‘They’re good friends’: Trump administration official says US-India trade deal can be done ‘soon’
A senior Trump administration official said the long-discussed trade deal between India and the United States could be finalized “soon.” Kevin Hassett, director of the National Economic Council, provided the update in an interview with CNBC on Monday, revealing that the two sides are “very close” to finalizing the deal. “Yes, we were certainly very close. I spoke to the ambassador…you know, we had visits,” Hassett said, referring to negotiations underway since March.
Hassett acknowledged the complexity of the deal, particularly the challenges posed by India-Russia relations. “I think it’s a complicated situation because of the interaction between what India is doing with Russia and what India is doing with us,” he noted. “But we still have a lot of hope. It has become quite complicated because there are a lot of different variables in the India-US relationship, but they are good friends and we hope we can find a solution soon.”
Trade negotiations between India and the United States have been ongoing for several months and six rounds of negotiations have already taken place. The proposed agreement aims to address issues such as tariffs, market access and trade imbalances. India and the United States have set a goal of more than doubling their bilateral trade to $500 billion by 2030, from $191 billion currently.
On the Indian side, Commerce and Industry Minister Piyush Goyal said the deal would materialize once it was “fair, equitable and balanced.” Goyal stressed that India must protect the interests of its farmers, fishermen and small industries. “India as a nation must protect its interests… must protect the interests of our stakeholders, our businesses, and balance them with our sensitivities towards farmers, fishermen and small industries,” he said.
Goyal reassured that there was no need to worry about bilateral relations between the two countries, despite occasional disagreements. “Parivaar mein kabhee kabhee thodee bohot nok-jhok toh hotee rahatee hai (sometimes there is a bit of bickering in the family too),” remarked Goyal, adding that the relationship remains strong and strategic. He also mentioned a recent long-term LPG import deal with the United States, a sign of a lasting and growing partnership.
“In fact, we have just signed a major LPG agreement to import over a long period every year 2.2 million tonnes of LPG. So this is a continuous process. We (India and the US) are also committed to expanding trade between the two countries,” he added.
The proposed deal is key to improving trade relations, especially after the Trump administration imposed high tariffs of 50% on Indian goods, including an additional 25% duty on the purchase of Russian crude oil. The United States is seeking to expand access to the Indian market for products such as almonds, pistachios, apples, ethanol and genetically modified products.
Despite the ongoing tariff dispute, the United States remained India’s largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at $131.84 billion.
