Joint statement on India-US trade deal likely this week
What's the story
The government of India sources told ANI on Tuesday that a joint statement of the India-US FTA is likely to be issued this week. "We are under final stages of detailing with the negotiating team," they said. Prime Minister Narendra Modi on Monday night announced that Indian goods will face a reduced US tariff of 18% after a phone conversation with President Donald Trump, who also said the two sides had reached a trade deal.
Economic boost
Trump calls Modi 1 of his 'greatest friends'
Under the new terms, tariffs on Indian goods will be slashed to 18% from the previous 25%. In return, India has committed to buying over $500 billion worth of American energy, technology, agricultural, and other products. Trump called Modi one of his "greatest friends" and said both leaders "are two people that get things done." He also claimed that India has agreed to stop buying Russian oil and instead purchase more from the United States and possibly Venezuela.
Goyal
Best deal, says Piyush Goyal
Calling the deal the "best," compared to India's neighbors, Union Commerce Minister Piyush Goyal said this is a deal that will make every Indian proud. He said it will "protect the sensitive sectors, the interests of our agriculture and our dairy sectors, opening up huge opportunities for our labor-intensive sectors, export sectors in textiles, plastics, apparel, home decor, leather and footwear, gems and jewelry, organic chemicals, rubber, goods, machinery, so many products, aircraft components."
Negotiation process
Trade talks began during Modi's visit to America last year
The announcement of the trade deal comes nearly a year after the two countries started negotiations during Modi's visit to America last February. Over this period, six formal rounds of talks and several informal discussions were held to finalize the agreement. A recent delegation led by Deputy US Trade Representative Rick Switzer visited India in December 2025 as part of these efforts.