India, US hold talks on tariffs, aim for 'fair and balanced' trade deal

The EAM confirmed his conversation with Rubio and stressed the importance of moving quickly on the trade agreement.

External Affairs Minister S Jaishankar and US Secretary of State Marco Rubio held a telephonic conversation on Monday to discuss the impact of newly imposed American tariffs on Indian exports and explore pathways for advancing a “fair and balanced trade relationship,” according to a statement issued by the US State Department.

The call comes just days after US President Donald Trump announced a sweeping 10% baseline tariff on all imports into the United States, with higher rates targeting specific countries, including India, which now faces a 26 percent tariff under the new regime. The move has rattled global markets and raised concerns among key US allies and trade partners.

India, however, has so far refrained from retaliatory measures. An Indian official, speaking over the weekend, said New Delhi is prioritising ongoing negotiations with Washington to finalise a long-delayed Bilateral Trade Agreement, expected by autumn 2025.

Taking to microblogging site X, Jaishankar confirmed his discussion with Rubio and highlighted the need for urgency on the trade front.

“Good to speak with @SecRubio today. Exchanged perspectives on the Indo-Pacific, the Indian Sub-continent, Europe, Middle East/West Asia and the Caribbean. Agreed on the importance of the early conclusion of the Bilateral Trade Agreement. Look forward to remaining in touch,” Jaishankar posted on Monday.

Good to speak with @SecRubio today.Exchanged perspectives on the Indo-Pacific, the Indian Sub-continent, Europe, Middle East/West Asia and the Caribbean.Agreed on the importance of the early conclusion of the Bilateral Trade Agreement.Look forward to remaining in touch.

Dr. S. Jaishankar (@DrSJaishankar) April 7, 2025

The US State Department, in its statement, echoed the sentiment, saying both sides “reaffirmed their commitment to making progress toward a fair and balanced trade relationship” and discussed “U.S. reciprocal tariffs on India.”

The two leaders also exchanged views on a wide range of geopolitical developments, including security dynamics in the Indo-Pacific, tensions in West Asia, evolving challenges in Europe, and humanitarian responses in the Caribbean and Indian subcontinent.

During a recent address at NATO headquarters in Brussels, Secretary Rubio had called on major economies like India and China to step up their global humanitarian contributions, particularly in the wake of devastating earthquakes in Myanmar. He stressed the importance of international solidarity in responding to crises, suggesting that rising powers must shoulder more responsibility.

India and the US had earlier agreed this February to work toward concluding a comprehensive trade pact aimed at resolving tariff-related disputes and deepening economic ties between the two democracies