US President Donald Trump said a "very big deal" with India is likely to be signed soon. Trump also said that the US signed a trade pact with China yesterday.

"Everybody wants to make a deal and be part of it. We just signed with China yesterday. We have one coming up—maybe with India. A very big one, where we are going to open up India. In the China deal, we are trying to open up China," Trump said a short while ago during an event on One Big Beautiful Bill.

In the ongoing trade talks, the US has demanded market access for genetically modified (GM) crops, relaxed regulations on medical devices, and changes to data localization policies. India, meanwhile, has sought exemptions from US tariffs on steel, automobiles, and pharmaceuticals, as well as relief from reciprocal tariffs and other trade measures.

India has also pushed for safeguards for its domestic labour-intensive sectors.

India and the US have been discussing a Free Trade Agreement since 2017, but the agreement has not yet materialised.

The last time both nations came close to a deal was in 2020.

Earlier this week, Finance Minister Nirmala Sitharaman said that the trade pact with the U.S. and the European Union is likely to be concluded soon. FM assured the exporters of every possible government support amid the challenging global environment.

“Intense trade negotiations going on with the US and the European Union and should come to a conclusion sooner. Emphasis is being made on getting more free trade agreements getting signed,” Sitharaman said at Exim Bank’s Trade Conclave 2025.

 Finance minister pointed out that India's total exports have touched an all-time high of $825 billion at 6% growth over the previous year, despite a challenging global environment. “This is a significant leap of $466 billion over 2013-14,” she added.