Business • Jun 11, 2025

India and US hasten to finalize $500 billion trade pact

India and the US are scrambling to lock in an interim trade agreement before the upcoming G7 Summit. Both sides want to boost their trade partnership—aiming for a massive $500 billion by 2030—by lowering tariffs and opening up more markets for goods like industrial and agricultural products.

TL;DR

Negotiators are still working through the details

There's still some back-and-forth: India isn't ready to let in more US wheat and dairy, but it does want tariff cuts on almonds and walnuts. The US is pushing back against India's demand to drop a Trump-era 10% tariff. Steel duties are also a sticking point. Both countries are hoping to sort these issues quickly, especially with new tariffs on Indian exports like textiles and shrimp looming if they don't reach a deal soon.