India’s Commerce Minister, Piyush Goyal, has refuted a report suggesting India is holding out for a better deal in U.S. trade talks.
In a post on X on Monday, Goyal labeled the report as “completely false, baseless and misleading.” He stated that his meetings with U.S. Trade Representative Jamieson Greer in June were “balanced, commercially meaningful,” with both sides reaffirming their commitment to a balanced and meaningful agreement.
India-U.S. Trade Talks Stall: Report
The Reuters report, on Monday, claimed India had rejected a fast-track trade deal with the U.S., arguing that Prime Minister Narendra Modi‘s government felt emboldened by stronger trade partnerships, reduced economic risks, and increased domestic political support.
The report further stated that Washington declined to guarantee India a tariff advantage over China or rule out future U.S. tariffs. India said it would not compromise on key issues such as agriculture, even as the Trump administration prepares steeper tariffs that could increase duties on Indian exports later this month, as per the publication.
The U.S. has proposed tariffs of up to 12.5% on countries including India over alleged forced-labor violations, while insisting that India must make trade concessions before receiving the preferential trade terms it is seeking.
The report also indicated that bureaucracy in India and a slow pace of negotiation are the reasons why the trade deal has not yet materialized.
An earlier report by Reuters stated that India is racing to secure a favorable trade deal before a key tariff deadline. The country is keen on gaining a competitive tariff advantage over other Asian nations, including ASEAN members such as Vietnam.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image credit: Jack Gruber / USA TODAY NETWORK via Imagn
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