New Delhi: Commerce and Industry Minister Piyush Goyal on Thursday conducted a meeting with US Secretary of Commerce Howard Lutnick and US Ambassador to India Sergio Gor to discuss ways to enhance trade relationship between the India and the United States.
“Hosted US Secretary of Commerce @HowardLutnick & @USAmbIndia Sergio Gor. Engaged in very fruitful discussions to expand our trade and economic partnership,” Goyal posted on social media platform X.
The meeting is important as India and the US are deliberating on finalising the legal text for the first phase of a bilateral trade agreement.
US Supreme Court order on Tariffs
The chief negotiators of India and the US were scheduled to meet this week in Washington to finalise the legal text for the trade pact, but the US Supreme Court’s decision to strike down President Donald Trump’s sweeping tariffs led to the postponement of the process.
After the SC order, the Trump administration levied 10 per cent tariffs on all the countries for 150 days with effect from February 24, 2026. Trump has announced to increase it to 15 per cent.
Piyush Goyal has said that “as soon as” there is more clarity on the tariffs front in the US, India will resume trade talks with America.
In a big jolt to President Trump, the US Supreme Court ruled that the tariffs imposed by Trump administration are illegal. The president exceeded his authority when he imposed the sweeping levies by using the International Emergency Economic Powers Act (IEEPA) of 1977, the highest court said.
In August 2025, the United States levied a 25 per cent reciprocal tariff on India. Laterthe Trump administration imposed an additional 25 per cent duty for buying Russian crude oil.
In early February, India and the US, agreed on a framework to finalise an interim trade deal. The US has agreed to slash down the tariffs to 18 per cent.