Finance Minister Nirmala Sitharaman said on October 5 that India–US trade negotiations had reached a stage where further concessions would be difficult for both sides. Addressing the Munich Leaders Meeting in New Delhi, she said talks were continuing and some room for compromise might still be found.
Her description of a plateau followed intensive negotiations. The minister did not announce a completed agreement, signing date or new tariff decision. The development is her public assessment of the talks, rather than a formal end to negotiations.
Sitharaman said Washington wanted to narrow a trade imbalance that favoured India. She linked that concern to the pressure on both countries to identify concessions and provide access to their markets.
The countries have negotiated a trade agreement since February 2025. Last week, US Trade Representative Jamieson Greer said a deal was not imminent after meeting Commerce Minister Piyush Goyal. Reuters reported that earlier assessment alongside the finance minister’s Monday remarks.
Sitharaman also argued that tariffs were increasingly being used to pressure trading partners, while dialogue and reciprocal market access remained necessary. She placed the bilateral talks in a wider shift towards agreements that protect supply chains and national interests as multilateral trade institutions weaken. No newly accepted concessions were specified.