A US-India trade agreement is not expected to be finalized soon despite a recent call between President Donald Trump and Prime Minister Narendra Modi, according to US Trade Representative Jamieson Greer.
Indian Commerce Minister Piyush Goyal struck a more optimistic tone after meeting Greer, saying discussions focused on completing an interim trade arrangement.
Russian oil remains a major sticking point. Washington argues India's purchases of Russian crude help finance Moscow's war in Ukraine. New Delhi says energy security is the reason it continues buying Russian supplies, particularly amid global disruptions linked to the Iran conflict.
India also wants to protect politically sensitive agricultural interests and maintain favorable tariff treatment for its exports. The US previously imposed tariffs as high as 50% on Indian imports over Russian oil purchases, though duties were later reduced.
Analysts said neither side currently appears ready to compromise on the remaining issues.
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U.S. trade representative Greer says deal with India not 'imminent' after Modi-Trump call https://t.co/Ad9FjQ6LKh
— CNBC (@CNBC) October 2, 2026
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