India’s Commerce Minister Piyush Goyal voiced optimism about finalizing a long-pending trade deal with the United States ahead of an August 1 deadline, which threatens to trigger steep 26% tariffs on Indian exports.
“I’m always confident,” Goyal told Bloomberg TV in London on Thursday, describing his meetings with US officials as warm and constructive. He praised US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer as “very dear friends,” underlining the friendly nature of the talks.
Despite months of back-and-forth negotiations, Goyal insisted there were no major obstacles remaining and clarified that contentious issues such as immigration and H-1B visa rules had not surfaced in this year’s discussions.
However, some challenges persist. Washington is pushing for wider access to India’s dairy and agricultural markets, while New Delhi seeks relief from sector-specific tariffs, particularly for its pharmaceutical products and automobile components.
Both nations had pledged to reach a bilateral trade pact by fall 2025, but Trump’s threats of sanctions and tariff hikes have intensified the urgency. The US has already struck deals this week with the Philippines, Japan, and Indonesia—raising pressure on India to secure a similar arrangement.
Goyal, who is currently accompanying Prime Minister Narendra Modi on a UK visit, also marked a major diplomatic success with the signing of a free trade agreement with Britain, eliminating duties on key exports like automobiles and alcohol.
He noted that India is engaged in parallel trade talks with several countries, including the EU, New Zealand, Peru, and Chile. “We have very robust negotiations going on,” he said.
As India races against the clock to finalize terms with Washington, the stakes are high—both economically and geopolitically—amid shifting alliances and growing global trade friction.
