India Ramps Up Trade Pact Efforts As Trump Signals Another Deal In Works, Commerce Minister Piyush Goyal To Hold Trade Talks In US
New Delhi: All eyes will be on the upcoming trade deal between Washington and Delhi as Indian delegates led by Commerce and Industry Minister Piyush Goyal will be travelling across the Atlantic to meet their counterparts for a bilateral trade agreement (BTA). This meeting will also coincide with US President Donald Trump’s expected announcement of a new trade deal upon his return from his Middle East trip.
During the four-day talks from May 17 to 20, Goyal is expected to hold meetings with US Trade Representative (USTR) Jamieson Greer and US Commerce Secretary Howard Lutnick. “I said, let’s stop it. If you stop it, we’re doing trade. If you don’t stop it we’re not going to do any trade,” Trump was quoted as telling reporters at The White House on Monday. However, India vehemently denied Trump’s claims, stating that trade was never brought up in conversations between Indian and American officials following the launch of Operation Sindoor.
The US has suspended 26 per cent levies on Indian imports till July 9 — which was announced by Trump on April 2 to bridge the trade gap — while the baseline tariff of 10 per cent still stands. India’s recent proposal to the World Trade Organisation to slap retaliatory tariffs on the US — in response to its import duties on Indian steel and aluminium — will also feature in the upcoming trade talks during deliberations on the BTA.
In a bid to boost bilateral trade between the two, India is seeking duty cuts on sectors like textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, chemicals, grapes, and bananas, according to PTI. The US, on the other hand, has asked for slashing tariffs on certain sectors like automobiles, including electric vehicles, wines, petrochemical products, dairy, agricultural items such as apples, and tree nuts.
The US remained India’s largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion. India shares a trade surplus with the US in goods for the year 2024–25 — meaning Washington imports more from Delhi than it exports to Delhi.