US Will 'Sort Out' Trade Deal With India As Soon As Country Stops Buying Russian Oil: Commerce Secy Howard Lutnick

(MENAFN- Live Mint) US Commerce Secretary Howards Lutnick on Thursday said that he believes that the United States will sort out a trade deal with India as soon as New Delhi stops buying Russian oil.

Lutnick made the comments during an interview with CNBC.

When asked on what trade issue with the US he was most focussed on, Lutnick mentioned India.

“Well, we're going to sort out India,” he said, adding that this will only be possible as soon as it stop purchase of Russian oil .

Lutnick's comments on India were notably positive as compared to recent weeks, after the secondary set of US tariffs on India were imposed on August 27. The US has imposed secondary tariffs on India at 25 per cent, citing its purchase of Russian oil. New Delhi now pays 50 per cent Trump tariffs on most of its goods exported to America.

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Howard Lutnick's comments on US-India trade deal comes at a time when relations between both the countries seem to be thawing after turning bitter over the past few months.

Earlier on Thursday, Commerce and Industry Minister Piysuh Goyal indicated that the first tranche of the agreement with the United States on a trade deal should be finalised by November 2025.

“In February 2025, Prime Minister Narendra Modi and President Trump together instructed us that the ministers of both sides should make a good agreement by November 2025,” Goyal said at a press conference in Patna.

He said that US-India talks are being held in a good atmosphere.

Also Read | US-India trade deal: Goyal says both sides 'satisfied with progress'

“The first part of that agreement, the first tranche, should be finalised by November 2025, and since March, discussions have been going on on this subject very seriously in a very good environment, progress is being made, and with the progress, both sides are satisfied,” the Commerce Minister said.

On Wednesday, Piyush Goyal had said that India is in 'active dialogue' with the United States for a trade agreement.

These remarks follow the announcement by Donald Trump that there will be“no difficulty” for the two countries to come to a successful conclusion in trade talks and he looks forward to speaking with his "very good friend" Prime Minister Narendra Modi in the coming weeks.

Also Read | Ahead of Trump-Modi talks, here's a look at the state of tariffs in India

In a post on Truth Social on Tuesday, the US president said he was“pleased to announce that India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations.”

Prime Minister Narendra Modi on Wednesday reacted warmly to Trump's positive assessment of trade talks between the two countries, expressing confidence that the ongoing negotiations will pave the way for unlocking the limitless potential of the partnership between them.

India and the US are close friends and natural partners, Modi has said on X, adding that both countries are working to conclude the trade discussions at the earliest.

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