Overview

• Negotiations on a Bilateral Trade Agreement are in their final stage with negotiators targeting a July 8 deadline to coincide with the lapse of reciprocal tariffs
• The Global Trade Research Initiative finds that when services, royalties and arms sales are included, the US runs a $35–40 billion annual surplus with India
• US revenues from India reach $80–85 billion each year, driven by Indian student tuition and living expenses, digital services, financial operations, intellectual property royalties and defense exports
• Official goods and services data show a $44.4 billion US deficit with India in FY2025, a figure Washington has cited to press for tariff cuts
• India’s delegation led by Commerce Minister Piyush Goyal is pushing for fair, reciprocal concessions rather than unilateral market openings