Trade negotiations between India and the United States have reached a “plateau”, with further concessions becoming increasingly difficult, India’s Finance Minister Nirmala Sitharaman said on Monday.
Sitharaman said negotiations were still continuing but described the agreement as the result of hard and intensive bargaining. Her comments represent one of New Delhi’s clearest indications that the two countries remain divided over key issues as they work toward a broader trade agreement.
India and the US have been negotiating the agreement since February 2025, with the aim of expanding economic ties and resolving long-standing disputes over market access and tariffs. US Trade Representative Jamieson Greer said last week that a deal was not imminent.
A major sticking point is the bilateral trade imbalance. The US wants to reduce its deficit with India, while New Delhi is seeking greater access to the American market without making concessions that could expose sensitive domestic industries to stronger competition.
The negotiations have become more complicated after Washington introduced the possibility of additional tariffs on countries buying significant quantities of Russian oil. India, one of the world’s largest buyers of Russian crude, could face further pressure if such measures are imposed.
The United States remains India’s largest export destination, with Indian goods shipments to the country rising to $42.79 billion between April and August, from $40.39 billion a year earlier.
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