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Key Takeaways
Commerce Minister Piyush Goyal and USTR Jamieson Greer held talks in New Delhi on June 23 and 24, 2026. No agreement was announced at the end. The Commerce Ministry released a statement after the talks. It spoke of commitment to trade expansion. However, it gave no concrete update on progress.
The ministry’s language closely matched statements from earlier rounds of talks. No new movement on the pending issues was indicated. The July 24, 2026, deadline for the US’ 10% tariff expiry adds urgency.
Failure to reach an agreement will result in the persistent threat of tariffs for Indian exporters in the US market.
The ongoing deadlock leaves Indian exporters in a tough position. The exports of India to the US market increased only by 0.92% to a total value of USD 87.3 billion in FY 2025-26, while its imports from the US increased by 15.95% to USD 52.9 billion.
The textile, garment, leather, and engineering MSME sectors are most exposed. The US tariffs pushed many Indian exporters into tight working capital positions.
LoansJagat has disbursed over ₹2,000 crore in business and personal loans across 10,000+ pin codes in India. A large share of its self-employed borrowers cite working capital as their primary need. Trade uncertainty directly delays payments and tightens cash flow for small exporters, which pushes more of them toward formal credit.
On the positive side, a deal, when finalised, could still unlock access to the world’s largest consumer market. The proposed trade agreement complements India’s focus on MSME enablement through the ₹10,000 crore SME Growth Fund, enhanced receivables financing, and export facilitation measures that directly address liquidity and scalability bottlenecks.
Experts say India’s caution is legally sound, not a negotiating tactic. Ajay Srivastava, founder of the Delhi-based Global Trade Research Initiative (GTRI), said the US Supreme Court ruling effectively removed the US offer to cut tariffs on Indian goods from 25% to 18%. India is still being asked to make long-term market-access commitments.
Srivastava added that “the rationale for rushing into a BTA largely disappeared on February 20 when the Supreme Court invalidated the reciprocal tariff framework,” saying “the US’ original bargain no longer exists.”
He also warned that signing the BTA would not provide immunity from future US trade actions, as several countries with existing US trade agreements continue to face Section 301 investigations and tariff threats.
The path forward likely runs through the July 6, 2026, deadline for public comments on Section 301 actions and the July 24 tariff expiry. The two parties aim to sign the agreement before July 24, as after this date, most of the goods imported into the country would once again come under MFN tariff rules. India should take an accommodative approach, protect domestic interests, and obtain binding commitments from trading partners. It should not depend on mere negotiations alone.
What is the outcome of the trade talks held at the ministerial level between India and the USA at New Delhi during 23 and 24 June?
The USA will not gain any concessions, and the USTR Jamieson Greer, while wrapping up discussions in New Delhi on 24 June 2026, along with Commerce Minister Piyush Goyal. After a two-day-long discussion, they did not give any indication to conclude with an understanding. No press statement was given by the Commerce Ministry after the discussion.
What was stated by Commerce Minister Piyush Goyal on concluding India’s trade talks with U.S. Counterpart USTR Jamieson Greer on June 24, 2026?
He thanked “Ambassador Greer’s leadership and the sustained efforts of both teams.” He described the talks as constructive and forward-looking.
