India and the United States took another step toward resolving their trade differences as Commerce and Industry Minister Piyush Goyal met with US Trade Representative Jamieson Greer in New York on Monday. The meeting was aimed at accelerating discussions on a bilateral trade agreement, with both sides eager to build on the renewed momentum created by recent interactions between Prime Minister Narendra Modi and US President Donald Trump.
People familiar with the talks suggested that both Goyal and Greer were optimistic about making tangible progress. The meeting was their third in 2025, following earlier sessions in March and May. India had launched trade talks with the US in February, holding five rounds of negotiations between March and July. By June, technical teams had finalized much of the framework, but discussions stalled over contentious issues, including access for American agricultural products, tariff reciprocity, and pending disputes at the World Trade Organization.
The talks also took place against the backdrop of heightened tensions. President Trump’s administration recently imposed a steep $100,000 annual fee on H-1B visa applications, a move expected to hit Indian IT professionals and small firms particularly hard. Additionally, Washington levied a 25 percent reciprocal tariff on Indian goods effective August 7, followed by another 25 percent penalty linked to India’s purchase of Russian oil, bringing total tariffs on certain products to 50 percent.
Despite these hurdles, the diplomatic climate has shifted in recent weeks. Both Trump and Modi have exchanged positive remarks about the bilateral relationship, paving the way for renewed dialogue. US chief negotiator Brendan Lynch also visited New Delhi earlier in September to meet Indian special secretary Rajesh Agrawal, signalling continued engagement.
US ambassador-designate Sergio Gor recently stated that a trade agreement could be finalized within weeks, while Goyal has publicly expressed confidence that a deal might be wrapped up by November. With both governments signaling determination, the latest meeting in New York represents a crucial step in bridging gaps and steering the two economies toward a mutually beneficial agreement.
