Expressing optimism over early conclusion of India-US trade agreement, External Affairs Minister S Jaishankar has said that this historic trade agreement is in the final stages of detailing and is likely to be completed very soon. He noted that the trade deal will open up a ‘new phase’ in the relations. His comments came after holding wide-ranging talks with US Secretary of State Marco Rubio. Both the officials held talks over the proposed agreement three days after US President Donald Trump announced reduction of US tariffs on Indian goods to 18 per cent.

Except a confirmation on bringing down the US tariffs, including the removal of a 25 per cent levies imposed on India by Washington over Russian energy purchases, no concrete details of the trade deal have come out so far. Jaishankar described his visit to the US as ‘productive’ and ‘positive’. He noted that both the countries cooperation over critical mineral is also advancing rapidly. Expect engagement on strategic issues, defence and energy in the coming days. Overall, a strong momentum is evident.

India-US ties have been reeling under severe stress after Trump doubled tariffs on Indian goods to a whopping 50 per cent including a 25 per cent additional duties for India’s purchase of Russian crude oil. The Commerce Ministry’s recent data showed that India's merchandise exports to the US declined 1.83 per cent to $6.88 billion in December 2025 due to high tariffs. Exports to the US stood at $7.01 billion in December 2024.