Good afternoon listeners. Welcome to India Tariff News and Tracker for October 24th, 2025.

Significant developments are unfolding in US-India trade relations as both countries edge closer to a comprehensive trade deal. India and the United States have progressed to the legal drafting stage of their bilateral trade agreement, with both sides seeing convergence on most outstanding issues. Commerce Secretary Rajesh Agrawal recently concluded talks in Washington last week, and officials report that not much difference remains between the two nations.

The urgency for this deal comes as India currently faces a 50 percent US tariff rate on its goods. This includes a base reciprocal tariff of 25 percent, plus an additional 25 percent penalty linked to India's purchases of Russian oil. However, there is promising news on the horizon. Reports from Everstream Analytics indicate that US tariffs on India could ultimately be lowered to 15 to 16 percent from the current 50 percent rate. An announcement regarding this agreement may come at the upcoming Association of Southeast Asian Nations summit scheduled from October 26th through 28th.

President Trump has publicly stated that India has agreed to gradually halt purchases of Russian oil products, though India's government has not officially confirmed any recent conversations between Trump and Prime Minister Modi on this matter. Despite Trump's claims that India is cutting back oil imports from Russia, New Delhi maintains that its energy purchases are guided by national interest and energy security.

Union Minister Piyush Goyal made India's negotiating stance crystal clear today while speaking at the Berlin Global Dialogue. He emphasized that India will not be rushed into an agreement, stating that India does not do deals in a hurry, with deadlines, or with a gun to its head. Goyal acknowledged the current tariffs but stressed India's resilience, noting the country is exploring newer markets and strengthening domestic demand.

While non-tariff barriers remain a sticking point, particularly around India's Quality Control Orders which the US views as barriers for American exporters, both sides appear committed to reaching an agreement. The official deadline for the first tranche of the Bilateral Trade Agreement remains fall 2025, as originally announced by Trump and Modi in February.

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