India-US trade deal: Piyush Goyal provides update; ‘every country has to…’

India-US trade deal: Union Commerce and Industry Minister Piyush Goyal stated that India isn't disheartened by delays in the India-US trade pact, as nations naturally prioritize their own priorities. He emphasized India's commitment to protecting its own stakes. “Not at all. Every country safeguards its interests. We must protect ours,” Goyal told TOI in an interview, noting that “talks are progressing amicably.” These remarks follow the Economic Survey 2026, which indicated a potential trade deal with the US this year. "Ongoing trade discussions with the United States are anticipated to wrap up this year, potentially easing external uncertainties,” the Survey noted.

The minister's statement arrives shortly after India signed a landmark 'mother of all deals' with the EU and advances FTAs with countries like New Zealand, Chile, and others. Goyal affirmed India's willingness to engage with partners committed to fair trade, without compromising India's interests or sensitivities.

India and the US kicked off trade talks in March 2025. Since August last year, US tariffs on Indian goods have hit 50%—among the steepest globally—comprising 25% reciprocal duties and 25% extra levies, which the Trump administration linked to India's ongoing purchases of Russian oil.

On lingering trade hurdles, Goyal told Hindustan Times, “India and the US are poised to finalize bilateral trade talks, with no major sticking points remaining.” He called the emerging pact "a positive, solid agreement," adding, "We're deeply involved. We avoid deadlines; the announcement comes when both parties are content. No sticky issues linger—we're ready to close the deal."