Trump says India deal 'pretty close’ and 'much different

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For India, feasibility would hinge on enough provisions to ensure durable tariff advantage over rivals, sources said.

By Amiti Sen

Updated - October 21, 2026 at 07:56 PM. | New Delhi

US President Donald Trump

US President Donald Trump has said the proposed India-US trade deal is “pretty close” to conclusion and will be a “much different” kind of pact, even as New Delhi presses for terms that give Indian exporters a lasting edge over rivals.

“They want to make a deal. We’re going to make a deal. Pretty close, yeah... It’s going to be a much different kind of deal than we’ve done,” Trump told reporters at the Oval Office on Tuesday, in response to a question. He did not say what would set the deal apart.

For India, too, the deal has to be different as its feasibility will depend not only on immediate tariff commitments but also on whether it delivers a durable advantage over competing exporters, sources tracking the matter told businessline.

Better terms

“India will need to ensure that its exporters do not face higher US tariffs than competitors. It also wants the advantage not to get eroded if Washington subsequently raises duties on Indian products or gives Vietnam, Bangladesh, Indonesia or other competing economies better terms,” the source said. 

US Secretary of State Marco Rubio, who is currently touring India, also said on Tuesday that only a small number of issues were left to be resolved and a US-India deal announcement was expected soon

While the framework for the US-India interim trade deal announced on February 6, 2026, mentioned that if there are changes to the agreed upon tariffs of either country the other country may modify its commitments, it did not offer any protection against the changes. 

Moreover, the 18 per cent reciprocal tariff rate envisaged under the India-US interim framework has lost much of its significance after subsequent changes in US tariff policy, forced by a Supreme Court judgement, brought the additional duty on Indian goods down to 10 per cent, the source added.

“The changed tariff scenario has altered the basis on which the original framework was negotiated. India can’t agree to a 18 per cent additional duty when its exporters are currently paying 10 per cent like many other countries,” the source said.

This is notwithstanding the fact that threat of fresh duties under the US Section 301 investigation and punitive tariffs linked to India’s purchases of Russian oil continue to linger.

Published on October 21, 2026

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