India-US Trade Talks Stall at a “Plateau,” Says Finance Minister Nirmala Sitharaman

At the Munich Leaders Meeting in New Delhi on October 5 2026, Finance Minister Nirmala Sitharaman said bilateral trade talks between India and the United States have hit a “plateau.” She warned that any further “give or take” would be “very, very difficult,” while leaving open the possibility of limited movement if new negotiating space emerges.

First PostBusiness Standard (India)India-US trade talks may have reached ‘plateau’, further concessions difficult: Nirmala Sitharaman CNBC TV18Telegraph India

The talks began on February 13 2025, when Prime Minister Narendra Modi and U.S. President Donald Trump launched a Bilateral Trade Agreement (BTA). An interim-agreement framework was set out in February 2026, with a goal of doubling bilateral trade to $500 billion by 2030.

India-US Trade Deal Talks Reach ‘Plateau’, Further Concessions Difficult: Nirmala Sitharaman

• India’s exports to the United States: $34.5 billion (April-July FY 2026) vs. $42.79 billion (April-August 2026, other source).

Reuters

• India’s imports from the United States: $22.2 billion (April-July FY 2026).

Reuters

• Resulting trade surplus for India: $12.3 billion (April-July FY 2026).

India-US trade talks may have reached ‘plateau’, further concessions difficult: Nirmala Sitharaman

• Tariff liberalisation under the India-EU free-trade agreement: India opened 92.5 % of tariff lines (?97 % of value); the EU opened 99 % of value (?97 % of lines).

CNBC TV18

U.S. Trade Representative Jamieson Greer told reporters on October 1 2026 that a final deal was not imminent, but both sides had identified the “universe” of sticking points and were working to resolve them. Greer hinted that President Trump and Prime Minister Modi might speak again “very soon” to assess progress.

Telegraph India

Sources differ on the magnitude of India-US trade flows. Moneycontrol cites $34.5 billion in exports and $22.2 billion in imports for April-July, while Reuters reports $42.79 billion in exports for April-August, up from $40.39 billion a year earlier. The discrepancy reflects differing reporting periods and highlights the lack of a single, up-to-date trade-balance figure.

India-US trade talks hit a plateau, with little room left to give or take, says Finance Minister Nirmala Sitharaman

• “The agreements, negotiations are still ongoing, although we like to believe that both sides have reached a plateau, beyond which giving or taking might be very, very difficult,” — Nirmala Sitharaman, finance minister

India-US trade talks hit a plateau, with little room left to give or take, says Finance Minister Nirmala Sitharaman

• “India should stop giving away concessions while the US trade deal remains unfinished,” — Ajay Srivastava

Reuters