India and US end trade round with no deal as July 24 cliff nears
Goyal and Greer report 'substantial progress' but leave key issues open before the tariff snap-back
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Summary
Commerce minister Piyush Goyal and US trade representative Jamieson Greer wrapped two days of talks in New Delhi with a "comprehensive review" of an interim bilateral trade agreement but no breakthrough, India's commerce ministry said. Both sides cited substantial progress on market access, digital trade, supply-chain resilience and non-tariff barriers, yet gave no sign outstanding issues were resolved. The clock is the temporary 10% Section 122 tariff that expires July 24, after which most US imports revert to higher MFN rates. The round followed Modi and Trump's G7 push to fast-track the pact.
Why it matters
Without an interim deal by July 24, the tariff floor on US-India trade snaps back, raising costs on both sides and stalling New Delhi's "Mission 500" goal of $500bn in bilateral trade by 2030. The talks' boilerplate language signals the hard issues, agriculture and digital, remain unsettled.
What to watch
- Whether a signed interim text lands before July 24.
- Movement on agriculture and dairy access, India's red lines.
- Whether Washington grants an extension if talks slip.