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India remains “hopeful” of finalising a trade agreement with the United States before the 90-day suspension on reciprocal tariffs ends on 9 July, Indian External Affairs Minister S Jaishankar has said.
During an interview with the French daily Le Figaro on Tuesday, Jaishankar—currently on a four-day visit to Belgium and France—stated that India and the US had initiated trade negotiations even before US President Donald Trump announced his 2 April “Liberation Day” tariffs, which included duties of up to 27% on Indian goods.
“Prime Minister [Narendra] Modi met with President Trump in February, and both leaders agreed to expand market access on both sides,” Jaishankar told the publication. “We are optimistic about reaching an agreement before the suspension of tariffs ends on 9 July.”
Earlier in the day, a US delegation engaged in closed-door discussions with officials from India’s trade ministry in New Delhi.
An Indian official, speaking to Reuters on condition of anonymity, described the latest round of talks with the US as productive, adding that they had contributed meaningfully toward “crafting a mutually beneficial and balanced agreement, including through achievement of early wins.”
The United States was, until recently, India’s largest trading partner, with bilateral trade peaking at $190 billion.
India has already slashed tariffs on several American exports, including Bourbon whiskey and motorcycles. However, the US still maintains a $45 billion (£33 billion) trade deficit with India, a figure President Trump is determined to reduce.
Trump and Modi have set an ambitious target to more than double current bilateral trade to $500 billion. However, Delhi is expected to remain cautious and is unlikely to offer concessions in politically sensitive sectors like agriculture.
Earlier this month, the White House urged its trade partners to submit their most competitive offers ahead of the approaching deadline, Reuters reported.
US Commerce Secretary Howard Lutnick last week expressed strong optimism about a forthcoming deal with India, stating that he anticipated an agreement would be reached in the “not too distant future.”
In May, Trump made global headlines by declaring that India had agreed to eliminate all tariffs on US imports. These statements were quickly challenged by Indian officials, with Jaishankar reaffirming that “nothing is decided till everything is.”
The Indian foreign minister has consistently emphasised that any agreement must be fair and advantageous to both nations.
Commenting more broadly on US foreign policy under President Trump, Jaishankar told Le Figaro that Washington appeared to be approaching global affairs “from the perspective of its immediate interest and seeking benefits for itself.”
“Frankly, I will do the same with them,” he added.
