Indian minister, US Treasury Secretary discuss key trade deal details

04 Feb 2026 01:33

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Indian minister, US Treasury Secretary discuss key trade deal details

Photo: X/@DrSJaishankar

External Affairs Minister of India S. Jaishankar began a busy three-day visit to the United States on Tuesday with a meeting with US Treasury Secretary Scott Bessent, highlighting renewed momentum in the strengthening India–US partnership.

The meeting comes amid a shift in bilateral relations following a historic trade agreement reached between Prime Minister Narendra Modi and President Donald Trump. The Trump administration lowered the tariffs on New Delhi—from 50 per cent to 18 per cent on Indian goods, News.Az reports, citing foreign media.

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The meeting with Secretary Bessent is viewed as a vital step in "papering" the details of the breakthrough trade deal announced just 24 hours prior. Under the terms of the agreement, Washington has slashed reciprocal tariffs on Indian goods from 25 per cent to 18 per cent, effective immediately.

The discussions focused on the immediate implementation of the new economic framework and the broader trajectory of the "Comprehensive Global Strategic Partnership." Taking to social media platform X after the engagement, Jaishankar expressed his optimism regarding the dialogue.

"Pleased to meet US Treasury Secretary Scott Bessent in Washington DC today. Had a useful discussion on advancement of India-US economic partnership and strategic cooperation," the Minister stated.

Tariffs cut is expected to provide a massive competitive edge to Indian exporters, particularly in the manufacturing, pharmaceutical, and solar energy sectors.

Jaishankar has been vocal in his support of the pact, emphasising its domestic benefits for India. He noted that the agreement is designed to "boost job creation, spur economic growth, promote innovation," and provide a significant tailwind to the "Make in India" initiative. In earlier remarks, he stressed that a "robust economic relationship is the strongest foundation for our strategic partnership."

Jaishankar is also set to meet with US Secretary of State Marco Rubio today. The meeting is scheduled for 3:30 pm (local time).

The US State Department revealed ahead of the event that Secretary Rubio plans to rally global partners to bolster teamwork on critical mineral supply chains. Discussions at the summit will prioritise worldwide efforts to build stable, robust networks vital for economic stability, national defence, tech supremacy, and the shift to clean energy.

US Interior Secretary Doug Burgum said that around 30 nations are eager to join a coalition of allies and partners focused on critical minerals trade to cut dependence on China.

He added that as many as 20 additional countries have "strong interest" in signing on to the group, which promises tariff-free exchanges, mineral trading, and a baseline price mechanism.

News.Az

By Ulviyya Salmanli