Overview

• Commerce Minister Piyush Goyal said both sides are satisfied with progress and aim to finalize the first tranche of the bilateral trade agreement by November 2025.
• President Trump and Prime Minister Narendra Modi exchanged conciliatory posts this week, reinforcing that negotiations continue after recent tensions.
• The United States’ 50% tariffs on Indian goods, including a 25% Russia‑oil penalty, remain effective and are estimated to hit about $48 billion of exports.
• Washington is pressing for lower Indian tariffs on corn, soybeans, apples, almonds and ethanol as well as greater access for US dairy, which India resists to protect small and marginal farmers.
• US Commerce Secretary Howard Lutnick linked progress to India curbing Russian oil purchases, contrasting with Goyal’s assertion that talks are advancing in a good environment toward a $500 billion trade goal by 2030.