The India-US trade talks are on track, with significant progress made so far in the discussions between the two sides, government sources told NDTV Profit on Wednesday.
The two sides have been locked in negotiations since early 2025, but the talks derailed after the US slapped tariffs as high as 50% on Indian imports in August. After a brief pause, the negotiations resumed in October, but the two countries could not reach the finish line.
Representatives of New Delhi and Washington are engaging in "robust negotiations", and remain in regular touch as the discussions continue, the persons privy to the development added.
The development comes four days after US Treasury Secretary Scott Bessent signalled that half of the tariffs imposed on India—25% levies—could be waived as India has significantly trimmed its import of Russian crude oil.
“We put 25% tariffs on India for buying Russian oil, and the Indian purchases by their refineries… have collapsed," Bessent told Politico on the sidelines of World Economic Forum in Davos. "I would imagine there is a path to take them off,” he added.
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Notably, US President Donald Trump had expressed enthusiasm about the trade deal with India in recent days, with him praising Indian Prime Minister Narendra Modi and stating that a "good" trade deal with India was on the cards.
"I have great respect for your Prime Minister. He's a fantastic man and a friend of mine. We are going to have a good deal," an Indian publication quoted Trump as saying at the sidelines of the World Economic Forum summit in Davos, Switzerland.
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