Tariffs

India-US Trade Deal on the Verge of Completion

Strategic Insights

Jun 2, 2025 — 1 min read

Indian Commerce and Industry Minister Piyush Goyal confirmed the country's commitment to the trade agreement, with both India and the US aiming to finalise an interim agreement by the end of June. The deal, first announced in February 2025, aims to boost trade between the two nations from $191 billion to $500 billion by 2030. Commerce Secretary Howard Lutnick signalled that a breakthrough has been achieved, paving the way for a deal between the two countries. The current negotiation stage is described as a "place that really works for both countries," with Lutnick hinting at behind-the-scenes progress between trade officials.

Key Takeaways:

The US Commerce Secretary Howard Lutnick signalled that a deal between the US and India is imminent, describing the current negotiation stage as a breakthrough.
Final talks are underway in New Delhi, with a senior US delegation in attendance, aimed at sealing an interim trade agreement by the end of June.
India and the US are committed to working together to achieve preferential access to each other's businesses, as expressed by Commerce and Industry Minister Piyush Goyal.
The trade deal, announced in February 2025, aims to increase trade volumes from $191 billion to $500 billion by 2030.
India is lobbying for a complete exemption from the 26% reciprocal tariff Washington currently imposes on Indian exports.
Negotiators are hoping to resolve the exemption issue this month, with talks gaining urgency ahead of the June deadline.

Statistics:

Current trade volume between India and the US: $191 billion (2025)
Targeted trade volume by 2030: $500 billion
Reciprocal tariff imposed by the US on Indian exports: 26%
Number of US officials attending the final round of negotiations in New Delhi: senior delegation (number not specified)
Deadline for sealing an interim trade agreement: end of June 2025
Potential timeframe for finalising a broader multi-sectoral pact: September or October 2025

Sources:

USISPF (US-India Strategic Partnership Forum) - reported on Lutnick's comments
Indian National Press (Bombay) Pvt. Ltd. - reported on Goyal's comments
Contify.com - distributed the news article

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