Jaishankar Says India-US Trade Negotiations Are Heading Toward a Landing Point

External Affairs Minister S. Jaishankar said on Tuesday that negotiations on a bilateral trade deal with the United States are heading toward a landing point. Speaking at the Bloomberg New Economy Forum, he noted that India's commerce minister, the US Trade Representative and other officials are engaged in talks to resolve outstanding differences. He declined to give a timeline, saying "I think we are waiting on a few things."

Jaishankar's comments came more than a week after Finance Minister Nirmala Sitharaman described the talks as having reached a plateau. Commerce and Industry Minister Piyush Goyal, also at the forum, said India-US relations are "very good" and will continue to improve regardless of shifts in political thinking in either country. He described the relationship as substantive and consequential for the world as two large democracies.

India and the United States have been in talks since early 2025 on a proposed pact aimed at addressing tariff friction, eliminating non-tariff barriers and expanding market access. A framework for the first phase was announced in February 2026. Subsequent changes in US tariff policy, including a Supreme Court ruling that struck down reciprocal tariffs under the International Emergency Economic Powers Act and the introduction of a temporary blanket 10 percent tariff, altered the negotiating landscape. US Trade Representative Jamieson Greer has described the talks as in the "short strokes" but said a final announcement is not imminent.

Jaishankar emphasised that the core fundamentals of the strategic partnership remain unchanged even as trade details are finalised. India is seeking more favourable tariff terms for its exports relative to competing economies. Officials on both sides continue to meet; Goyal held a productive discussion with Greer on the sidelines of the G20 Trade Ministers Meeting. India's exports to the US rose 21 percent in August to $8.3 billion, easing some of the immediate pressure.

For exporters the landing-point language suggests the remaining gaps are narrower than earlier in the year, but the absence of a signed text means uncertainty persists on specific product lines and rules of origin. The deal is expected to cover goods, services and selected non-tariff issues rather than a full free-trade agreement. Markets will watch whether the next round of official meetings produces language on tariff differentials or digital trade.

The comments also separate the trade negotiation from the broader strategic relationship. Jaishankar has previously noted that India and the United States pursue shared interests without a formal alliance. Progress on trade would reduce one source of friction while leaving defence, technology and energy cooperation on their existing tracks. Both sides have incentives to close an interim agreement before the US midterm calendar intensifies further.