Indian Foreign Minister S. Jaishankar stated that they are hopeful that a trade agreement with the US can be reached before July 9, when the temporary suspension of reciprocal tariffs between the two countries ends.
Speaking to the French newspaper Le Figaro during his visits to Belgium and France, Jaishankar said that India and the US had already begun negotiations before President Donald Trump announced new tariffs on April 2. Trump announced this statement as “Liberation Day,” and the decision stipulated that tariffs of up to 27% would be imposed on Indian products.
“Prime Minister Narendra Modi met with President Trump in February, and both sides agreed to mutually expand market access,” Jaishankar said, adding, “We hope we can reach an agreement before the tariff suspension period ends.”
On the same day, a US delegation held private talks with Indian trade officials in New Delhi. A senior Indian official, speaking to Reuters, said the talks were productive and that “early gains” had been made, and that progress was being made toward a “mutually beneficial and balanced agreement.” Last year, the US was India’s largest trading partner. Bilateral trade volume between the two countries reached $190 billion. Although India has reduced tariffs on some products, including bourbon whiskey and motorcycles, the US still has a $45 billion trade deficit with India. This is also among the issues Trump wants to resolve.
Modi and Trump aim to increase this trade to $500 billion. However, India is not expected to make major concessions in sensitive sectors such as agriculture.
Earlier this month, the White House urged trading partners to submit their best offers before the upcoming tariff deadline. US Commerce Secretary Howard Lutnick recently stated that he was “very optimistic” that an agreement could be reached with India in the near future.
In May, Trump claimed that India had agreed to lift tariffs on all products from the US. However, India immediately denied this claim.
Jaishankar clarified this issue with the following words:“Nothing is decided until everything is decided.”
Jaishankar also touched upon US foreign policy under the Trump administration and stated that Washington generally prioritizes its own short-term interests.
“Let me be frank, I will treat them the same way,” he said.
