September 21, 2025

New Delhi is abuzz with news that Commerce and Industry Minister Piyush Goyal might soon jet off to the US for a spicy round of trade talks. Why all the excitement? Because just last week, American and Indian trade teams met in Delhi for a seven-hour marathon discussion — the first face-to-face since the US slapped hefty 25% tariffs on Indian goods over Russia oil buying, which kicked in August 27, adding to an earlier 25% penalty. Despite these tariff hurdles, the vibes are surprisingly positive. According to a senior government insider, “A visit is planned and likely soon.” Goyal, who last visited the US in May and met Commerce Secretary Howard Lutnick, is expected to continue the push to seal a bilateral trade agreement (BTA) that benefits both nations. The Indian Commerce Ministry shared, “It was decided to intensify efforts to achieve early conclusion of a mutually beneficial trade agreement.” The talks included American trade heavyweights led by Brendan Lynch, Assistant US Trade Representative for South and Central Asia, who met Indian counterparts to push forward the deal. The US team was originally scheduled in late August for the sixth wildcard round of talks but had to defer after Washington ramped up tariffs to 50%. Since then, weekly virtual talks have kept the momentum alive. US Ambassador-designate to India, Sergio Gor, recently pepped up the scene, confirming that President Trump invited Minister Goyal to Washington for a meeting with USTR Jamieson Greer. Yet, the recent tariff drama already showed its mark — India’s exports to the US dipped from $8.01 billion in July to $6.86 billion in August. The root of tension? Washington wants India to stop buying Russian oil, claiming it fuels Russia’s war in Ukraine. On top of that, the US is wooing India to buy its soybeans and corn, but New Delhi is cautious because of concerns over genetically modified crops. Notwithstanding the bumps, India and the US aim to double their trade in goods and services to a whopping $500 billion by 2030 under the BTA. With both sides calling the February trade talks 'positive and forward-looking,' Goyal’s imminent US visit may just be the sizzling turning point in this strategic friendship of two huge democracies.

Read More at Economictimes →

Tags: Piyush goyal, India-us trade, Bilateral trade agreement, Us tariffs, Russian oil, Trade negotiations,