Talks over an India-United States trade deal are ongoing, External Affairs Minister S Jaishankar said Thursday, labelling them 'complicated' and warning "nothing is decided till everything is..."
"Any trade deal has to be mutually beneficial; it has to work for both countries. That would be our expectation from any trade deal. Until that is done, any judgement will be premature," Mr Jaishankar told reporters this evening at the opening of the Honduras' new embassy in New Delhi.
He was responding to US President Donald Trump's claim of a 'no tariff' proposal.
Speaking at a business leaders' forum in Doha earlier in the day, Trump had said, "It is very hard to sell in India... they are offering a deal... willing to literally charge us no tariffs."
A confirmed India-US trade deal would be a major event at any time, but more so since Donald Trump returned to power in Washington, D.C., bringing with him a slew of tariffs to counter duties other countries - including India, whom he decried as 'a very big abuser' - impose on the import of US goods.
#WATCH | EAM Dr S Jaishankar says, "Between India and the US, trade talks have been going on. These are complicated negotiations. Nothing is decided till everything is. Any trade deal has to be mutually beneficial; it has to work for both countries. That would be our expectation… pic.twitter.com/qiDroEHzQD
— ANI (@ANI) May 15, 2025
Trump imposed 'reciprocal tariffs' on India - worth around 27 per cent - in April. These tariffs were later suspended, as they were for many other nations in a similar situation, till July 9.
NDTV Explains | Trump's 25% Auto Tariffs. What Are They, Who Is Affected?
However, the 10 per cent baseline tariff imposed on all countries on April 2 remains in effect, in addition to the 25 per cent taxes on steel, aluminium, and auto components.
India reacted by lowering tariffs on some American goods, including motorcycles and bourbon whiskey, but the government later delinked the revision of duties and Trump's tariff threats.
More pertinently, India also said it would not retaliate to the US' tariffs, as others had, opting instead to reinforce the messaging to Washington, that 'Delhi wants to remain a trusted trading partner...'
Since then the two countries have been working to expedite an agreement that Trump and Prime Minister Narendra Modi believe will push bilateral trade to over $500 billion by 2030.
A delegation led by Commerce Minister Piyush Goyal will visit the US May 17-20 to pick up talks.
On India-US Trade Deal
The biggest step in that direction was in April; US Vice President JD Vance was in India and met the Prime Minister, after which he said terms of reference had been finalised. Days later Trump indicated a deal - as part of which India may give the US 'forward most-favoured nation' status - was imminent.
"I think we'll have a deal with India... they want to make a deal," he declared.
The deal, when it is struck, is expected to cover 24 categories of goods traded between India and the US, which include farm products like soybeans and corn, and military equipment.
In return, Delhi has asked for favourable tariffs for labour-intensive sectors like textiles, toys, leather goods, furniture, gems and jewellery, and automotive components.
Trump's 'Let's Trade' Push
Meanwhile, talks over the deal are also playing out over India and Pakistan's 100-hour war last week - the fallout of the April 22 Pahalgam terror attack and Delhi's military response, Operation Sindoor.
NDTV Explains | "Fellas, Come On...": Trump's Many India-Pak Ceasefire Claims
The conflict, which was heading towards a full-blown war, settled into a ceasefire for which Trump (repeatedly and falsely) claimed credit, including the use of trade to force both sides to stand down.
India's UK Deal
New Delhi has announced a Free Trade Agreement with the United Kingdom.
Under the deal, India and the UK will get liberal market access and eased trade restrictions, and the sectors that will likely benefit most are food processing, food and beverages, and automobiles.
READ | As India, UK Clinch Trade Deal, A Look At Gains And Hurdles
India has agreed to slash levies on 90 per cent of British products sold in the country, from medical devices to machinery, with 85 per cent of those becoming tariff-free within a decade.
Britain has agreed to reduce tariffs too, which will leave around 99 per cent of Indian exports facing zero duties. One of the Indian industries that will benefit most is the textile industry that employs millions.
Deal With Europe
In addition, Delhi has also signed a $100 billion deal with the European Free Trade Association, which is a group of four European countries that are not part of the European Union. These nations are Iceland, Liechtenstein, Norway, and Switzerland. The EU and India are working on a free trade deal too.
With input from agencies
Track Latest News Live on NDTV.com and get news updates from India and around the world
