'All major points have been settled': Piyush Goyal says India-US trade deal to reflect tariff changes

Union Minister of Minister of Commerce and Industry Piyush Goyal on Monday said that the trade deal with the US will take into account legal ⁠changes in Washington's tariff structure.

He revealed that most parts of the agreement have been ‌finalised ‌and a "few final details" are being ⁠discussed.

"All the major points have been settled. US Ambassador to India, Sergio Gor, recently stated that 99 per cent of the details have been finalised... I am fully confident that we will conclude the first tranche of the bilateral trade agreement with the US as soon as possible," Goyal said.

The minister further said that the two sides will continue holding discussions from June 2 to June 4 and resolve the few remaining issues before the agreement is formally announced.

The remarks come while a US trade delegation has arrived in Delhi for another round of negotiations aimed at finalising an interim trade arrangement and advancing the broader India-US trade pact.

The American team is scheduled to hold discussions with Indian officials from June 2 to June 4. The US team will be led by its chief negotiator Brendan Lynch. India's chief negotiator Darpan Jain is an additional secretary in the Department of Commerce.

"As far as the US team is concerned, some members have already arrived, while others are arriving tonight. Our meetings are scheduled for June 2, 3 and 4. The leaders of both nations had already announced the framework agreement back on February 3.

Goyal also indicated that another phase of talks and agreement would follow after an initial deal.

"We will sign it and then proceed to initiate further discussions on how to formulate an even more comprehensive bilateral trade agreement moving forward," Goyal said.  

The agreement is expected to cover a wide range of issues like market access, customs facilitation, non-tariff barriers, investment promotion and supply-chain cooperation.

The minister had earlier said in the US that an interim agreement between India and the United States was close and that discussions were progressing positively.

The US has also assured India that no additional tariffs will be imposed if both countries finalise their trade agreement before July 24, when the current 10 per cent baseline tariff is due to end, according to media reports.

On February 7, India and the US issued a joint statement finalising the contours or framework of the first phase of the bilateral trade agreement (BTA) or an interim trade agreement. Now, both sides will have to finalise the legal text for that deal.

The framework reaffirmed the countries' commitment to the broader India-US BTA negotiations.

According to that framework, the US had agreed to reduce tariffs on India to 18 per cent from 50 per cent. It had removed the 25 per cent tariffs on Indian goods for buying Russian oil and was to cut the remaining 25 per cent to 18 per cent under the pact.

But, on February 20 this year, the US Supreme Court ruled against President Donald Trump's sweeping reciprocal tariffs, which were imposed under the 1977 International Emergency Economic Powers Act (IEEPA).

After that, the US President announced the imposition of 10 per cent tariffs on all countries for 150 days, starting February 24. It would end on July 23.

In light of these changes, a meeting between the chief negotiators of India and the US scheduled for February was postponed. The two sides then met in Washington in April, when the Indian team, headed by Jain, visited America from April 20-23, 2026.

(With PTI inputs)