India and the US reviewed progress on an interim bilateral trade agreement during two days of ministerial talks, discussing market access, digital trade and tariff-related issues. Both countries aim to conclude the pact before a temporary US tariff arrangement expires on July 24
The US Supreme Court struck down Donald Trump’s sweeping tariffs, ruling that only Congress can impose taxes. Former Acting Solicitor General Neal Katyal led the challenge, calling the verdict a major victory for constitutional separation of powers
The US trade deficit widened to $70.3 billion in December, with the annual goods gap with India reaching $58.2 billion in 2025. Imports outpaced exports as goods trade drove the expansion of America’s overall deficit.
India and the US are close to finalising a framework trade deal to address high tariffs, Commerce Secretary Rajesh Agrawal said. Parallel talks are also underway on a comprehensive bilateral trade agreement to deepen economic ties
US President Donald Trump announced a $12-billion farm relief package and vowed tougher tariff action to shield American producers, singling out India and other Asian nations for allegedly dumping rice in the US market. He said tariffs would be used “aggressively” to protect farmers.
India is formulating an action plan to counter a 50% US tariff hike impacting key exports, Economic Affairs Secretary Anuradha Thakur said. Despite fiscal deficit concerns, the government remains confident in achieving targets amid strong economic fundamentals and domestic demand growth
