India-US trade deal highlights: S Jaishankar says agreement to open up ‘new phase’ after ‘productive’ visit to US

Aam Aadmi Party (AAP) MP Sanjay Singh said that several questions regarding the India–US trade deal remained unanswered by Industries and Commerce Minister Piyush Goyal in Parliament.

The AAP leader also warned that the party would continue its agitation both inside Parliament and on the streets.

“If you stop buying oil from Russia at the behest of the US, it will directly impact the people of India. We buy about 40% of our crude oil from Russia. Now, America is saying that India should not buy oil from Russia but instead buy it from the US or Venezuela. If we stop buying oil from Russia, it will put a burden of ₹80,000 crore on the public... There are many questions that the minister has not answered in the Parliament... Our protest will continue from the streets to the Parliament,” Singh told reporters, reported ANI.

Congress leader Jairam Rameshslammed the statement delivered by the Union Minister of Industry and Commerce on the India–US trade agreement, saying it “provides no details” and was aimed at “grabbing headlines.”

In a post on X, Ramesh said, “The statement on the India-US trade deal read out by the Union Minister of Industry and Commerce today in both Houses of Parliament is actually a non-statement. It provides no details since the details are still being negotiated”.

The Samyukta Kisan Morcha (SKM), an umbrella body of farmer unions, expressed concerns over the India-US trade deal amid claims that India's import duty on several agricultural products has been slashed to zero in the India-US trade deal, PTI reported.

Union Minister Piyush Goyal said, “PM Modi has always championed both the agriculture and dairy sectors, safeguarding their interests and working tirelessly to ensure a bright future and ample opportunities for the people in this sector.”

The movement of the rupee will depend on the fine print of the proposed India–US trade deal, Reserve Bank of India Governor Sanjay Malhotra said on Friday.

“The deal has so far been announced and we saw the strengthening of the rupee after that. The impact on the rupee will depend on the fine print,” said Malhotra. Read full report here.

The US introduced a 25% “reciprocal tariff” on several Indian imports as part of Trump’s global “Liberation Day” tariff initiative.

April 10, 2025: Trump announced a 90-day pause on the new tariffs while keeping a baseline 10% duty on all US imports.

July 31, 2025: Trump declared a 25% tariff on all Indian goods and warned of additional penalties if India continued purchasing Russian oil.

August 7, 2025: Trump raised tariffs on Indian goods shipped to the US to 50%, citing India’s ongoing purchases of Russian oil. This marked the highest tariff imposed on any US trade partner.

February 2, 2026: Trump announced a reduction in reciprocal tariffs, lowering them from 25% to 18%

Madhya Pradesh Chief Minister Mohan Yadav on Friday hailed Prime Minister Narendra Modi as a “true leader of the non-aligned policy,” asserting that India does not compromise its position when faced with duties and tariffs, reported PTI.

Commending Modi’s leadership, Yadav said the Union government consistently prioritises the interests of the nation’s farmers and manufacturers.

Taking aim at earlier Congress-led governments, CM Yadav said, “Earlier, it was said only for the sake of saying that India followed the non-aligned policy, but there is no need to explain what was done in the name of this policy at that time.”

Punjab AAP leader Talbir Gill slammed the Centre over the India–US trade agreement, accusing it of once again preparing to “stab” the country’s “annadatas” in the back, reported PTI.

“It will be the biggest attack so far on our farmers and farming,” alleged Gill, who is the AAP in charge of the Majitha Assembly constituency in Amritsar district.

He also recalled that the BJP-led government had earlier attempted to introduce three “black” farm laws before eventually withdrawing them.

“Our farmers firmly opposed the black laws by sitting at Delhi's borders. There was hardly any farmer family in the country which did not participate in that movement,” Gill said.

Congress MP Gaurav Gogoi on Wednesday criticised the India–US trade agreement and called for its details to be released promptly so Indian farmers can assess its likely impact.

Speaking to ANI in Guwahati after the launch of the ‘whoishbs’ website, an event attended by former Chhattisgarh Chief Minister Bhupesh Baghel, AICC General Secretary Jitendra Singh, and senior AICC leader Bandhu Tirkey, Gogoi stressed the need for transparency.

“The details should be out. What has India sacrificed? The farmers of India want to know how much burden they are going to take because of this trade deal,” Gaurav Gogoi told ANI.

Leader of Opposition in the Rajya Sabha, Mallikarjun Kharge, on Wednesday alleged that the India–US trade agreement would damage the interests of Indian farmers and accused the government of attempting to undermine the country’s agriculture sector, reported PTI.

Speaking during the discussion on the Motion of Thanks to the President’s address in the Upper House, the Congress president said that over the past 11 years the government has “bulldozed” social justice, equality, and parliamentary democracy.

Criticising the way the India–US trade deal was announced, Kharge said it was an affront to Parliament that lawmakers learned about the agreement while the House was in session, from US President Donald Trump rather than the Indian government.

Shiv Sena (UBT) MP Priyanka Chaturvedi on Thursday criticised India’s trade agreement with the United States, calling its terms “unequal and unjustified.”

Speaking to ANI, Chaturvedi claimed that India agreed to conditions dictated by US President Donald Trump and said the trade pact should be based on “equal terms".

“We will have to pay 18% tariff on exports to America, but zero tariff will be imposed on America... We have moved away from the Chabahar port... The trade deal should be on equal terms; this deal is unequal and unjustified and is being done according to US President Donald Trump's orders,” Priyanka said.

Gujarat Chief Minister Bhupendra Patel hailed the new India–US trade agreement as a reflection of “New India’s” strength, saying it would generate fresh opportunities for people in both countries. He said the trade pact between India and the United States, signed under the leadership of Prime Minister Narendra Modi, showcases New India’s growing power on the global stage, reported ANI.

According to Patel, the agreement is not confined to a single sector but benefits citizens of the world’s two largest economies while opening up new avenues for growth.

“When the two largest democracies of the world move forward together, the spirit of world welfare is truly embodied. In that regard, this trade deal marks the beginning of a new chapter in bilateral relations between India and America. As a result of this deal, the vision given by the Prime Minister of Make in India, Made for the World, will get more strength,” said CM Patel.

External Affairs Minister S Jaishankar on Thursday said the “historic” India–US trade agreement has entered its final stage of detailing and will be completed “very soon,” following extensive talks with US Secretary of State Marco Rubio, reported PTI.

The discussions in Washington DC took place three days after US President Donald Trump, after a phone call with Prime Minister Narendra Modi, announced that US tariffs on Indian goods would be cut to 18 percent from 50 percent under the trade pact.

Jaishankar said the agreement is expected to usher in a “new phase” in bilateral ties.

Indian shares climbed on Friday, marking their strongest weekly performance in three months, as a long-anticipated trade agreement with the United States eased a major source of uncertainty for investors. The gains outweighed losses seen on Budget day and a continuing global selloff in software stocks driven by concerns over AI-related disruption, reported Reuters.

The Nifty 50 advanced 0.2 percent to close at 25,693.70, while the BSE Sensex rose 0.32 percent to 83,580.40.

The Reserve Bank of India kept its benchmark interest rate unchanged on Friday, as expected, as inflation remained at manageable levels and growth concerns eased following increased government spending in the Budget and reduced tariff pressures after a trade deal with the United States, reported PTI.

The central bank's six-member Monetary Policy Committee (MPC) voted unanimously to keep the repurchase or repo rate at 5.25 per cent. RBI retained its neutral policy stance, signalling that it is likely to remain on hold for now.

Recently finalised India–EU FTA and a potential India–US trade deal expected to boost export momentum, said RBI Governor, reported PTI.

Commerce and Industry Minister Piyush Goyal said on Tuesday that the India–US Trade Agreement offers immense opportunities for the country and represents the most favorable deal India has secured compared to its neighbours.

Speaking at a press conference a day after the trade pact was announced, Goyal said India’s interests had been given top priority.

“We all know that the Prime Minister, leveraging his friendly relationship and close ties with President Trump, has finalised a trade deal with the United States of America that is the best deal India has received compared to all our neighbors, all the surrounding countries, and all the countries that compete with us. This is a great deal for all of us,” he said, as per ANI.