After Trump's 'no tariffs' claim, Jaishankar says 'nothing is decided till everything is...'

External Affairs Minister S Jaishankar has termed the trade talks with the U.S. as "complicated", saying that "nothing is decided until everything is..." Speaking with reporters at the opening of Honduras' new embassy in New Delhi today, the EAM said any trade deal has to be mutually beneficial and should work for both countries, which would be India's expectation.

"Between India and the US, trade talks have been ongoing. These are complicated negotiations. Nothing is decided until everything is. Any trade deal has to be mutually beneficial; it has to work for both countries. That would be our expectation from the trade deal. Until that is done, any judgment on it would be premature," said Jaishankar.

The Union minister's remarks came soon after US President Donald Trump, during a business leaders' forum in Doha today, said India is "willing to charge no tariffs." "It is very hard to sell in India... they are offering a deal... willing to literally charge us no tariffs," said Trump.

Trump has on many occasions accused India of unfair trade practices.

In April this year, he imposed around 27% "reciprocal tariffs" on India and suspended them for 90 days after several nations approached the country for bilateral deals. With this, the US tariff rates on India remain at 10%, excluding steel, aluminium, and auto components, which attract 25% import tariffs in the US.

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 U.S. this month also announced a trade deal with China, with US Secretary of the Treasury Scott Bessent terming the trade talks held in Geneva as "productive."

India and the United Kingdom also concluded their much-touted and awaited bilateral Free Trade Agreement (FTA) successfully 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.

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

“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.