India-US trade deal: First phase near closure, New Delhi to increase energy trade with Washington
This initial package is expected to focus on reducing the high retaliatory tariffs imposed during the Donald Trump administration.
PTC News Desk: The United States has indicated that the proposed India–US Bilateral Trade Agreement (BTA) is close to being completed.
White House economic adviser Kevin Hassett told CNBC that the trade and tariff deal with India is “near the finish line,” saying both countries are optimistic even though the talks have become complicated due to India’s ties with Russia and other overlapping issues. He added that both sides are moving toward an agreement.
According to several media reports, an Indian official also said that the first phase of the BTA is almost ready.
This initial package is expected to focus on reducing the high retaliatory tariffs imposed during the Donald Trump administration. The plan aims to resolve the 50% duties placed by the US on Indian goods, which include a 25% reciprocal tariff and another 25% penalty linked to India’s purchase of Russian crude oil. The official stressed that removing these extra duties is necessary for the agreement to be meaningful.
He explained that the BTA has two parts — one that will take longer to negotiate and another that deals specifically with tariffs. The tariff-related section is nearly complete and should be finalised soon. The final announcement will be made when both countries agree on a date.
The official also said the BTA will be rolled out in stages, with this first package serving as the starting point to ease trade tensions that have grown in recent years.
Additionally, he clarified that the one-year deal signed by India’s state-run oil companies to import LPG from the US in 2026 is not part of the BTA discussions.