‘Wait and watch…’: India, US working to give preferential market access to businesses, says Piyush Goyal on trade deal

“Both the US and India share good relations and we will continue to work together to resolve issues,” Piyush Goyal said. (AI image)

India-US trade deal: India and the United States aim to provide preferential market access to their respective businesses, with teams from both nations actively collaborating on the proposed bilateral trade agreement, according to Commerce Minister Piyush Goyal.“Both countries are committed to work together, both countries desire to give preferential access to each other’s businesses and we are working towards the bilateral trade agreement,” Goyal told reporters in Paris according to a PTI report.Regarding Trump’s announcement to increase tariffs on steel and aluminium to 50 per cent, Goyal indicated that both nations would continue their bilateral efforts to address these matters.“Let us wait and watch …both the US and India share good relations and we will continue to work together to resolve all these issues bilaterally,” he said.Also Read | Will the Donald Trump administration be forced to give billions of dollars in tariff refunds?A delegation of US representatives is currently in India for talks regarding the proposed interim trade arrangement between both nations.The timing of this visit is crucial as both countries are expected to reach an interim trade agreement by June end, with India seeking complete exemption from the 26 per cent reciprocal duty on domestic products.The Indian chief negotiator, Special Secretary in the Department of Commerce Rajesh Agrawal, completed his four-day diplomatic mission to Washington last month.He engaged in discussions with his American counterpart regarding the proposed agreement.Goyal also visited Washington to accelerate the trade negotiations.In February, US President Donald Trump and Indian Prime Minister Narendra Modi unveiled plans to negotiate the initial phase of a mutually advantageous, multi-sector Bilateral Trade Agreement by fall (September-October) of 2025. The agreement seeks to increase bilateral trade to $500 billion by 2030, up from the present $191 billion.Also Read | ‘Work of fiction…’: Will Donald Trump bury US government in debt with multitrillion-dollar tax breaks? Even Elon Musk is concernedAccording to trade experts, the Trump administration’s additional import duty increase would affect Indian exporters, particularly those involved in value-added and finished steel products and automotive components.On May 30, Trump declared a doubling of current 25% duties on steel and aluminium imports effective June 4.The initial implementation of this provision by Trump in 2018 established 25% duty on steel and 10% on aluminium. The aluminium tariffs were increased to 25% in February 2025.During 2024-25, Indian exports of iron, steel, and aluminium products to the US totalled $4.56 billion, comprising $587.5 million in iron and steel, $3.1 billion in iron or steel articles, and $860 million in aluminium and related items.India has submitted an official notification to the World Trade Organization (WTO), maintaining its position to implement countervailing duties on US products in response to previous steel tariffs.The United States maintained its position as India’s main trading partner for the fourth successive year in 2024-25, with two-way trade reaching $131.84 billion. The US contributes approximately 18 per cent of India’s total goods exports, 6.22 per cent of imports, and 10.73 per cent of the nation’s overall merchandise trade.Also Read | ‘Way better to take 25% tariff hit…’: Apple exports 2.9 million iPhones from India to US despite Trump’s pressure; China sees big fall