• Source:JND
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US Commerce Secretary Howard Lutnick said a trade deal between India and the US could happen in the "not too distant future" because "we found a place that really works for both countries." However, he pointed fingers at the Indian government and said there were certain things that New Delhi did rub the United States in the wrong way, especially by buying military gear from Russia. "For instance, you generally buy your military gear from Russia. That's a way to kind of get under the skin of America if you're going to buy your armaments from Russia. I think India is starting to move towards buying military equipment from the United States, which then goes a long way," Lutnick said in his keynote address at the eighth edition of the US-India Strategic Partnership Forum (USISPF) in Washington on Monday.

"And this kind of thing just creates that relationship being a part of BRICS, which is, oh, let's move to not support the dollar and dollar hegemony. That's not really the way to make friends and influence people in America. The President calls that out directly and specifically, and the Indian government is addressing it specifically. And that's how you move on to a really positive place. Put it on the table, address it straight on, resolve it straight on and get to a really good place. And I think that's where we are..." added Lutnick.

Expect India-US trade deal in not too distant future: Lutnick

When asked about striking a trade deal with India, the top Trump official said it could be finalised very soon, however, he refrained from promising any deadline for the agreement. "You should expect a deal between the United States and India in the not-too-distant future because I think we found a place that really works for both countries," he added.

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USISPF also presented the 2025 Global Leadership Awards to IBM Chairman Arvind Krishna, Aditya Birla Group Chairman Kumar Mangalam Birla and Hitachi Executive Chairman Toshiaki Higashihara "for their outstanding contributions in strengthening the US-India-Japan economic partnership." This is the first time that business leaders from the QUAD grouping of Australia, India, Japan and the US will be honoured at the USISPF summit.

He underscored that earlier the other countries which traded with America got a better deal which was finalised in two to three years. However, in the Trump administration, Lutnick pointed countries have finalised within a month. Notably, he was mentioning the period when countries desperately rushed to finalise trade deal with the US after US President Donald Trump announced a massive tariff war.

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"Earlier countries get a better deal. That's the way it is. I think India is trying hard to be one of the earlier countries which I appreciate. But these kinds of deals used to take two or three years and we're trying to get them done in a month, which is just not the ordinary DNA of trading relationships between countries.... I think to be in a very, very good place, and you should expect a deal between the United States and India in the not-too-distant future because I think we found a place that really works for both countries," he added.

India-US trade deal possible by June 25: Report

With a team of US officials expecting to visit India this month for trade talks, there is a possibility that the two countries may agree on an interim trade pact by June 25, news agency PTI reported citing its sources last week. India's chief negotiator, Special Secretary in the Department of Commerce Rajesh Agrawal, concluded his four-day visit to Washington last month. He held talks with his US counterpart on the proposed agreement.

Commerce and Industry Minister Piyush Goyal was also in Washington to give an impetus to trade talks. He met with US Commerce Secretary Howard Lutnick twice during his visit. Both sides are looking at an interim trade deal before the first tranche of the proposed bilateral trade agreement (BTA) as the USA's 26 per cent reciprocal tariff on India is suspended till July 9 this year. It was imposed by the US on April 2. However, Indian goods still attract the 10 per cent baseline tariff imposed by America.

(With inputs from agencies)