‘Close to the finish line’: Top US official signals major trade breakthrough with India

India is on the cusp of clinching a breakthrough trade deal with the United States, with White House economic adviser Kevin Hassett reportedly saying the country is among a select group with agreements “close to the finish line.” 

His comments come as Washington signals readiness to slash tariffs to 10% or lower for nations offering strong trade proposals.

The Trump administration is weighing offers from about 15 countries and aims to finalize several deals within weeks. The strategy marks a shift from across-the-board tariffs toward a more selective, incentive-based approach.

India and the U.S. have been locked in high-level negotiations for an interim deal, targeting a conclusion before a 90-day reciprocal tariff pause ends on July 9. 

While there is no formal confirmation that India will receive the reduced rate, it is considered a leading candidate.

Talks, led by Commerce Minister Piyush Goyal and U.S. Commerce Secretary Howard Lutnick, have centered on reciprocal concessions. India seeks exemption from a 26% suspended tariff and duty-free access for exports like textiles and footwear. In turn, it has offered lower tariffs on U.S. agricultural products.

Currently, most Indian exports still face a 10% U.S. tariff. The interim agreement is expected to cover a limited range of goods and services but would lay groundwork for a broader trade pact. Both governments aim to double bilateral trade to $500 billion by 2030.