United States President Donald Trump said on Tuesday that Washington and New Delhi are close to finalizing a trade agreement that will look significantly different from previous economic pacts. Speaking to reporters at the White House, Trump offered an upbeat assessment of the long-standing negotiations, noting that both capitals are motivated to cross the finish line. Mr. Trump said in Washington that India and the U.S. were pretty close to making a trade deal, telling reporters at the Oval Office on Tuesday (October 20, 2026): They want to make a deal. We’re going to make a deal. Pretty close, yeah.
He further added that the agreement could be a much different kind of deal
and stated: It’s going to be a much different kind of deal than we’ve done.
US President Donald Trump on Tuesday (local time) said India and the United States were “pretty close” to finalising a trade deal after more than a year of negotiations, while Bloomberg cited Trump as saying on Tuesday while speaking to reporters at the White House: Pretty close, yeah.
Negotiations Enter Final Phase as Rubio Visits Mumbai
Trump’s remarks arrived while U.S. Secretary of State Marco Rubio was visiting India for high-level bilateral discussions. Rubio met with External Affairs Minister S. Jaishankar in Mumbai on Tuesday to review the full scope of the relationship, spanning trade, defense, technology, and energy security. Freedom 250 Reception. Earlier this month, Commerce Minister Piyush Goyal met U.S. He said there are a small number of items left to wrap up,
adding that these too would be dealt with shortly.
We’re very close to doing that.
During his engagements, Rubio described the strategic alignment between the two nations as extraordinary. He acknowledged that disagreements will inevitably arise on certain policies, but emphasized that core national interests unite the two democracies. Rubio indicated that roughly 99 percent of the negotiating work is finished, leaving only technical language and provisions to settle. No two nations on Earth will ever be perfectly aligned on every issue, and there will be times and points of disagreement,
Rubio stated. But on the core issues that matter, the core issues that define the national interests of both India and the United States, the alignment between our countries is extraordinary,
he added.
Trump Waives Russian Energy Tariffs as India Considers Venezuelan Crude
The trade talks have advanced against a shifting energy and tariff backdrop. Just prior to his trip, Trump issued a waiver on potential tariffs of up to 100 percent for major purchasers of Russian oil and gas, a move that averted immediate economic friction for Indian importers. Graham Sanctioning Russia and Iran Act citing “national security” reasons. At the same time, discussions in Gujarat and Mumbai turned toward expanding energy cooperation, including the prospect of Indian refineries processing Venezuelan crude oil.
Both governments have previously announced the framework for an interim trade agreement back in February. While officials from both sides have expressed optimism that the remaining hurdles are minor, trade watchers note that the final legal drafting and verification must still clear review before any formal signing takes place. It’s going through the final contours, the legal drafting, and we hope to be able to finalize that soon and operationalise it once we get a comparable or competitive advantage over our peer countries,
it was noted.
As Slow as an India-US Trade Deal
Its most remarkable feature is its elasticity, enjoying permanent forward momentum without the inconvenience of arriving.
