Little room for ‘giving and taking’: India’s finance minister confirms trade impasse with the U.S.
In the latest sign of growing skepticism around the closure of the trade deal between New Delhi and Washington, an Indian minister said there is little room for ‘giving and taking.’
TL;DR
- India's Finance Minister Nirmala Sitharaman believes trade talks with the U.S. have reached a plateau.
- A U.S. Trade Representative previously stated that a trade agreement with India is not 'imminent'.
- Sitharaman noted the U.S. desires to reduce its trade imbalance with India.
- The U.S. goods trade deficit with India increased by 27.8% in 2025.
- Indian Prime Minister Narendra Modi and U.S. President Donald Trump recently discussed bilateral trade, defense, energy, and critical technologies.
- Trump had previously announced an interim trade deal where India agreed to 'BUY AMERICAN' at a higher level.
- India seeks preferential tariffs from the U.S. to make its exports more competitive.
- Experts warn that both countries stand to lose if no deal is finalized.
- Indian exports to the U.S. currently face a 10% tariff, with some key exports like pharmaceuticals and smartphones exempt.