India, US Set for Crucial Trade Talks as Tariff Deadline Nears
Commerce Minister Piyush Goyal and US Trade Representative Jamieson Greer to discuss framework of the first phase of the bilateral trade agreement amid evolving US tariff policies.
India and the United States will hold a fresh round of trade negotiations this week, with Union Commerce and Industry Minister Piyush Goyal set to meet US Trade Representative Jamieson Greer in New Delhi for two days of discussions on the first phase of the proposed Bilateral Trade Agreement (BTA).
The ministerial-level talks follow chief negotiator discussions held in New Delhi earlier this month and are expected to focus on finalising the framework of an interim trade deal. Goyal recently said both sides are working to close remaining gaps and aim to conclude the first phase of the agreement by mid-July.
The talks assume significance as the 10 per cent temporary tariff imposed by the US on imports from all trading partners is set to expire on July 24. Washington is currently reviewing its trade policy through Section 301 investigations covering several countries, including India, over issues such as forced labour and excess industrial capacity.
A key concern for India is securing a tariff advantage over competing exporters such as Vietnam, Bangladesh and ASEAN nations. Under the original BTA framework agreed in February, Indian goods were expected to face lower tariffs than products from rival countries, improving their competitiveness in the US market. However, changes in US tariff policies following a Supreme Court ruling against President Donald Trump's reciprocal tariffs have prompted both sides to revisit parts of the agreement.
The proposed trade pact also envisages tariff reductions on a range of US industrial and agricultural products entering India, while New Delhi has indicated plans to significantly increase imports of US energy, aircraft, technology products and other strategic goods over the next five years.
The US remained India's second-largest trading partner in 2025-26, with bilateral trade exceeding USD 140 billion. India's exports to the US stood at USD 87.3 billion, while imports were valued at USD 52.9 billion during the fiscal year.
