India, US Near Interim Tariff Deal, Says Commerce Secy Agrawal

• India and the US are "very close" to an interim deal to lower reciprocal tariffs, according to Commerce Secretary Rajesh Agrawal.
• Six rounds of talks have been held, discussing both a Bilateral Trade Agreement (BTA) and an interim deal.
• The nations aim for "Mission 500" to reach $500 billion in bilateral trade by 2030, with an interim pact possibly by March 2026.
• Indian exports worth $48.2 billion face elevated US tariffs, imposed due to trade deficit concerns and Russian crude purchases.
• The US remains India's largest trading partner, with bilateral trade valued at $131.84 billion in 2024-25.

Why It Matters: India-US tariff deal is crucial for bilateral trade and economic growth.