India, US may ink interim trade deal in 48 hours, says report

US President Donald Trump listens as Prime Minister Narendra Modi speaks during a joint press conference at the White House in Washington in February

An interim trade deal between India and the United States may be finalised in the next 48 hours, according to a report by NDTV.

Sources told NDTV that  India's trade team has extended its stay in Washington to iron out key differences.   The negotiations reportedly  picked up pace to complete the deal by July 9, when a 90-day tariff pause ends. India could see its new “reciprocal” tariff rate rise to 27 per cent from the current 10 per cent if a deal is not reached.

Washington has reportedlt  demanded that India open its market to genetically modified crops - a long-standing red line for New Delhi due to risks to its farmers.

Sources told NDTV profit that the US is also pressing for greater market access to Indian agricultural and dairy sectors. However, India is unwilling to accept it citing concerns over rural livelihoods and food safety.

India is also reportedly pushing for meaningful tariff concessions on its labour-intensive exports such as garments, footwear, and leather, which are major job creators.

Senior government officials told New18 that New Delhi has made it clear that it cannot completely open up its dairy sector, which serves as the economic backbone for millions of Indian farmers.

The government maintains that any concessions in this area would directly impact rural livelihoods. Sources also noted that American negotiators have so far empathised with India's oncerns over agricultural and allied sectors.

Earlier, External Affairs Minister S Jaishankar also expressed hope that trade negotiations between the two nations would reach a “successful conclusion".