India and US Report 'Substantial Progress' on Trade Deal After USTR Greer's Delhi Visit

Talks close the gap but stop short of a deal

U.S. Trade Representative Jamieson Greer wrapped up a two-day visit to New Delhi on June 24, 2026, meeting Commerce and Industry Minister Piyush Goyal to review core elements of both an interim trade pact and the broader Bilateral Trade Agreement (BTA)thehindu. Both governments said their negotiating teams had made "substantial progress" in recent months, reaffirming a shared goal of a balanced, commercially meaningful agreement — but neither side offered a timeline for when a deal would be signedthehindu +1.

The talks are unfolding against a pressing deadline: a temporary 10 per cent U.S. tariff on imports from all trading partners, imposed on February 24 under Section 122 of the Trade Act, is set to expire on July 24newindianexpress. Greer's visit followed a meeting between Prime Minister Narendra Modi and President Donald Trump on the sidelines of the G7 summit in Évian, France on June 17, which both sides said injected fresh momentum into negotiationsnewindianexpress.

What is on the table

The two ministers conducted what the Indian Commerce Ministry called a "comprehensive review" of core BTA elements, covering enhanced market access, digital trade, supply-chain resilience, reduction of non-tariff barriers, and expanded cooperation in strategic sectorsthehindu +1. U.S. Deputy Assistant Secretary of State Bethany Poulos Morrison told an event on Capitol Hill that Washington is "very, very close" to finalising a historic agreement and that the administration is driving toward "Mission 500" — a target of $500 billion in bilateral trade by 2030newindianexpress. India has also indicated plans to purchase $500 billion worth of U.S. energy products, aircraft, precious metals, and technology over the next five yearsnewindianexpress.

Under the February 2026 framework, the U.S. had agreed to reduce tariffs on Indian goods to 18 per cent, lower than duties applied to several ASEAN competitorsnewindianexpress. Subsequent U.S. Supreme Court rulings invalidated the sweeping reciprocal tariffs that underpinned the original bargain, forcing both sides to recalibratethehindubusinessline.

Obstacles keeping a deal out of reach

Two days of ministerial talks ended without a breakthrough. Analysts said India needs clarity on two ongoing Section 301 investigations — launched by the USTR in March covering dozens of economies on industrial-capacity and forced-labour concerns — before it can make firm tariff commitmentsthehindubusinessline. Sensitive agricultural concessions also remain unresolved, with Indian farmers voicing opposition to expanded U.S. market accessthehindubusinessline.

Trade analyst Ajay Srivastava noted that when U.S. Ambassador Sergio Gor declared the deal "99 per cent ready" in late May, expectations surged — yet negotiations "remain stuck because the foundation of the original bargain has collapsed"thehindubusinessline. Greer, in a video statement, pointed to the Modi-Trump relationship as the animating force behind the talks but gave no indication of an imminent conclusionthehindubusinessline.