Commerce Secretary Rajesh Agarwal confirmed that tariff negotiations for the India-US trade deal have entered the final phase, with discussions now focused on working out a new tariff structure before the pact can be implemented. Speaking to NDTV Profit, Agarwal said "the new tariff structure is under work" and that negotiations have shifted from the broad contours of the agreement to the finer details of market access and tariff commitments. The framework for the deal has already been agreed upon, but both sides are now working on a tariff regime that ensures Indian exports remain competitive in the US market. This development comes as Commerce and Industry Minister Piyush Goyal has stated that India cannot operationalise the agreement until it secures a competitive tariff advantage over rival exporting nations, with India seeking lower duties for its products compared with competing countries before the trade pact takes effect.
US Ambassador to India and Special Envoy to South and Central Asia, Sergio Gor, has dismissed reports of India rejecting a trade deal with the United States as 'fake news', responding directly to recent media claims. 'Fake news alert! No one has rejected anything. Both sides had very constructive meetings and reaffirmed their commitment to finalising a trade deal. We continue to stay actively engaged. Reuters - you can do better!'' Gor stated in a social media post on X. This official response comes after Commerce and Industry Minister Piyush Goyal vehemently denounced a Reuters article that claimed India rejected a swift trade deal with the United States, calling it 'completely false, baseless, and misleading'. The ambassador's statement reinforces that both sides remain actively engaged in negotiations, contradicting reports suggesting a breakdown in talks.
Commerce Secretary Rajesh Agarwal announced that India and the United States have finalized the framework for a proposed bilateral trade agreement, with the pact set to be signed when both sides consider the timing appropriate. According to The Times of India, Agrawal told reporters that 'There was a very good discussion (with the US team). The framework deal is ready. It will be signed at the right time...both sides are on the same side and they do not see any challenge'. 'There is no negativity or any sort of differences between India and the US. Both sides know each other's expectations, both sides know what is coming in the framework deal, and both sides know what is beyond the framework deal that is being negotiated between the two sides,' he added. This development comes after Commerce and Industry Minister Piyush Goyal said earlier this month that the India-US bilateral trade agreement talks have entered the final stage, with most key issues having been sorted out. Goyal noted that 'concessions and other elements have largely been finalised' and expressed confidence that 'we don't foresee any difficulties with the US'.
Commerce Secretary Rajesh Agarwal highlighted that the India-UK Free Trade Agreement will deliver immediate tariff gains for sectors such as gems and jewellery and leather while boosting services trade. Speaking to NDTV Profit, Agarwal noted that the agreement includes mobility commitments that would enhance the competitiveness of Indian companies in the UK market. He emphasized that issues such as the UK's Carbon Border Adjustment Mechanism (CBAM) have been resolved outside the FTA framework, and that the UK's steel safeguard measures were imposed after the trade pact was signed. The commerce secretary also noted that India continues to work towards its target of achieving $1 trillion in exports, with the India-UK FTA being a key component of this broader export strategy.
Commerce Secretary Rajesh Agrawal addressed ongoing US Section 301 investigations during his latest statement, as reported by The Times of India. The USTR launched two separate Section 301 investigations on March 11 and 12, 2026, covering 60 economies over concerns related to forced labour and excess industrial capacity. The USTR on June 2 issued its findings in the forced labour investigation and proposed additional tariffs on imports from 60 economies. The proposal includes a 10 per cent tariff on imports from Canada, Ecuador, the European Union, Indonesia, Mexico, and Pakistan, and a 12.5 per cent tariff on imports from 54 other economies, including India and China. Agrawal noted that 'the measure remains a proposal and has not yet been finalised' and that 'the draft report on excess capacity is not yet out'. He explained that 'as far as the trade deal is concerned, I think trade deal, whenever we are signing, all aspects of the trade relation will get addressed'. After the US Supreme Court struck down the sweeping reciprocal tariffs (25 per cent on India) in February, the Trump administration imposed a temporary 10 per cent tariff on all countries for 150 days from February 24. The 10 per cent blanket tariff imposed by the White House on all trading partners is set to lapse on July 24, with clarity on the US tariff structure after July 25 yet to emerge.
Union Minister Piyush Goyal has strongly rejected reports suggesting a standstill in India-US trade negotiations, calling them 'completely false, baseless, and misleading' in a social media post on X. Goyal reacted specifically to a Reuters report that stated India was waiting for a better deal and had rejected a speedy trade pact with the US in recent negotiations. 'Both sides reaffirmed their commitment to an agreement that is balanced, commercially meaningful, and delivers tangible benefits for businesses, farmers, workers, and consumers in both countries. Our teams remain fully engaged in achieving this objective,' Goyal stated. He emphasized that 'our teams remain fully engaged in achieving this objective' and that negotiations are in the 'last stages, fully active, and optimistic'. According to ANI, Goyal's statements are consistent with those of Commerce Secretary Rajesh Agarwal, who stated earlier that there are 'no obstacles in reaching an agreement between the two countries'. 'We don't see any challenge in India-US trade deal negotiations,' Agarwal declared while briefing the media on trade statistics for June 2026, adding that 'talks are going on in a proper framework'. For now, India and the US remain engaged in negotiations, with Commerce Secretary Rajesh Agrawal confirming that talks are moving in the right direction. Trade analysts noted that India is also factoring in the possibility that some proposed US tariff measures could face legal or political challenges, with a group of 22 Democratic state attorneys general having already filed objections against the Trump administration's proposed tariffs linked to forced-labour investigations.
