S. Jaishankar says India and US near trade deal
Business
India and the US are close to sealing a major trade deal, according to External Affairs Minister S. Jaishankar.
He shared that both countries have pretty much agreed on most terms, but the final step depends on how things shake out with US tariff rules.
Section 301 tariffs cut to 10%
The main sticking point is the US Section 301 tariffs: extra taxes put on Indian imports in July 2026.
India managed to get these reduced from 12.5% to 10% through India's written submissions, consultations, and participation in public hearings during the investigation, but the timing of its conclusion depends in part on how the US Section 301 process develops.
India wanted an appropriate competitive advantage over other exporters in the US market before making it official.