India will soon begin negotiations with the Trump administration in the US to establish a bilateral trade agreement described as the 'mother of all deals,' according to Piyush Goyal, Union Minister of Commerce and Industry.

"We will soon start discussions with the Trump administration in the United States of America for a strong, powerful economic engagement and a bilateral deal, which will be the mother of all deals," Goyal said while attending the Invest Kerala Global Summit (IKGS 2025) in Kochi on Friday.

The proposed deal aims to enable Indians and Americans to collaborate and complement each other's strengths, creating vast opportunities for investors worldwide to invest in India, he added.

Goyal's remarks follow Indian Prime Minister Narendra Modi’s visit to the US, during which President Donald Trump threatened to impose reciprocal tariffs on countries levying high duties on US goods.

"We will soon impose reciprocal tariffs—if they charge us, we will charge them. Whether it’s a company or a country like India or China, we want fairness; hence, reciprocal," Trump said yesterday. He also hinted at imposing a 25% tariff on imports of automobiles, pharmaceuticals, and semiconductors. A week before meeting Prime Minister Modi, Trump stated that India had "the highest tariffs" and called it "a hard place to do business."

Although Trump had earlier threatened higher tariffs against China, Mexico, and Canada after assuming office in January, those decisions were deferred.

India shares strong ties with the US and fulfils nearly half of the country's demand for generic, low-cost pharmaceutical products.

"India and the US share a long-standing, collaborative partnership in healthcare, and we are confident that continued dialogue among stakeholders will help address the issue," said Sudarshan Jain, Secretary General of the Indian Pharmaceutical Alliance (IPA).