As India and the U.S. come closer to finalising the much-anticipated trade deal, Commerce Minister Piyush Goyal is set to visit the U.S. from May 17-20 to finalise the first tranche of the bilateral agreement. Goyal is scheduled to meet U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to finalise the first tranche of the bilateral trade pact between the two countries.

The visit comes soon after the U.S. announced a trade deal with China. US Secretary of the Treasury Scott Bessent, in a statement, said the trade talks held in Geneva were productive, without giving any details.

The US currently imposes 145% tariffs on Chinese goods, while China levies 125% tariffs on US goods. The US' total goods trade with China was an estimated $582.4 billion in 2024. US goods exports to China in 2024 were $143.5 billion, down 2.9% ($4.2 billion) from 2023. U.S. goods imports from China in 2024 totalled $438.9 billion, up 2.8% ($12.1 billion) from 2023. The U.S. goods trade deficit with China was $295.4 billion in 2024, a 5.8% increase ($16.3 billion) over 2023.

The development also comes after India and the United Kingdom successfully concluded their much-touted and awaited bilateral Free Trade Agreement (FTA) this month. The India-UK FTA is set to significantly boost bilateral trade to over $60 billion by 2030 through the elimination of tariffs on 99% of Indian exports, including textiles, leather, and auto parts.

Union Finance Minister Nirmala Sitharaman in April said India is "actively" engaging with the US on a bilateral trade agreement and that "positively", the first tranche of the pact between the two countries is expected to conclude this year.

Speaking on the progress made on tariff-related negotiations and the bilateral trade agreement, the FM, who was on a five-day trip to the US, said India is working with the Trump administration with "keenness", hinting towards US Vice President JD Vance's ongoing trip to India and the recent visit of the Assistant USTR to the country.

“The progress of the agreement or the trade agreement that we are working on, at least a first tranche, is something which we hope to conclude positively by the fall this year,” the FM said.

Notably, India is facing high tariffs imposed by the new Trump administration. Like many other countries, the government has also raised concerns regarding the tariffs. On April 9, the day when his broad-stroke tariff hike across trading partners worldwide was expected to kick in, Trump pressed a pause button.

The White House's latest announcement said the proposed increase in tariffs on all products from around 90 countries, excluding China, will not be applicable for 90 days. He said these countries (which include India) have not retaliated in any way, shape, or form against the United States after he announced the tariff measures against them. All these countries will now be subjected to a ‘base’ reciprocal tariff of 10% during this period.

Separately, Goyal held a comprehensive review of Invest India at Bharat Mandapam today. During the event, he emphasised enhancing the performance, effectiveness and efficiency of Invest India to facilitate greater investments into India. "Also, discussed avenues for further strengthening investor engagement, empowering MSMEs & boosting manufacturing," said the minister.