Key Takeaways
- President Trump says US-India trade deal is “pretty close” to completion
- US will reduce tariffs on India “at some point” as Russian oil imports decline
- Both countries aim to increase bilateral trade from $191 billion to $500 billion by 2030
- Five rounds of negotiations completed since March 2025
US President Donald Trump has announced that the United States and India are nearing a significant trade agreement, stating they are “pretty close” to finalizing a deal that benefits both nations. During the swearing-in ceremony of new Ambassador Sergio Gor, Trump expressed confidence that the agreement would restore positive trade relations.
Trump’s Optimistic Remarks
“We’re making a deal with India. Much different than we had,” Trump declared. “Right now they don’t love me but they will love us again. We’re getting a fair deal.”
The President acknowledged India’s strong negotiation skills while emphasizing the mutual benefits of the pending agreement. He specifically instructed the new ambassador to review the trade terms.
Tariff Reduction Commitment
Speaking to reporters at the Oval Office, Trump addressed questions about potential tariff reductions. “Well, right now, the tariffs are very high on India because of the Russian oil, and they’ve stopped doing the Russian oil,” he explained. “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.”
Ongoing Negotiations
Earlier this month, Union Commerce Minister Piyush Goyal confirmed that India-US trade talks are progressing well despite complex issues. “Talks are going on very well. There are many sensitive issues, many serious issues, so naturally, it takes some time,” Goyal told ANI.
The negotiation timeline shows steady progress:
- Five negotiation rounds completed since March 2025
- Latest virtual discussions held on October 23
- Initial target for agreement: Fall 2025
- Formally proposed in February following leadership directives
Ambitious Trade Goals
The proposed bilateral trade agreement aims to dramatically increase commerce between the two nations, targeting a jump from the current $191 billion to $500 billion by 2030. This would represent one of the most significant trade partnerships in the region.
High-level engagement continues with Commerce Minister Piyush Goyal leading a delegation to the United States in September, accompanied by India’s Chief Negotiator Rajesh Agrawal.
In mid-September, US officials led by Assistant US Trade Representative Brendan Lynch held “positive and forward-looking” discussions with Indian commerce officials in New Delhi, with both sides committing to intensify efforts for early conclusion.
