Commerce Minister Piyush Goyal stated that India will finalize an interim bilateral trade agreement with the US only after securing a tariff structure that provides a comparative advantage.
Although a framework was agreed upon on February 2, the deal stalled after the US Supreme Court invalidated the legal basis for the preferential tariffs originally offered to India.
India currently faces a 10% tariff on labour-intensive goods imposed this July under Section 301, alongside an ongoing US investigation into alleged excess industrial capacity.