India-US Big Trade Deal Expected Soon: Trump Confirms After China Agreement
On June 27, a major trade deal between India and the United States is expected. US President Donald Trump mentioned this during the 'Big Beautiful Bill' event at the White House. Trump highlighted that just a day earlier, the US had signed a trade agreement with China, and now a similar major deal with India is on the horizon.
Earlier on April 2, Trump announced increased tariffs on about 100 countries, including a 26% tariff on Indian goods. However, this was postponed for 90 days on April 9, giving countries like India time to negotiate trade terms. Trump claims these tariff policies benefit the US economy. India and the US aim to finalize the first phase of this deal by July 2025.
1. Trump Says – Everyone Wants a Deal
President Trump stated, "Everyone wants to be part of the deal. A few months ago, the media asked if we had any interesting deals. Well, we just signed one with China yesterday. Now, a big deal with India is coming up." He emphasized that not every country will get a deal—some will just receive a letter saying thanks, but will need to pay tariffs up to 45%.
2. Target: $500 Billion Bilateral Trade by 2030
Sources involved in the trade talks revealed that recent discussions focused on greater market access in industrial and agricultural sectors, tariff reduction, and addressing non-tariff barriers. The US delegation was led by officials from the US Trade Representative’s office, while India was represented by Commerce Secretary Rajesh Agrawal.
The goal is to increase bilateral trade from the current $190 billion to $500 billion by 2030.
3. Piyush Goyal: Deal Will Benefit Both Economies
After the talks concluded on June 10, Indian Commerce and Industry Minister Piyush Goyal stated that both countries are working towards a fair and balanced trade deal that will benefit both economies. He added that the February 2025 meeting between PM Modi and President Trump laid the foundation for this agreement.
4. S. Jaishankar: Deal Only If Mutually Beneficial
India’s Foreign Minister S. Jaishankar clarified that a trade deal will only be finalized if it is mutually beneficial. This came in response to Trump's claim that India offered to impose "zero tariffs." Jaishankar emphasized, "Nothing is agreed until everything is agreed."
5. India Reluctant to Give Wider Market Access in Agriculture
India is cautious about giving too much market access in sectors like agriculture and automobiles, fearing damage to domestic businesses. One key sticking point is the US demand for reduced tariffs on products like corn and soybeans, especially genetically modified crops, which India is hesitant to allow.