India and the United States have settled most issues in a proposed trade deal, External Affairs Minister S. Jaishankar said Nov. 14, but gave no completion date for talks covering tariffs on U.S. exports.
At the Hindustan Times Leadership Summit, Jaishankar said, “We really have the bulk of the issues sorted out.” He said many outstanding changes had been on the U.S. side and that India wanted a balanced agreement that gave it an advantage over comparable economies. He did not set a timetable for concluding negotiations.
An Indian government readout of U.S. Secretary of State Marco Rubio’s Oct. 20-21 visit said the two sides discussed trade in Mumbai, welcomed progress on the Bilateral Trade Agreement and reaffirmed their commitment to an early conclusion.
President Donald Trump and Prime Minister Narendra Modi launched the broader trade negotiations on Feb. 13, 2025. The two governments announced a framework for an Interim Agreement on Feb. 6, 2026.
The framework calls for India to cut or remove tariffs on all U.S. industrial goods and a wide range of U.S. food and agricultural products. It sets an 18% U.S. reciprocal tariff rate for specified Indian-origin goods. The United States would remove that reciprocal tariff on a separate range of goods if the Interim Agreement is successfully concluded.
The document lists intended Indian purchases totaling $500 billion over five years, including U.S. energy products, aircraft and parts, precious metals, technology products and coking coal. It names broader market access and more resilient supply chains as aims of the framework.
The U.S. Department of State has scheduled the G20 Leaders’ Summit in Miami for Dec. 14-15. PTI reported that Modi may travel to the United States for the summit and could meet Trump there; the Indian government’s October readout did not announce either a visit or a meeting.
