India and the US are working on a phased trade pact, with the first leg expected to be signed before July, a move that could help both sides dodge Trump’s upcoming tariff blitz.
The deets: the deal is being split into three stages
- Phase 1: Market access for industrial goods, select farm products, and removal of non-tariff barriers like quality restrictions.
- Phase 2: Expected around Sep–Nov, may coincide with Trump’s India visit for the Quad Summit.
- Phase 3: A comprehensive agreement—but it could need US Congress approval, likely pushing it into 2026.
Where things stand: Commerce Minister Piyush Goyal is in Washington, already meeting US Commerce Secretary Howard Lutnick, and expected to meet US Trade Rep Jamieson Greer next.
Why it matters: with Trump’s tariffs looming and India prepping counter-duties, the clock is ticking. Both sides want a deal—but it’s a delicate balancing act between diplomacy and domestic politics.
Stock markets are eagerly watching.
