Overview
- Commerce Secretary Rajesh Agrawal said the first package is close to closure and targets the 25% reciprocal levy plus the additional 25% oil-linked duty on Indian goods.
- White House economic adviser Kevin Hassett said the trade and tariff agreement is close to the finish line, signaling US optimism on a near-term resolution.
- A November 12 White House action removed extra duties on many agricultural and processed-food items effective November 13, providing partial relief before the wider pact.
- India’s state-run oil firms separately signed a one-year contract to import about 2.2 million tonnes of US Gulf Coast LPG in 2026 to help rebalance trade.
- Market-access details for sensitive sectors remain under discussion, and Piyush Goyal says any announcement will come only once the deal is fair, equitable and protective of farmers and small industry after six completed negotiation rounds.