Business · Energy & Commodities · 48 mins ago
US and India say trade deal is close after Rubio-Jaishankar talks
US Secretary of State Marco Rubio and Indian Foreign Minister Subrahmanyam Jaishankar met in Mumbai to discuss closer ties in trade, energy, technology and defence.
Rubio said the United States and India are close to a trade agreement, with a few issues left to settle.
The talks follow months of tension over US tariffs on Indian goods and India's purchases of Russian oil.
US tariffs reached 50% on most Indian goods in August 2025, then fell to 18% under a framework agreed in February.
India says its final tariff rate should be comparable to those faced by industrial competitors such as Vietnam.
The deal could also support greater energy trade, as India plans to increase energy imports and diversify suppliers while keeping prices affordable.
Rubio is due to visit Reliance Industries' Jamnagar refinery on Wednesday and encourage the company to process more Venezuelan crude; no signing date for the trade deal was given.
US Secretary of State Marco Rubio said the United States and India are close to finalising a trade agreement, with a small number of items left.
Rubio made the remarks in Mumbai after talks with Indian External Affairs Minister S Jaishankar.
Jaishankar said they discussed trade, energy, technology, defence and regional developments.
The negotiations follow tensions over US tariffs on Indian goods and India’s purchases of Russian oil.
India says the final tariff rate should be comparable to rates faced by competing industrial economies such as Vietnam.
- Who
- US Secretary of State Marco Rubio and Indian External Affairs Minister S Jaishankar.
- What
- They held talks as the two countries seek to finalise a trade agreement.
- When
- Tuesday, October 20, 2026.
- Where
- Mumbai, India.
- Why
- The countries are seeking closer cooperation in trade and energy after tensions over US tariffs and India’s purchases of Russian oil.
This story does not have two clearly opposing sides.
The United States and India agreed on a framework under which tariffs were reduced to 18 per cent.
Washington imposed tariffs of up to 50 per cent on most Indian goods after trade negotiations collapsed.
Indian Finance Minister Nirmala Sitharaman said the talks had reached a deadlock.
Indian Trade and Industry Minister Piyush Goyal said the first tranche of the trade deal was in its final stages.
Rubio and Jaishankar met in Mumbai, where Rubio said only a small number of items remained to complete the agreement.
- Remaining items
- A small number, according to Rubio
- Current tariff rate
- 18 per cent
- Earlier tariff rate
- Up to 50 per cent on most Indian goods
- India's tariff position
- It wants a final rate comparable to competitors such as Vietnam
- Meeting location
- Mumbai, India
6 sources
‘Very, very close’: Marco Rubio on India-US trade deal after meeting with EAM Jaishankar
Rubio says India-U.S. trade deal close, urges New Delhi to boost U.S. energy, defence buys
إنتاج النرويج من النفط والغاز في سبتمبر يقل 4 % عن التوقعات
What people are saying
We're very, very close. I would say we're about as close as you can be without having executed the agreement. I think there's a small number of items left to wrap up, so I think that will happen shortly.
We are very close to reaching an agreement. I can say that we are as close as possible to reaching an agreement before it is formally signed. I think there are a few items remaining, so I expect that to happen soon.
So, we're very optimistic that we will have something in place here very soon.
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SECRETARY RUBIO on TRADE AGREEMENT: We're very, very close. We're about as close as you can be without having an executed agreement. There's a small number of items left to wrap up, I think that will happen shortly.