Overview
- The U.S. team led by Deputy USTR Rick Switzer with chief negotiator Brendan Lynch is holding two-day meetings with counterparts Rajesh Agrawal and Darpan Jain in New Delhi.
- Commerce Minister Piyush Goyal said talks are progressing toward a bilateral trade agreement and indicated he may meet the visiting officials.
- The first tranche under discussion targets steep reciprocal tariffs, including a 25% penalty tied to Russian oil purchases, with total levies on Indian goods reported near 50%.
- Traders report strain, with India’s merchandise exports to the U.S. down 8.58% in October to $6.3 billion following the duties.
- Uncertainty persists after President Trump threatened tariffs on Indian rice and as a U.S. Supreme Court review of the tariff program proceeds; market expectations of reductions to roughly 17–18% remain unconfirmed by officials.