India-US Trade Deal LIVE Updates: Trump's trade representative, Modi's minister say details of agreement being finalised

Here is what the Kremlin said about India’s purchase of Russian oil.

“So far, we haven’t heard any statements from New Delhi on this matter,” AFP quoted Kremlin spokesman Dmitry Peskov as telling reporters.

Kremlin has said in a statement that it has not heard from India that it will stop buying Russian oil after the trade deal with the US.

President of ASSOCHAM, Nirmal Kumar Minda, hailed the announcement of the Indo-US trade deal, calling it a “historic agreement”.

“This is a historic agreement, an agreement of this kind. I say that some time ago we concluded a European agreement, and at that time it was said to be the best deal. I say this is the best deal, because our objective is exports, and sectors like textiles, gems and jewellery, footwear, and automobiles will benefit the most,” he told PTI.

India-US trade deal LIVE updates: While reacting to the deal, Shiv Sena (UBT) leader Aaditya Thackeray said that the BJP’s Union Government of India is “strong on and against democracy, the democratic opposition, free speech, free press, environmental activism, and common sense” but “weak on protecting India’s sovereignty, negotiating trade deals, diplomatically navigating geopolitics and national interest”.

“The government needs to answer and bring clarity on the deal! Do a press conference and take real questions, not curated ones,” he added.

India-US trade deal LIVE updates: The Lok Sabha dissolved into a ruckus after a brief restart on Tuesday after Leader of Opposition Rahul Gandhi sought to raise the issue of the Modi government’s handling of India-China border tensions, by again quoting from a magazine article that cites an unpublished book by former Indian Army chief Gen MM Naravane.

Rahul later said outside the House that “the PM has sold the country”, referring to the India-US trade deal announced last night by Donald Trump and confirmed later by PM Narendra Modi.

India-US trade deal LIVE updates: Congress MP Shashi Tharoor questioned the India-US trade deal on Tuesday, flagging the lack of clarity from the government and urging New Delhi to place the full details of the agreement before Parliament.

Tharoor pointed out that, so far, the information available was limited to “President Trump’s tweets and press statements, with no details”. He said claims that India would purchase $500 billion worth of US goods and open its markets to American agricultural products raised “serious questions”, particularly because of the potential impact on Indian farmers.

While acknowledging that a trade agreement was important, Tharoor cautioned against premature celebration. “Reduced tariffs are better than higher ones,” he said, adding that “we cannot celebrate without understanding the terms”. Read more.

India-US trade deal LIVE updates: Terming the India-US trade deal a positive step, auto components industry body ACMA on Tuesday said the agreement will enhance the competitiveness of Indian goods in the US market.

The Automotive Component Manufacturers Association of India (ACMA) applauded Prime Minister Narendra Modi and Commerce Minister Piyush Goyal on securing a trade agreement with the US, reflecting the growing strategic and economic partnership between the world’s two largest democracies.

“The proposed reduction in reciprocal tariffs to 18 per cent is a positive step that will enhance the competitiveness of Indian automotive components in the US market,” ACMA President Vikrampati Singhania said in a statement. (PTI)

White House deputy press secretary Kush Desai hailed the India-US trade deal and called Trump ‘Dealmaker in Chief’

“The Dealmaker in Chief has secured a trade deal with a fast-growing, top five global economy that’s home to over one billion people. Another historic victory for American workers, farmers, and industries,” he wrote on X.

India-US trade deal LIVE updates: External Affairs Minister S Jaishankar will meet US Secretary of State Marco Rubio in Washington on Tuesday ahead of an inaugural ministerial on critical minerals, the meeting coming as President Donald Trump announced a trade deal with India.

Rubio will meet Jaishankar at the Department of State on Tuesday afternoon. Jaishankar is on a visit to the United States from February 2-4 and will participate in the Critical Minerals Ministerial convened by Rubio on Wednesday.

During the visit, Jaishankar will also hold meetings with senior members of the US administration, the Ministry of External Affairs had said. Read more.

India-US trade deal LIVE updates: Unhappy over how the India-US trade agreement was announced and decided, Congress MP Karti Chidambaram said on Tuesday that it undermines India’s sovereignty as the US appears to be deciding India’s trade and oil partners, and called for a relationship based on mutual trust and respect.

“If the President of America can decide whom India will trade with, it looks like we don’t seem to be having an independent grip on our international affairs. Ame rica is deciding that India will stop buying oil from Russia. We just had the Russian President over for a state dinner…This is unprecedented. We are a sovereign country, and we should decide what is best for our interests. We need America and America needs us, but it must be a relationship based on mutual trust and respect,” Chidambaram told news agency ANI.

India-US trade deal LIVE updates: The trade deal announcement was first made by US President Donald Trump, who said that Prime Minister Narendra Modi agreed during a phone call to stop buying Russian oil. Modi, without using the term “trade deal”, thanked President Trump “on behalf of the 1.4 billion people of India” for the “wonderful announcement” of slashing tariffs from 25 per cent to 18 per cent.

The trade deal, which home minister Amit Shah and others in the central government confirmed apart from Trump, follows months of negotiations that involved meetings in both New Delhi and Washington and phone calls between PM Modi and the US President. Click here to read how India focused on resilient economy in run-up to US trade deal.

India-US trade deal LIVE updates: Commerce Minister Piyush Goyal returning to Delhi, likely to make statement on India-US trade deal in Parliament on Tuesday, news agency PTI reported citing sources

India-US trade deal LIVE updates: India’s ambassador to the US Vinay Mohan Kwatra called the trade agreement a “big win for a consequential partnership under the leadership of Prime Minister Narendra Modi @narendramodi and President Donald Trump @POTUS.”

“India and USA announce trade deal creating vast new opportunities for the two economies and the people of our two great nations. Today’s announcements herald an exciting new phase in our partnership,” he added.

India-US trade deal LIVE updates: Congress MP Ujjwal Raman Singh expressed his disappointment with the trade deal between India and the US and told news agency PTI, “I don’t consider this good because through this deal, the Indian government has played with the dignity of the Indian people and their self-confidence. India is a sovereign nation, he (Trump) announced on his social media account that India would now buy oil from Venezuela, not from Russia. What power does he have to tell us where we will buy oil from?”

India-US trade deal LIVE updates: Hailing the India-US trade agreement, UP CM Yogi Adityanath said, “A landmark moment for the India–US economic partnership. A major boost to #MakeInIndia, as Indian products will gain wider global market access, creating fresh opportunities for Indian youth and MSMEs. Thank you, Hon. PM Shri @narendramodi Ji, for your decisive and determined leadership in advancing stronger India-US ties. This milestone reflects rising global confidence in Made in India and reinforces India’s position as a key driver of global growth.”

India-US trade deal LIVE updates: India has agreed to buy petroleum, defence goods, electronics, pharma and telecom products as well as aircraft from the U.S. under a trade deal, a government official told Reuters on Tuesday.

The Indian government official, who did not want to be named, said India has agreed to buy U.S. goods to reduce the trade deficit that the U.S. has with India.

India’s trade ministry did not immediately reply to an e-mail seeking comment.

India’s exports to the U.S. rose 15.88% year-on-year to $85.5 billion in January-November, while imports stood at $46.08 billion, commerce ministry data showed. (Reuters)

India-US trade deal LIVE updates: India’s seafood exports to the United States are expected to recover, following months of declining shipments, after Washington agreed to cut tariffs to 18 per cent from 25 per cent, the Seafood Exporters Association of India (SEAI) said on Tuesday.

Fish exports to the US fell 15 per cent by volume to 201,501 tonnes in the April-November period of the current fiscal year, while value declined 6.3 per cent to USD 1.72 billion from USD 1.84 billion a year earlier, SEAI General Secretary K N Raghavan said. (PTI)

India-US trade deal LIVE updates: Financial analysis firm Moody’s said on Monday that India is unlikely to cease all crude oil purchases from Russia immediately, which could be disruptive to India’s economic growth.

This comes day after US President Trump claimed that India has agreed to stop buying Russian oil and purchase more from the US and potentially Venezuela as part of the trade deal between US and India.

India-US trade deal LIVE updates: BJP-led National Democratic Alliance MPs felicitated PM Modi for the India-US trade agreement, at NDA Parliamentary party meeting in Parliament premises.

India-US trade deal LIVE updates: The Indian Rice Exporters Federation (IREF) on Tuesday expressed optimism over a proposed reduction in United States import tariffs on Indian goods to 18 per cent, down from the earlier 25 per cent.

The federation expects this move to restore price parity with competing nations and significantly boost shipment volumes.

According to IREF National President Prem Garg, the revised tariff structure would place India on a par with competitors like Thailand and Pakistan, which currently face duties of approximately 19 per cent.

“The move to lower tariffs from the earlier 25 per cent to 18 per cent is a significant victory for price parity. This effectively neutralised the duty disadvantage we faced against competitors like Thailand and Pakistan.

(Via PTI)

India-US trade deal LIVE updates: Home minister Amit Shah said on Monday that the US-India trade deal will elevate the strategic partnership between the two countries, paving the way for stronger trade ties and mutual growth.

In a post on X late Monday, Shah said the deal will greatly benefit both nations and their people, with business between India and the US set to flourish further.

“A big day for India-US relations as the trade deal has been locked with a significantly reduced tariff of 18 per cent, paving the way for stronger trade ties and mutual growth,” he said.

India-US trade deal LIVE updates: It was Sergio Gor who posted a teaser ahead of the announcement: “President Trump just spoke with Prime Minister Modi. STAY TUNED.”

Within hours, Trump’s Truth Social post dropped, in which he declared the tariff cut, a deal, and claimed that India will buy $500 billion worth of US goods and cut tariffs on American goods to zero.

Modi posted after this on X, confirming the deal, but not commenting on Trump’s big claims about what India promised in return.

After this, Gor posted, “As I have said many times, President Trump genuinely considers Prime Minister Modi a great friend! Thrilled by the news of the trade deal this evening. The relationship between the United States and India has LIMITLESS POTENTIAL!” — deploying all-capital letters for emphasis, just like his boss.

Gor was asked on TV about Trump’s claims that India had promised to cut its tariffs to zero in return for the deal.

He said nitty-gritty would be worked out.

“I will leave that to the trade negotiators. As you know, ambassadors don’t necessarily have in their portfolio the trade deal. But overall, this is incredible news — 18%. There’s a lot of demand. The United States is open for business under President Trump. It’s a new era,” he said, not sharing details.

He stressed: “I’m thrilled… We have incredible deals ahead; and so I said since I’ve arrived here. The best is yet to come.”

India-US trade deal LIVE updates: On Tuesday morning, day after India-US trade agreement was announced, the stock markets registered a sharp jump.

As of 9.43 am, the BSE jumped 2,134.54 points at 83,801.00 and NSE jumped 636.60 points to 25,725.00

India-US trade deal LIVE updates: Hailing the trade agreement between New Delhi and Washingtob, Nitin Gadkari wrote on X, “Today marks a defining step forward in India-US economic relations as the trade deal is finalised with tariffs reduced to 18%, opening new avenues for growth and cooperation. My heartfelt congratulations to PM Narendra Modi and President Donald Trump for their leadership in securing this historic outcome. The agreement strengthens trust, boosts business confidence, and sets the stage for deeper trade, investment, and shared prosperity for both nations.”

India-US trade deal LIVE updates: Born Sergey Gorokhovsky in 1986 in Tashkent, Uzbekistan (then the Uzbek Soviet Socialist Republic), he was later named Sergio Gor for short. The family lived in Malta before moving to the US near the end of the last century. Gor’s parents are of Russian descent; his mother held Israeli nationality too.

Gor’s journey to becoming one of Trump’s most trusted advisers reads like an unlikely American success story. After he spent his childhood in Malta, he became a citizen of the US only in the 1990s as his parents moved to the country.

A graduate of George Washington University (2008), where he earned a bachelor’s degree in political science and international affairs, Gor built his career methodically through conservative and Republican circles, starting with Senator Rand Paul’s office, where he worked before coming into realtor-cum-reality TV star-cum-politician Donald Trump’s orbit. Read more.