External Affairs Minister S. Jaishankar confirmed ongoing trade negotiations between India and the United States, describing them as “complicated” but critical. Speaking at the inauguration of Honduras’ new embassy in New Delhi on Thursday, Jaishankar said, “Any trade deal has to be mutually beneficial... nothing is decided until everything is decided.”

His remarks came in response to US President Donald Trump's claim earlier in the day that India is offering a ‘no tariff’ deal. “It’s very hard to sell in India,” Trump said at a business forum in Doha, adding that negotiations were progressing.

The trade deal, still in the works, is expected to cover 24 categories including agricultural products like soybeans and corn, and defence-related equipment. India, in turn, is seeking lower US tariffs for its labour-intensive sectors, including textiles, gems, leather goods, and auto components.

The broader context includes Trump's imposition of reciprocal tariffs earlier this year — a 27 per cent rate, temporarily suspended till July 9. India has responded with tariff reductions on select US goods, but refrained from retaliatory measures, emphasising its intent to remain a "trusted trading partner."

While talks with the US continue, India has secured major trade pacts elsewhere. A new Free Trade Agreement with the United Kingdom will see India cut duties on 90 per cent of UK products over the next decade, while Britain will remove tariffs on 99 per cent of Indian exports — a major boost to India’s textile sector.

Separately, India signed a $100 billion trade agreement with the European Free Trade Association (Iceland, Norway, Liechtenstein, and Switzerland). Talks with the EU for a broader deal are also ongoing, signalling India’s growing push to deepen global trade ties amid geopolitical shifts.

External Affairs Minister S. Jaishankar confirmed ongoing trade negotiations between India and the United States, describing them as “complicated” but critical. Speaking at the inauguration of Honduras’ new embassy in New Delhi on Thursday, Jaishankar said, “Any trade deal has to be mutually beneficial... nothing is decided until everything is decided.”

His remarks came in response to US President Donald Trump's claim earlier in the day that India is offering a ‘no tariff’ deal. “It’s very hard to sell in India,” Trump said at a business forum in Doha, adding that negotiations were progressing.

The trade deal, still in the works, is expected to cover 24 categories including agricultural products like soybeans and corn, and defence-related equipment. India, in turn, is seeking lower US tariffs for its labour-intensive sectors, including textiles, gems, leather goods, and auto components.

The broader context includes Trump's imposition of reciprocal tariffs earlier this year — a 27 per cent rate, temporarily suspended till July 9. India has responded with tariff reductions on select US goods, but refrained from retaliatory measures, emphasising its intent to remain a "trusted trading partner."

While talks with the US continue, India has secured major trade pacts elsewhere. A new Free Trade Agreement with the United Kingdom will see India cut duties on 90 per cent of UK products over the next decade, while Britain will remove tariffs on 99 per cent of Indian exports — a major boost to India’s textile sector.

Separately, India signed a $100 billion trade agreement with the European Free Trade Association (Iceland, Norway, Liechtenstein, and Switzerland). Talks with the EU for a broader deal are also ongoing, signalling India’s growing push to deepen global trade ties amid geopolitical shifts.