US-India nearing trade deal as talks progress

NEW DELHI: Trade negotiations between the United States and India are making progress and a deal could be finalised soon, U.S. Commerce Secretary Howard Lutnick said on Monday, as both sides push to conclude talks ahead of a July deadline.

“You should expect a deal between United States and India (in the ) not-too-distant future because I think we have found a place that really works for both countries,” Lutnick said at the annual summit of the US-India Strategic Partnership Forum in Washington.

Lutnick later posted a short video of his remarks on social media platform X, saying “We have a great relationship between the countries. I’m optimistic for a trade deal soon that will benefit both nations.”

Reuters reported earlier that the Trump administration had asked trade partners to submit their best offers by Wednesday, as officials work towards finalising several deals ahead of a self-imposed July 9 deadline.

India’s trade ministry declined to comment on the timeline.

However, Rajesh Agrawal, India’s chief negotiator for talks with the U.S., said last week that trade talks between the two countries were progressing well, and that a “good outcome” was expected soon.

A U.S. trade delegation is scheduled to visit New Delhi on June 5-6 for further discussions.

An Indian team had visited Washington in April, and Trade Minister Piyush Goyal also visited last month to push trade talks.

Lutnick said Washington was seeking lower tariffs particularly on agricultural products, greater market access for U.S. firms, and increased purchases of defence equipment, with an aim of reducing its trade deficit with India.

In return, it was prepared to expand access for Indian exports.

“India is a very protectionist country,” he said, noting tariffs of up to 100% on some products. “We would like our businesses to have reasonable market access.”

He said strong ties between President Donald Trump and Prime Minister Narendra Modi were helping ease negotiations.