India, US Conclude Key Trade Talks; Interim Deal Likely Ahead of G7 Summit

Four-day closed-door negotiations in New Delhi cover tariffs, market access, and digital trade, with both sides eyeing a $500 billion trade target by 2030.

New Delhi, June 10, 2025 —
India and the United States have concluded a pivotal round of closed-door trade talks in New Delhi, marking significant progress toward a long-anticipated interim trade deal. Officials say both sides are working to finalize the agreement in time for the G7 Summit in Canada, where Prime Minister Narendra Modi and President Donald Trump are expected to meet later this week.

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Aimed at boosting annual bilateral trade from $190 billion to $500 billion by 2030, the discussions covered a wide spectrum of issues, including tariff reductions, agricultural access, digital trade, and non-tariff barriers.

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🛃 What’s On The Table

• Tariff cuts on select U.S. products like almonds, pistachios, and walnuts
• India’s resistance to U.S. demands on opening markets for wheat, dairy, and corn
• India seeks exemption from 50% U.S. tariffs on steel
• New Delhi also urges removal of a 10% baseline tariff imposed under Trump’s emergency order
• Energy and defense: India proposes boosting imports of LNG, crude, coal, and U.S. defense equipment

While Rajesh Agrawal led India’s negotiating team, the U.S. delegation comprised officials from the Office of the U.S. Trade Representative (USTR). A government source told Reuters the discussions were “productive,” yielding “early wins” that could feed into a larger comprehensive pact.

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🌐 Digital Trade & Facilitation

Both sides discussed frameworks to enhance digital trade, focusing on customs simplification and trade facilitation. These efforts aim to support smoother bilateral exchange in tech and services—sectors where both nations are seeing fast growth.

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🔜 Interim Pact Expected By June

The interim deal, expected to be signed during or around the G7 Summit, is crucial for President Trump, who faces criticism for his aggressive trade tactics and has a 90-day pause window on reciprocal tariffs expiring this month. Without a deal, Indian exports—especially textiles, footwear, rice, and shrimp—could face a 26% retaliatory tariff.

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🇮🇳 India’s Global Trade Push

As India deepens its engagement with the U.S., Commerce Minister Piyush Goyal is simultaneously in Switzerland working on a trade agreement with the European Union, India’s second-largest trading partner.

Goyal has indicated that India is ready to sign the India-US pact in stages, starting with “simpler issues” now and taking on more complex negotiations in the next tranche by September or October.

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Tags:

India US trade deal, India US tariffs, G7 Summit 2025, Narendra Modi, Donald Trump, bilateral trade, Rajesh Agrawal, Piyush Goyal, digital trade, US agriculture exports, energy imports, trade negotiations