Tariffs could reduce India's competitiveness and lead to a decline in Indian exports to the US, as they'd be less attractive for US importers. Despite deep concessions offered by India, differences remain on agricultural trade.Both nations are aiming to reach 'Mission 500', a goal of $500 billion in bilateral trade by 2030. The coming weeks would be critical in deciding the future of India-US trade.&nbsp;

What is the status of India-US trade deal? How will India be affected if no trade deal is reached and Trump tariffs are imposed? Here is what you should know

India, US talk trade amid Trump tariff threat: Amid crunch talks for a Bilateral Trade Agreement (BTA) with the US as the Trump tariff threat looms, India has proposed retaliatory tariffs under WTO rules in response to the US "safeguard" tariffs on steel and aluminium. The first phase of a BTA, which could be a ‘mini-deal’ is expected to be inked by September-October. But that will cross the August 1 deadline given by US President Donald Trump for countries to reach trade deals with the US, or face tariffs. What is the status of India-US trade deal? How will India be affected if no trade deal is reached? Here is what you should know: What is the status of India-US trade deal? Even as he sent out letters to several trading partner countries, Trump continued to say that a deal is likely with India. The two sides are racing to finalise the BTA as soon as possible, having missed the deadline of July 9, the date till which Trump had frozen the tariffs. An Indian commerce ministry team is preparing for another round of negotiations in Washington on the trade deal, according to indian media reports. India's offers and differences with US on tariffs and trade India has offered zero tariffs on 60 per cent of US imports worth $23 billion. New Delhi has also promised preferential access for 90 per cent of US goods, as well as cuts on items like bourbon whiskey and Harley-Davidson bikes. The US insists on lower tariffs on agriculture and dairy products. It wants access to the Indian market for the controversial Genetically Modified or GM crops. On these issues, India has remained firm in protecting the interests of the Indian farmers. India has also reportedly resisted a US demand to reduce its 'Made in India' origin rule from 60 per cent to 35 per cent. What tariffs could hit India if no trade deal is reached by August 1? Trump has expressed optimism about a trade deal with India. It is quite possible that he would extend the deadline for the same with India ‘on good faith’. But if a deal is not reached, India could face a 10 per cent 'universal tariff' on all imports from India, as imposed by the US president in April. In addition, India could face an extra 17 per cent reciprocal tariff. The overall tariff rate, therefore, could be 27 per cent. Which sectors of India are facing US tariffs? Perhaps the biggest import tariffs could be on steel and aluminium, which could be raised up to 50 per cent. Indian auto imports could face 25 per cent tariff, though Indian parts coming via Canada and Mexico might get exemptions. Also exempted, as of now, are pharmaceutical, semiconductor and copper imports from India. Certain minerals and energy products critical to the US economy might also be exempt. https://www.wionews.com/videos/donald-trump-issues-fresh-tariff-letters-for-6-countries-1752084934139/embed How will India-specific tariffs affect Indian exporters? The key sectors from India that could be hit by tariffs are gems, jewellery, marine products, electronics and auto parts. Textile imports from India could face up to 27 per cent tariff. Still, Indian textile and apparel might get a relative advantage, given that China, the main exporter to the US, is facing 145 per cent tariffs. US has a trade deficit with India and Trump wants to change it Indian exports to the US stood at around $129 billion in 2024, with pharmaceuticals alone accounting for $13 billion. The US has a trade deficit of $45 billion with India, which is a major grievance of Trump. He is taking the tariff route to reduce this gap. The Trump administration estimates US tariff revenues of around $34.8 billion per year from India, assuming there is no trade drop. Prognosis: What will happen to Indian exports to the US if no deal is reached? There will be high costs on some key Indian goods as mentioned above. Tariffs could reduce India's competitiveness and lead to a decline in Indian exports to the US, as they'd be less attractive for US importers. Despite deep concessions offered by India, differences remain on agricultural trade. Both nations are aiming to reach 'Mission 500', a goal of $500 billion in bilateral trade by 2030. The coming weeks would be critical in deciding the future of India-US trade.

What is the status of India-US trade deal? How will India be affected if no trade deal is reached and Trump tariffs are imposed? Here is what you should know &nbsp;

Deal or no deal? India races with trade talks amid Trump tariff threat, proposes retaliatory rates on US steel, aluminium

The United States has extended its deadline for higher tariffs to take effect, offering a narrow window for its trading partners to finalise new trade agreements and avoid steep duties. President Donald Trump announced on Sunday that the tariff increase would now begin on 1 August, giving countries until 9 July to complete negotiations.&nbsp;As per Reuters, Trump said several trade deals were “close” to being wrapped up in the coming days. The move is part of Washington’s strategy to pressure partners into making concessions while threatening significant economic consequences if talks stall.<h2>Tariffs as bargaining tool</h2>Trump’s tariff policy includes a 10 per cent base rate on most countries, with surcharges reaching as high as 50 per cent. While announced in April, those higher rates were postponed to allow time for negotiations. The new deadline, however, signals the White House’s impatience with what officials have described as slow progress.&nbsp;Commerce Secretary Howard Lutnick told reporters the 1 August start date for higher rates remains in place, but added that Trump is “setting the rates and the deals right now.” This flexible approach is designed to keep trading partners off balance and eager to sign before penalties kick in, as per Reuters.&nbsp;<h2>Letters warn over 100 countries</h2>US Treasury Secretary Scott Bessent said on CNN that the administration would soon send letters to over 100 countries, warning them they could face tariff rates originally set in April but suspended until now.&nbsp;According to Reuters, Bessent predicted a flurry of trade announcements soon, noting that talks with the European Union had made solid progress. The threat of returning to April’s tariff levels is meant to force countries to finalise deals quickly to avoid renewed trade tensions.<h2>Flexibility for willing partners</h2>White House National Economic Council head Kevin Hassett signalled that there could be “wiggle room” for countries negotiating in good faith. Speaking to CBS News, Hassett suggested Trump might offer extra time to partners prepared to make meaningful concessions.&nbsp;Stephen Miran, chairman of the White House Council of Economic Advisers, echoed this optimism in an interview with ABC News. He highlighted positive signals from discussions with Europe and India, saying countries demonstrating goodwill could secure more favourable tariff terms or even a delay in the deadline.<h2>Focus on key trade partners</h2>As per Reuters, the Trump administration is prioritising negotiations with 18 major trading partners accounting for 95 per cent of the US trade deficit. But smaller economies are also being pressed to strike deals quickly.&nbsp;Thailand, for example, is scrambling to avoid a 36 per cent tariff. The country’s finance minister told Bloomberg News it will offer greater market access for US agricultural and industrial goods, while promising increased purchases of US energy and Boeing jets.<h2>India deal seen nearing conclusion</h2>India is also racing to finalise an agreement. According to CNBC-TV18, India and the United States could announce a mini trade deal within the next two days. The average tariff on Indian goods shipped to the US is expected to settle at around 10 per cent if the deal is concluded, potentially sparing both economies deeper disruption.&nbsp;&nbsp;White House officials are pointing to framework deals with Britain and Vietnam as models for these negotiations. Hassett argued these arrangements show Trump’s tariff threats are pushing manufacturing and investment back to the United States.<h2>High-stakes strategy</h2>Miran praised the deal with Vietnam as highly favourable to the United States. He described it as “extremely one-sided,” allowing Washington to impose significant tariffs on Vietnamese exports while enjoying near-zero tariffs on American goods in return. Trump’s approach, combining aggressive deadlines with the promise of tailored deals, is classic high-stakes negotiation. By delaying the tariff hike while warning of its swift return, the White House message is clear: sign now or pay later.&nbsp;Whether this strategy will deliver durable agreements or provoke fresh trade tensions remains to be seen. For now, the world’s major economies have just weeks to avoid the next phase of Washington’s tariff escalation.&nbsp;(With inputs from the agencies)

President Trump extends the tariff deadline, intensifying pressure on over 100 nations, including India and the EU to finalise trade deals or face renewed economic penalties.

The United States has extended its deadline for higher tariffs to take effect, offering a narrow window for its trading partners to finalise new trade agreements and avoid steep duties. President Donald Trump announced on Sunday that the tariff increase would now begin on 1 August, giving countries until 9 July to complete negotiations. As per Reuters, Trump said several trade deals were “close” to being wrapped up in the coming days. The move is part of Washington’s strategy to pressure partners into making concessions while threatening significant economic consequences if talks stall. Tariffs as bargaining tool Trump’s tariff policy includes a 10 per cent base rate on most countries, with surcharges reaching as high as 50 per cent. While announced in April, those higher rates were postponed to allow time for negotiations. The new deadline, however, signals the White House’s impatience with what officials have described as slow progress. Commerce Secretary Howard Lutnick told reporters the 1 August start date for higher rates remains in place, but added that Trump is “setting the rates and the deals right now.” This flexible approach is designed to keep trading partners off balance and eager to sign before penalties kick in, as per Reuters. Letters warn over 100 countries US Treasury Secretary Scott Bessent said on CNN that the administration would soon send letters to over 100 countries, warning them they could face tariff rates originally set in April but suspended until now. According to Reuters, Bessent predicted a flurry of trade announcements soon, noting that talks with the European Union had made solid progress. The threat of returning to April’s tariff levels is meant to force countries to finalise deals quickly to avoid renewed trade tensions. Flexibility for willing partners White House National Economic Council head Kevin Hassett signalled that there could be “wiggle room” for countries negotiating in good faith. Speaking to CBS News, Hassett suggested Trump might offer extra time to partners prepared to make meaningful concessions. Stephen Miran, chairman of the White House Council of Economic Advisers, echoed this optimism in an interview with ABC News. He highlighted positive signals from discussions with Europe and India, saying countries demonstrating goodwill could secure more favourable tariff terms or even a delay in the deadline. Focus on key trade partners As per Reuters, the Trump administration is prioritising negotiations with 18 major trading partners accounting for 95 per cent of the US trade deficit. But smaller economies are also being pressed to strike deals quickly. Thailand, for example, is scrambling to avoid a 36 per cent tariff. The country’s finance minister told Bloomberg News it will offer greater market access for US agricultural and industrial goods, while promising increased purchases of US energy and Boeing jets. India deal seen nearing conclusion India is also racing to finalise an agreement. According to CNBC-TV18, India and the United States could announce a mini trade deal within the next two days. The average tariff on Indian goods shipped to the US is expected to settle at around 10 per cent if the deal is concluded, potentially sparing both economies deeper disruption. White House officials are pointing to framework deals with Britain and Vietnam as models for these negotiations. Hassett argued these arrangements show Trump’s tariff threats are pushing manufacturing and investment back to the United States. High-stakes strategy Miran praised the deal with Vietnam as highly favourable to the United States. He described it as “extremely one-sided,” allowing Washington to impose significant tariffs on Vietnamese exports while enjoying near-zero tariffs on American goods in return. Trump’s approach, combining aggressive deadlines with the promise of tailored deals, is classic high-stakes negotiation. By delaying the tariff hike while warning of its swift return, the White House message is clear: sign now or pay later. Whether this strategy will deliver durable agreements or provoke fresh trade tensions remains to be seen. For now, the world’s major economies have just weeks to avoid the next phase of Washington’s tariff escalation. (With inputs from the agencies)

The US has delayed its tariff hike to August 1, using the threat of steep duties to pressure global partners into swift trade concessions.

Trump delays tariff hike to August 1, urges quick trade deals

India and the United States are on the verge of finalising a mini trade deal, with a decision expected in the next 24 to 48 hours, according to a CNBC-TV18 report quoting government sources. The deal, if confirmed, would be a breakthrough ahead of a broader Bilateral Trade Agreement (BTA), discussions for which are set to begin after July 9.Also read: <a href="https://www.wionews.com/world/elon-musk-s-new-america-party-gets-support-from-mark-cuban-anthony-scaramucci-here-s-who-wants-in-1751803571320">'Billionaire, Ex-Trump ally': Elon Musk’s new ‘America Party’ gets support from surprising allies: Here’s who wants in</a><h2>What’s in the mini trade deal?</h2>As per the report, both countries have completed negotiations on the smaller deal, which is expected to carry an average tariff of around 10%. While the exact details have not been made public, officials believe it could serve as a foundation for a larger trade deal.This comes as US President Donald Trump prepares to impose a wave of higher tariffs starting July 9. Earlier this year, Trump announced a 10% baseline tariff on goods from nearly all trading partners, but held off implementing sharper increases to allow for talks.These hikes are now due to kick in, ranging between 10% and 70% depending on the country, unless bilateral deals are struck in time.<h2>Trump’s “take it or leave it” approach</h2>US Treasury Secretary Scott Bessent confirmed that Washington is close to finalising several trade deals ahead of the deadline. “We expect some big announcements in the coming days,” he told CNN’s State of the Union programme.Trump, meanwhile, told reporters on Air Force One that he had signed letters for 12 countries detailing new tariff rates on goods being sent to the US. “I signed some letters and they will go out on Monday, probably 12. Different amounts of money, different amounts of tariffs,” Trump said, without naming the countries.He added, “You know, with the UK, we did that. And it was great for both parties. With China, we did that, and I think it’s very good for both parties.” The letters, described as “take it or leave it” offers, are expected to go out just before the tariff hikes kick in.In addition to the 12 countries receiving Trump’s tariff letters, the US is also preparing to notify 100 smaller nations, many with limited trade volume, that they too could face steep import duties unless new deals are struck quickly.

As per the report, both countries have completed negotiations on the smaller deal, which is expected to carry an average tariff of around 10%. While the exact details have not been made public, officials believe it could serve as a foundation for a larger trade deal.

India and the United States are on the verge of finalising a mini trade deal, with a decision expected in the next 24 to 48 hours, according to a CNBC-TV18 report quoting government sources. The deal, if confirmed, would be a breakthrough ahead of a broader Bilateral Trade Agreement (BTA), discussions for which are set to begin after July 9. Also read: 'Billionaire, Ex-Trump ally': Elon Musk’s new ‘America Party’ gets support from surprising allies: Here’s who wants in What’s in the mini trade deal? As per the report, both countries have completed negotiations on the smaller deal, which is expected to carry an average tariff of around 10%. While the exact details have not been made public, officials believe it could serve as a foundation for a larger trade deal. This comes as US President Donald Trump prepares to impose a wave of higher tariffs starting July 9. Earlier this year, Trump announced a 10% baseline tariff on goods from nearly all trading partners, but held off implementing sharper increases to allow for talks. These hikes are now due to kick in, ranging between 10% and 70% depending on the country, unless bilateral deals are struck in time. Trump’s “take it or leave it” approach US Treasury Secretary Scott Bessent confirmed that Washington is close to finalising several trade deals ahead of the deadline. “We expect some big announcements in the coming days,” he told CNN’s State of the Union programme. Trump, meanwhile, told reporters on Air Force One that he had signed letters for 12 countries detailing new tariff rates on goods being sent to the US. “I signed some letters and they will go out on Monday, probably 12. Different amounts of money, different amounts of tariffs,” Trump said, without naming the countries. He added, “You know, with the UK, we did that. And it was great for both parties. With China, we did that, and I think it’s very good for both parties.” The letters, described as “take it or leave it” offers, are expected to go out just before the tariff hikes kick in. In addition to the 12 countries receiving Trump’s tariff letters, the US is also preparing to notify 100 smaller nations, many with limited trade volume, that they too could face steep import duties unless new deals are struck quickly.

As per the report, both countries have completed negotiations on the smaller deal, which is expected to carry an average tariff of around 10%. While the exact details have not been made public, officials believe it could serve as a foundation for a larger trade deal.

India-US to finalise 'mini trade deal' in next 24 hours: Can it help New Delhi avoid Trump’s ‘take it or leave it’ tariff letters?

Union Commerce Minister Piyush Goyal said on Friday that India is in no hurry to finalise any major trade deal on the basis of any deadline but will agree on a decision if it is a win-win for both parties. Goyal’s comments hold significance as India and the US are reportedly in the final stages of striking an interim trade deal. The talks are important, as the suspension of US reciprocal tariffs is ending on July 9, and hence both sides are looking at finalising the deal before that. Goyal stressed that India’s approach to international trade negotiations remains firm and ‘principled’.India seeks greater market access for its labour-intensive goods, while the US wants duty concessions for its agricultural products.&nbsp;<h2>‘National interest will always be supreme’</h2>&nbsp;“It should be a win-win agreement, and only when India’s interests are safeguarded—national interest will always be supreme—and keeping that in mind, if a good deal is formed, India is always ready to engage with developed countries,” Goyal said on the sidelines of the 16th Toy Biz B2B expo in Delhi.“Discussions are ongoing with various countries, be it the European Union, New Zealand, Oman, the US, Chile, or Peru. Talks about agreements are underway with many nations,” he said.&nbsp;“A free-trade agreement is only possible when there is mutual benefit. India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest,” the commerce minister added.&nbsp;<h2>India proposes retaliatory duties against US over auto tariffs</h2>&nbsp;India on Friday proposed imposing retaliatory duties under the World Trade Organisation (WTO) norms against the US over American tariffs on imports of auto parts from the country in the name of safeguard measures.“The proposed suspension of concessions or other obligations would take the form of an increase in tariffs on selected products originating in the United States,” according to a notification of the WTO being circulated at India’s request.India has notified the WTO’s Council for Trade in Goods of its proposed suspension of concessions and other obligations under certain WTO provisions.&nbsp;“This notification is made in connection with safeguard measures extended by the United States of America on imports of automobile parts from India,” it said.&nbsp;On March 26, the US adopted a safeguard measure in the form of a tariff increase of 25 per cent ad valorem on imports of passenger vehicles and light trucks, and on certain automobile parts from India.&nbsp;India has maintained that the measures taken by the United States are not consistent with the GATT (General Agreement on Trade and Tariff) 1994 and the agreement on Safeguards.As consultations sought by India on these tariffs have not taken place, "India reserves the right to suspend concessions or other obligations", the WTO notification added.The development is important, as India and the US are actively negotiating an interim trade agreement to boost trade ties.

A free-trade agreement is only possible when there is mutual benefit. India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest, the commerce minister said.

Union Commerce Minister Piyush Goyal said on Friday that India is in no hurry to finalise any major trade deal on the basis of any deadline but will agree on a decision if it is a win-win for both parties. Goyal’s comments hold significance as India and the US are reportedly in the final stages of striking an interim trade deal. The talks are important, as the suspension of US reciprocal tariffs is ending on July 9, and hence both sides are looking at finalising the deal before that. Goyal stressed that India’s approach to international trade negotiations remains firm and ‘principled’. India seeks greater market access for its labour-intensive goods, while the US wants duty concessions for its agricultural products. ‘National interest will always be supreme’ “It should be a win-win agreement, and only when India’s interests are safeguarded—national interest will always be supreme—and keeping that in mind, if a good deal is formed, India is always ready to engage with developed countries,” Goyal said on the sidelines of the 16th Toy Biz B2B expo in Delhi. “Discussions are ongoing with various countries, be it the European Union, New Zealand, Oman, the US, Chile, or Peru. Talks about agreements are underway with many nations,” he said. “A free-trade agreement is only possible when there is mutual benefit. India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest,” the commerce minister added. India proposes retaliatory duties against US over auto tariffs India on Friday proposed imposing retaliatory duties under the World Trade Organisation (WTO) norms against the US over American tariffs on imports of auto parts from the country in the name of safeguard measures. “The proposed suspension of concessions or other obligations would take the form of an increase in tariffs on selected products originating in the United States,” according to a notification of the WTO being circulated at India’s request. India has notified the WTO’s Council for Trade in Goods of its proposed suspension of concessions and other obligations under certain WTO provisions. “This notification is made in connection with safeguard measures extended by the United States of America on imports of automobile parts from India,” it said. On March 26, the US adopted a safeguard measure in the form of a tariff increase of 25 per cent ad valorem on imports of passenger vehicles and light trucks, and on certain automobile parts from India. India has maintained that the measures taken by the United States are not consistent with the GATT (General Agreement on Trade and Tariff) 1994 and the agreement on Safeguards. As consultations sought by India on these tariffs have not taken place, "India reserves the right to suspend concessions or other obligations", the WTO notification added. The development is important, as India and the US are actively negotiating an interim trade agreement to boost trade ties.

A free-trade agreement is only possible when there is mutual benefit. India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest, the commerce minister said.

‘India’s interest more important, not deadline’: Commerce Minister Piyush Goyal on US trade talks

US President Donald Trump on Friday (June 27) said that the US will reach a deal with India, adding that his administration will be sending letters very quickly to most countries for the deal. Trump was speaking at the media briefing at the White House, discussing several pressing issues.The US president said that a "full trade barrier dropping", while talking about the India-US trade deal."India...we will reach a deal. We will be going to have a &nbsp;full trade barrier dropping," he said, adding, "I am not sure this will be all happening ...but we are going to wait for it."While talking about the deal with China and the UK, the US president said that it is through and the administration will "send letters very quickly to most countries for the deal."Earlier on Thursday, Trump said a "very big" trade deal with India could be on the cards. This comes days after Trump signed a new agreement with China.Speaking at the “Big Beautiful Bill” event at the White House, Trump said the US was “going to open up India,” further hinting at significant progress in a trade agreement."Everybody wants to make a deal and have a part of it. Remember a few months ago, the press was saying, 'You really have anybody of any interest? Well, we just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India, in the China deal, we are starting to open up China," he said.This comes as a senior-level Indian delegation, led by Chief negotiator Rajesh Agarwal, reached Washington to hold discussions on the possible trade deal.The US has been raising concerns over high tariffs by India on automobiles and agriculture products apart from other barriers to trade. Moreover, the discussions are also focused on reducing sector specific tariffs on steel, aluminium and auto parts.&nbsp;

While talking about the deal with China and the UK, the US president said that it is through and the administration will "send letters very quickly to most countries for the deal."

US President Donald Trump on Friday (June 27) said that the US will reach a deal with India, adding that his administration will be sending letters very quickly to most countries for the deal. Trump was speaking at the media briefing at the White House, discussing several pressing issues. The US president said that a "full trade barrier dropping", while talking about the India-US trade deal. "India...we will reach a deal. We will be going to have a full trade barrier dropping," he said, adding, "I am not sure this will be all happening ...but we are going to wait for it." While talking about the deal with China and the UK, the US president said that it is through and the administration will "send letters very quickly to most countries for the deal." Earlier on Thursday, Trump said a "very big" trade deal with India could be on the cards. This comes days after Trump signed a new agreement with China. Speaking at the “Big Beautiful Bill” event at the White House, Trump said the US was “going to open up India,” further hinting at significant progress in a trade agreement. "Everybody wants to make a deal and have a part of it. Remember a few months ago, the press was saying, 'You really have anybody of any interest? Well, we just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India, in the China deal, we are starting to open up China," he said. This comes as a senior-level Indian delegation, led by Chief negotiator Rajesh Agarwal, reached Washington to hold discussions on the possible trade deal. The US has been raising concerns over high tariffs by India on automobiles and agriculture products apart from other barriers to trade. Moreover, the discussions are also focused on reducing sector specific tariffs on steel, aluminium and auto parts.

While talking about the deal with China and the UK, the US president said that it is through and the administration will "send letters very quickly to most countries for the deal."

'Full trade barrier dropping': Trump says will reach a trade deal with India as Indian delegation reaches Washington

US President Donald Trump has fuelled fresh speculation about an imminent “very big” trade deal with India, weeks after top negotiators from both countries wrapped up closed-door talks aimed at slashing tariffs and expanding market access.&nbsp;Speaking at the ‘Big Beautiful Event’ at the White House on Thursday, Trump told supporters: “We just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. Very big one,” as quoted by Reuters. Trump said the United States would not sign trade deals with every nation indiscriminately. “We’re not going to make deals with everybody. Some we are just going to send them a letter, say thank you very much. You are to pay 25, 35, 45 per cent. That’s the easy way to do it,” he said, emphasising that his team preferred forging substantial bilateral pacts over blanket tariff threats, as reported by Reuters.&nbsp;<h2>High-stakes negotiations target $500 billion trade milestone</h2>The comments follow intensive four-day negotiations held earlier this month between US and Indian trade teams in New Delhi. Talks focused on expanding market access for industrial and agricultural products, tariff reductions, and tackling non-tariff barriers.According to people familiar with the negotiations, the goal is to transform annual bilateral trade from its current level of around $190 billion to $500 billion by 2030, a figure Indian and US officials have cited repeatedly as a shared ambition.&nbsp;Union Commerce and Industry Minister Piyush Goyal said after the latest round of talks: “PM Modi and US President Trump met in February 2025… Both our leaders have decided to enter into a bilateral trade agreement which will be mutually beneficial for both the economies, businesses on both sides and the people of both countries. We are negotiating to make a nice, fair, equitable, and balanced agreement to promote business,” as quoted by Reuters.Earlier this month, US Commerce Secretary Howard Lutnick also signalled optimism that a deal could soon be finalised, saying both sides had found “common ground” to meet their strategic and economic interests, as per Reuters.&nbsp;<h2>India–US trade: A crucial and growing partnership</h2>The United States is India’s single largest trading partner. According to India’s Ministry of Commerce and Industry, bilateral goods and services trade between the two countries reached $191 billion in 2023–24, with Indian exports to the US valued at over $118 billion and imports from the US at around $73 billion.The US accounted for roughly 18 per cent of India’s total exports in 2023–24, making it India’s top export destination. Key Indian exports include pharmaceuticals, textiles, engineering goods, gems and jewellery, and software services.&nbsp;Conversely, the US is a major supplier of crude oil, LNG, advanced machinery, aircraft, defence equipment and agricultural products to India. US energy exports to India alone exceeded $10 billion in 2023, as per the US Energy Information Administration.Trade in services also forms a vital component of the economic relationship, with India’s IT sector providing services worth over $40 billion annually to US clients, according to Nasscom data.&nbsp;Investment ties are similarly robust. US foreign direct investment in India stood at $67 billion as of end-2023, while Indian companies have invested over $40 billion in the US, generating thousands of American jobs.<h2>Talks come amid tariff threats</h2>Trump’s comments also underline the high-stakes backdrop for the negotiations. The US President has threatened to impose tariffs of up to 45 per cent on countries unwilling to strike new trade deals with Washington.&nbsp;While the Biden-era Phase One agreement with India had kept tariff escalation largely at bay, Trump’s second-term approach has seen renewed threats of sweeping duties unless partners sign what he calls “fair and reciprocal” deals.Indian officials see a deal with the US as critical to securing market stability and boosting exports amid a challenging global environment marked by trade fragmentation and geopolitical tensions.&nbsp;For the United States, expanding trade ties with India is seen as a key element of its Indo-Pacific strategy, offering a counterweight to China’s economic influence in the region.<h2>A path forward?</h2>Negotiators from both sides remain tight-lipped about precise timelines or the final shape of any agreement. But Trump’s remarks suggest both governments want to signal progress ahead of their next planned high-level meeting.&nbsp;With India–US trade already on a record-setting trajectory, any new pact will have to address thorny issues ranging from tariff harmonisation to digital trade rules and standards. But if achieved, officials on both sides believe it could cement one of the 21st century’s most consequential economic partnerships.&nbsp;(With inputs from the agencies)&nbsp;

At a White House event, he hinted at a very big agreement on the horizon while emphasizing selective trade partnerships.

US President Donald Trump has fuelled fresh speculation about an imminent “very big” trade deal with India, weeks after top negotiators from both countries wrapped up closed-door talks aimed at slashing tariffs and expanding market access. Speaking at the ‘Big Beautiful Event’ at the White House on Thursday, Trump told supporters: “We just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. Very big one,” as quoted by Reuters. Trump said the United States would not sign trade deals with every nation indiscriminately. “We’re not going to make deals with everybody. Some we are just going to send them a letter, say thank you very much. You are to pay 25, 35, 45 per cent. That’s the easy way to do it,” he said, emphasising that his team preferred forging substantial bilateral pacts over blanket tariff threats, as reported by Reuters. High-stakes negotiations target $500 billion trade milestone The comments follow intensive four-day negotiations held earlier this month between US and Indian trade teams in New Delhi. Talks focused on expanding market access for industrial and agricultural products, tariff reductions, and tackling non-tariff barriers. According to people familiar with the negotiations, the goal is to transform annual bilateral trade from its current level of around $190 billion to $500 billion by 2030, a figure Indian and US officials have cited repeatedly as a shared ambition. Union Commerce and Industry Minister Piyush Goyal said after the latest round of talks: “PM Modi and US President Trump met in February 2025… Both our leaders have decided to enter into a bilateral trade agreement which will be mutually beneficial for both the economies, businesses on both sides and the people of both countries. We are negotiating to make a nice, fair, equitable, and balanced agreement to promote business,” as quoted by Reuters. Earlier this month, US Commerce Secretary Howard Lutnick also signalled optimism that a deal could soon be finalised, saying both sides had found “common ground” to meet their strategic and economic interests, as per Reuters. India–US trade: A crucial and growing partnership The United States is India’s single largest trading partner. According to India’s Ministry of Commerce and Industry, bilateral goods and services trade between the two countries reached $191 billion in 2023–24, with Indian exports to the US valued at over $118 billion and imports from the US at around $73 billion. The US accounted for roughly 18 per cent of India’s total exports in 2023–24, making it India’s top export destination. Key Indian exports include pharmaceuticals, textiles, engineering goods, gems and jewellery, and software services. Conversely, the US is a major supplier of crude oil, LNG, advanced machinery, aircraft, defence equipment and agricultural products to India. US energy exports to India alone exceeded $10 billion in 2023, as per the US Energy Information Administration. Trade in services also forms a vital component of the economic relationship, with India’s IT sector providing services worth over $40 billion annually to US clients, according to Nasscom data. Investment ties are similarly robust. US foreign direct investment in India stood at $67 billion as of end-2023, while Indian companies have invested over $40 billion in the US, generating thousands of American jobs. Talks come amid tariff threats Trump’s comments also underline the high-stakes backdrop for the negotiations. The US President has threatened to impose tariffs of up to 45 per cent on countries unwilling to strike new trade deals with Washington. While the Biden-era Phase One agreement with India had kept tariff escalation largely at bay, Trump’s second-term approach has seen renewed threats of sweeping duties unless partners sign what he calls “fair and reciprocal” deals. Indian officials see a deal with the US as critical to securing market stability and boosting exports amid a challenging global environment marked by trade fragmentation and geopolitical tensions. For the United States, expanding trade ties with India is seen as a key element of its Indo-Pacific strategy, offering a counterweight to China’s economic influence in the region. A path forward? Negotiators from both sides remain tight-lipped about precise timelines or the final shape of any agreement. But Trump’s remarks suggest both governments want to signal progress ahead of their next planned high-level meeting. With India–US trade already on a record-setting trajectory, any new pact will have to address thorny issues ranging from tariff harmonisation to digital trade rules and standards. But if achieved, officials on both sides believe it could cement one of the 21st century’s most consequential economic partnerships. (With inputs from the agencies)

US President Donald Trump has raised expectations for a significant trade deal with India following recent negotiations aimed at reducing tariffs and improving market access.

US–India trade deal: What’s inside Trump’s “very big” hint?

Negotiators from India and the United States have concluded a high-stakes round of talks in New Delhi, aiming to seal an interim trade pact before Washington’s tariff suspension expires next month.&nbsp;&nbsp;With pressure mounting, both sides say they’ve made headway, but the clock is ticking.<h2>India and US intensify push for trade pact ahead of tariff deadline</h2>After a week of intense closed-door discussions in the Indian capital, New Delhi and Washington appear to be inching towards a breakthrough on a long-awaited bilateral trade agreement. A senior Indian official, quoted by PTI, confirmed that the two teams engaged in detailed negotiations across a range of sectors, including digital trade, customs facilitation, market access, and sanitary and technical barriers.&nbsp;The talks were held between 4 and 10 June, led by Additional US Trade Representative officials on the American side and senior officials from India’s commerce ministry.&nbsp;&nbsp;According to Reuters, the discussions were described as “productive,” with both parties agreeing to work towards a “balanced and mutually beneficial agreement,” including short-term wins as part of an interim package.<h2>Interim deal may precede larger agreement</h2>According to reports, the primary focus of the latest round was easing market access for both industrial and agricultural goods, along with efforts to reduce tariffs and tackle non-tariff barriers.&nbsp;&nbsp;Negotiators are aiming for a phased agreement with a limited deal likely before the G7 Summit later this month, where Prime Minister Narendra Modi and President Donald Trump are expected to meet.&nbsp;As per PTI, the goal is to finalise the first tranche of the Bilateral Trade Agreement (BTA) by fall 2025, while an interim deal could be sealed as early as late June.&nbsp;&nbsp;This would be critical, as the US has currently paused the imposition of reciprocal tariffs on Indian exports, including a 26 per cent duty that could hit sectors like textiles, footwear, rice, and shrimp until July 9.<h2>Tariffs, digital trade and agriculture in focus</h2>The Indian side is reportedly pushing for full exemption from the 10 per cent baseline tariff the US imposed under national security grounds during Trump’s earlier term.&nbsp;&nbsp;While Washington has so far resisted that demand, India has offered tariff concessions on high-value US exports such as almonds, pistachios and walnuts, according to Bloomberg.&nbsp;India has also declined to open its market to US imports of dairy, wheat and corn, which remain politically sensitive sectors. Meanwhile, both countries are exploring new ground in digital trade, customs efficiency, and legal harmonisation to facilitate smoother bilateral commerce.<h2>Deal likely ahead of Trump-Modi meet</h2>With President Trump keen to score a trade win before the 90-day tariff suspension ends, both sides are under pressure to announce a preliminary agreement by late June.&nbsp;&nbsp;External Affairs Minister S Jaishankar confirmed in an interview with French daily Le Figaro that India remains “hopeful” of striking a deal before July 9.&nbsp;Negotiations are likely to continue through June, possibly culminating in a signing on the sidelines of the G7 Summit in Canada.&nbsp;As the US remains India’s largest trading partner for the fourth consecutive year, with trade totalling $131.84 billion in 2024–25, as per official data, the stakes for a stable trade framework have never been higher.<h2>New Delhi negotiates on multiple fronts</h2>Even as trade talks with Washington intensify, Commerce Minister Piyush Goyal was in Switzerland last week to finalise the India-EFTA trade deal, aimed at strengthening ties with Europe, India’s second-largest trading partner.&nbsp;This multi-track approach signals New Delhi’s efforts to diversify its trade portfolio while securing favourable terms with key partners.&nbsp;&nbsp;But with the US being a strategic and economic heavyweight, the outcome of the current round of negotiations could set the tone for India’s broader trade policy in the years ahead. &nbsp;(With inputs from the agencies)

With US tariffs on Indian exports set to resume next month, both countries accelerate efforts to finalise a limited trade pact by late June.

Negotiators from India and the United States have concluded a high-stakes round of talks in New Delhi, aiming to seal an interim trade pact before Washington’s tariff suspension expires next month. With pressure mounting, both sides say they’ve made headway, but the clock is ticking. India and US intensify push for trade pact ahead of tariff deadline After a week of intense closed-door discussions in the Indian capital, New Delhi and Washington appear to be inching towards a breakthrough on a long-awaited bilateral trade agreement. A senior Indian official, quoted by PTI, confirmed that the two teams engaged in detailed negotiations across a range of sectors, including digital trade, customs facilitation, market access, and sanitary and technical barriers. The talks were held between 4 and 10 June, led by Additional US Trade Representative officials on the American side and senior officials from India’s commerce ministry. According to Reuters, the discussions were described as “productive,” with both parties agreeing to work towards a “balanced and mutually beneficial agreement,” including short-term wins as part of an interim package. Interim deal may precede larger agreement According to reports, the primary focus of the latest round was easing market access for both industrial and agricultural goods, along with efforts to reduce tariffs and tackle non-tariff barriers. Negotiators are aiming for a phased agreement with a limited deal likely before the G7 Summit later this month, where Prime Minister Narendra Modi and President Donald Trump are expected to meet. As per PTI, the goal is to finalise the first tranche of the Bilateral Trade Agreement (BTA) by fall 2025, while an interim deal could be sealed as early as late June. This would be critical, as the US has currently paused the imposition of reciprocal tariffs on Indian exports, including a 26 per cent duty that could hit sectors like textiles, footwear, rice, and shrimp until July 9. Tariffs, digital trade and agriculture in focus The Indian side is reportedly pushing for full exemption from the 10 per cent baseline tariff the US imposed under national security grounds during Trump’s earlier term. While Washington has so far resisted that demand, India has offered tariff concessions on high-value US exports such as almonds, pistachios and walnuts, according to Bloomberg. India has also declined to open its market to US imports of dairy, wheat and corn, which remain politically sensitive sectors. Meanwhile, both countries are exploring new ground in digital trade, customs efficiency, and legal harmonisation to facilitate smoother bilateral commerce. Deal likely ahead of Trump-Modi meet With President Trump keen to score a trade win before the 90-day tariff suspension ends, both sides are under pressure to announce a preliminary agreement by late June. External Affairs Minister S Jaishankar confirmed in an interview with French daily Le Figaro that India remains “hopeful” of striking a deal before July 9. Negotiations are likely to continue through June, possibly culminating in a signing on the sidelines of the G7 Summit in Canada. As the US remains India’s largest trading partner for the fourth consecutive year, with trade totalling $131.84 billion in 2024–25, as per official data, the stakes for a stable trade framework have never been higher. New Delhi negotiates on multiple fronts Even as trade talks with Washington intensify, Commerce Minister Piyush Goyal was in Switzerland last week to finalise the India-EFTA trade deal, aimed at strengthening ties with Europe, India’s second-largest trading partner. This multi-track approach signals New Delhi’s efforts to diversify its trade portfolio while securing favourable terms with key partners. But with the US being a strategic and economic heavyweight, the outcome of the current round of negotiations could set the tone for India’s broader trade policy in the years ahead. (With inputs from the agencies)

India and the US are close to clinching an interim trade deal ahead of a looming tariff deadline, after a week of intensive negotiations in New Delhi.

India and US edge closer to trade deal as deadline for tariff pause nears

After concluding a "quick" trade deal, India and the US need to sit down on the negotiating table for working towards a more sustainable, robust and enduring partnership in the form of a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said.

For the FTA, the minister said, India is willing to work with an open mind, with a willingness to open markets with a corresponding opportunity for Indian businesses in the US.

"I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years which we need to get out of the way quickly. We are almost there. I think another couple of calls and we should be able to solve that out.

"Post that, as was already intimated to the US Congress, the US and India need to sit down on the negotiating table, I do not know if that can be done before the (US) elections or post the elections, but we need to work towards a much more sustainable, a much more robust, a much more enduring partnership in the form of a FTA," he said in a webinar of US-India Business Council.

Goyal said that both the countries should also look for a preferential trade agreement (PTA) which can include 50-100 products and services.

While in a PTA two trading partners eliminate or significantly reduce import duties on a limited number of goods traded between them, in a FTA the countries remove duties on maximum number of products.

"We believe we should also look at an early harvest in the form of a PTA, so that we can rather than waiting for the gains of a FTA, which may take several years to conclude, we could look at an early harvest of maybe 50 or 100 products and services, where we can engage with mutual trust and open spirit. So that the partnership between the US and India can kick start much faster," he added.

India and the US are negotiating a limited trade deal with a view to ironing out differences on trade issues to boost economic ties.

India is demanding exemption from high duties imposed by the US on some steel and aluminium products, resumption of export benefits to certain domestic products under the Generalized System of Preferences (GSP), and greater market access for its products from sectors such as agriculture, automobile, automobile components and engineering.

On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, apart from cut in import duties on some information and communication technology products.

The US has also raised concerns over trade deficit with India.

After concluding a "quick" trade deal, India and the US need to sit down on the negotiating table for working towards a more sustainable, robust and enduring partnership in the form of a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said.

After concluding a "quick" trade deal, India and the US need to sit down on the negotiating table for working towards a more sustainable, robust and enduring partnership in the form of a free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said. For the FTA, the minister said, India is willing to work with an open mind, with a willingness to open markets with a corresponding opportunity for Indian businesses in the US. "I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years which we need to get out of the way quickly. We are almost there. I think another couple of calls and we should be able to solve that out. "Post that, as was already intimated to the US Congress, the US and India need to sit down on the negotiating table, I do not know if that can be done before the (US) elections or post the elections, but we need to work towards a much more sustainable, a much more robust, a much more enduring partnership in the form of a FTA," he said in a webinar of US-India Business Council. Goyal said that both the countries should also look for a preferential trade agreement (PTA) which can include 50-100 products and services. While in a PTA two trading partners eliminate or significantly reduce import duties on a limited number of goods traded between them, in a FTA the countries remove duties on maximum number of products. "We believe we should also look at an early harvest in the form of a PTA, so that we can rather than waiting for the gains of a FTA, which may take several years to conclude, we could look at an early harvest of maybe 50 or 100 products and services, where we can engage with mutual trust and open spirit. So that the partnership between the US and India can kick start much faster," he added. India and the US are negotiating a limited trade deal with a view to ironing out differences on trade issues to boost economic ties. India is demanding exemption from high duties imposed by the US on some steel and aluminium products, resumption of export benefits to certain domestic products under the Generalized System of Preferences (GSP), and greater market access for its products from sectors such as agriculture, automobile, automobile components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, apart from cut in import duties on some information and communication technology products. The US has also raised concerns over trade deficit with India.

India, US need to sit down on negotiating table for FTA: Goyal

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors.

Union Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Wilbur Ross reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity.

They were speaking at the India-US CEO Forum along with senior government functionaries, including Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Taranjit Sandhu, Indian Ambassador to the US, and Kenneth Juster, the US Ambassador to India.

During the interaction, a new set of reforms and policy recommendations deliberated jointly by CEO forum members were presented at the meeting, to further boost bilateral investment opportunities across key sectors of the economy, including healthcare and pharmaceuticals, aerospace and defence, infrastructure and manufacturing, entrepreneurship and promoting small businesses, energy, water and environment, ICT and digital infrastructure, financial services, trade and investments, among others, a statement from Commerce Ministry said.

The CEO Forum, comprising CEOs from leading Indian and US-based companies, was co-chaired by N Chandrasekaran, chairman of Tata Sons and James Taiclet, president and Chief Executive Officer, Lockheed Martin.

"Minister Goyal reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. He also empasised the importance of small businesses in the economies of both countries and the need to increase employment and skill in the sector. He urged the forum to be the leaders in charting out a new path in a post-COVID world," the statement added.

Highlighting the vast untapped potential of the India-US commercial relationship and the potential risk of inward-looking policies in a post-COVID world, Ambassador Juster urged each working group in the Forum to offer a few policy level suggestions readily agreeable and actionable to both sides.&nbsp;

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors.

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors. Union Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Wilbur Ross reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. They were speaking at the India-US CEO Forum along with senior government functionaries, including Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Taranjit Sandhu, Indian Ambassador to the US, and Kenneth Juster, the US Ambassador to India. During the interaction, a new set of reforms and policy recommendations deliberated jointly by CEO forum members were presented at the meeting, to further boost bilateral investment opportunities across key sectors of the economy, including healthcare and pharmaceuticals, aerospace and defence, infrastructure and manufacturing, entrepreneurship and promoting small businesses, energy, water and environment, ICT and digital infrastructure, financial services, trade and investments, among others, a statement from Commerce Ministry said. The CEO Forum, comprising CEOs from leading Indian and US-based companies, was co-chaired by N Chandrasekaran, chairman of Tata Sons and James Taiclet, president and Chief Executive Officer, Lockheed Martin. "Minister Goyal reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. He also empasised the importance of small businesses in the economies of both countries and the need to increase employment and skill in the sector. He urged the forum to be the leaders in charting out a new path in a post-COVID world," the statement added. Highlighting the vast untapped potential of the India-US commercial relationship and the potential risk of inward-looking policies in a post-COVID world, Ambassador Juster urged each working group in the Forum to offer a few policy level suggestions readily agreeable and actionable to both sides.

India, US CEOs suggest reforms to further boost bilateral investment opportunities

Just days ahead of US President Donald Trump's visit to India, the cabinet committee on security(CCS) approved a <a href="https://www.wionews.com/opinions-blogs/heres-why-no-trade-deal-should-be-expected-during-donald-trumps-india-visit-281652">deal </a>to procure a batch of 24 Lockheed martin MH-60 Romeo helicopters from the US.&nbsp;

<a href="https://www.wionews.com/india-news/not-in-a-hurry-for-a-trade-deal-says-india-ahead-of-trumps-visit-281638">Also Read:&nbsp;'Not in a hurry for a trade deal,' says India ahead of Trump's visit</a>

The deal is likely to be signed during Trump's two-day visit to India next week. The choppers equipped with hellfire air-to-surface missiles is expected to boost India's naval attack capability.

The helicopter for the Indian Navy is likely to be around $2.4 billion. Ahead of President Trump's visit, India said that both sides don't want to rush into a trade deal even as the US president said he was "saving the big deal for later on".

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/trump-india-visit-trump-focussed-more-on-road-show-than-trade-281543/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

We’re doing a very big trade deal with India. We’ll have it. I don’t know if it’ll be done before the election, but we’ll have a very big deal with India," Trump told reporters in Washington.

<a href="https://www.wionews.com/india-news/preparations-in-full-swing-ahead-of-us-president-donald-trumps-india-visit-281468">Also Read: India to spend Rs 1.5 crore a minute during Trump's Ahmedabad visit</a>

India-US trade has been growing more than ten per cent per annum over the past two years and the trade deficit has been declining and expected to reduce as New Delhi imports more US oil and gas and purchase of civilian planes.&nbsp;

The US is India's sixth-largest importer of crude oil and India is now its fourth-largest customer.

Just days ahead of US President Donald Trump's visit to India, the cabinet committee on security(CCS) approved a deal to procure a batch of 24 Lockheed martin MH-60 Romeo helicopters from the US.

Just days ahead of US President Donald Trump's visit to India, the cabinet committee on security(CCS) approved a deal to procure a batch of 24 Lockheed martin MH-60 Romeo helicopters from the US. Also Read: 'Not in a hurry for a trade deal,' says India ahead of Trump's visit The deal is likely to be signed during Trump's two-day visit to India next week. The choppers equipped with hellfire air-to-surface missiles is expected to boost India's naval attack capability. The helicopter for the Indian Navy is likely to be around $2.4 billion. Ahead of President Trump's visit, India said that both sides don't want to rush into a trade deal even as the US president said he was "saving the big deal for later on". Watch Video: We’re doing a very big trade deal with India. We’ll have it. I don’t know if it’ll be done before the election, but we’ll have a very big deal with India," Trump told reporters in Washington. Also Read: India to spend Rs 1.5 crore a minute during Trump's Ahmedabad visit India-US trade has been growing more than ten per cent per annum over the past two years and the trade deficit has been declining and expected to reduce as New Delhi imports more US oil and gas and purchase of civilian planes. The US is India's sixth-largest importer of crude oil and India is now its fourth-largest customer.

Ahead of Trump's visit, cabinet committee on security approves US helicopter deal

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