India’s finance minister says trade talks with US have reached a plateau

India's finance minister Nirmala Sitharaman stated on Monday that the trade talks between the United States and India have reached a deadlock, indicating that further progress may be challenging for both nations. In an event in New Delhi, Sitharaman remarked that it would be exceedingly difficult for either country to make additional concessions beyond the current plateau.

She added that if there are any opportunities for both sides to proceed, they might take them. However, US trade representative Jamie Fleischner had previously indicated last week that an agreement was not imminent following a meeting with Indian trade minister Piyush Goyal in the United States. Fleischner described the negotiations as "hard and very vigorously negotiated," emphasizing that they are still underway.

The two countries have been negotiating a trade agreement since February of 2025, aiming to strengthen their economic relationship and address longstanding market access concerns. Sitharaman highlighted that India had been benefiting from the trade imbalance, as the deficit was on the US side. She indicated that both nations would be inclined to rectify this imbalance.