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India-US Trade Talks: Both Countries Engaged In Negotiations, Says Commerce Secretary
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‘Both sides are engaged (in trade deal talks)…and both sides feel that there can be a trade deal,’ Commerce Secretary Rajesh Agrawal told reporters.
India-US Trade Deal Update.
India and the United States are currently engaged in discussions aimed at finalising a trade deal, Commerce Secretary Rajesh Agrawal said on Thursday, noting that India’s exports to the US continue to post positive growth despite the imposition of high tariffs.
“Both sides are engaged (in trade deal talks)…and both sides feel that there can be a trade deal,” Agrawal told reporters.
He added that engagement between the two countries has continued at senior levels, including a virtual meeting held in December last year between Commerce and Industry Minister Piyush Goyal and United States Trade Representative Jamieson Greer.
The comments underline ongoing efforts by New Delhi and Washington to deepen trade ties even as tariff-related challenges persist.
“There are engagements going on, and negotiating teams are talking virtually on issues which are still pending. But we can’t put a deadline. It’s very near. That will happen as long as both sides are ready, they feel it is the right time to announce,” he told reporters.
A team of US officials led by Ambassador to India, Sergio Gor, Deputy USTR, Rick Switzer, met Commerce Minister Piyush Goyal on December 10, 2025 and the Commerce Secretary Agrawal on December 11, 2025, at Vanijya Bhawan, to take forward the negotiations.
Agrwal also noted that India’s exports to the US are “still holding on to a positive trend.”
“It was still doing around USD 7 billion (monthly) despite high tariffs. We are focusing more on areas where tariffs are less, or in areas where tariffs are there, and industry has been showing resilience and holding on to the supply chains,” he said.
There were apprehensions that India’s exports to the US would with additional tariffs imposed by the US administration.
Talking about India’s energy imports, Commerce Secretary said India has been buying from all traditional suppliers but largely Middle East.
“We are buying a lot of oil from US these days. Import from US is increased,” he said.
Energy trade has been a bone of contention in the trade deal talks with the US, and the Trump administration wants more shipments to come to India. India imports over 80 per cent of its energy needs.
On the issue of any possible trade disruptions with Iran, the Commerce Secretary said India has a very limited trade.
“We are looking at that. We are awaiting details and as and when details are there, we will look into it,” he said.
He also gave an update on the India-Canada trade talks. “We are engaged. There was a positive decision to start engaging on trade talks and see how we can restart our negotiations. Both sides are engaged in finalizing Terms of Reference (ToR) for mutually beneficial trade agreement,” he said.
India is actively negotiating trade agreements with several countries, in a bid to expand trade and secure long-term growth opportunities.
The coming months are expected to be critical, when the outcomes of these negotiations could redefine India’s role in the global trade architecture and shape its economic trajectory for the next decade.
India and the US were initially aiming to complete the first tranche of an India-US bilateral trade agreement by fall of 2025, but new developments in the US trade policy landscape, that include tariffs, have altered those plans.
The BTA, formally proposed in February following directives from the leadership of both nations, seeks to more than double bilateral trade, from the current USD 191 billion to USD 500 billion by 2030. Talks were first announced during Prime Minister Narendra Modi’s visit to Washington in February 2025.
US exports have grown year-on-year in the first nine months of the (fiscal) year, Agrawal told reporters, adding total exports could be more than $850 billion in the current fiscal year ending March.
Meanwhile, according to the latest official data from the Ministry of Commerce and Industry, India’s merchandise trade deficit widened slightly in December 2025, driven by a strong rise in imports even as exports remained broadly flat.
India’s goods exports in December 2025 stood at $38.51 billion, which is 1.86% higher than the $37.8 billion recorded in the same month last year. In contrast, imports jumped to $63.55 billion, compared with $58.43 billion in December 2024.
(With Inputs from Agencies)
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January 15, 2026, 16:29 IST
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People walk past a Nike store in New York City, on April 2, 2025.
Kylie Cooper | Reuters
Nike announced a new round of layoffs Thursday affecting approximately 1,400 employees across the organization, mostly concentrated in its technology department.
In a note from COO Venkatesh Alagirisamy, the company said the layoffs were part of Nike’s broader “Win Now” turnaround strategy aiming to reshape its technology team, modernize its Air manufacturing, move some of its Converse Footwear operations and integrate its materials supply chain work into its footwear and apparel supply chain teams.
“Collectively, these changes will result in a reduction of approximately 1,400 roles in global operations, with the majority in technology,” Alagirisamy wrote. “These reductions are very hard for the teammates directly affected and for the teams around them, too.”
A Nike spokesperson said the layoffs are about better positioning the organization for the current pace of sports and accelerating its growth. The layoffs affect employees across North America, Asia and Europe and represent less than 2% of the company’s total global head count.
“This is not a new direction,” Alagirisamy wrote. “It is the next phase of the work already underway.”
Affected employees will be notified beginning Thursday, Nike added.
CEO Elliott Hill has been working to turn Nike around after years of slumping sales. While Hill has made some initial progress, it’s come with some bumps in the road.
Nike announced 775 job cuts in January, primarily at its U.S.-based distribution centers, due to the company’s work in accelerating its use of automation. At the time, the company said the cuts are part of Nike’s goal to return to “long-term, profitable growth.”
Those layoffs came on top of a round of cuts last summer that affected less than 1% of Nike’s corporate staff as part of the company’s efforts to realign the business.
In its third fiscal quarter earnings report last month, the retailer warned that sales will continue to fall for the rest of the year, primarily led by an anticipated 20% decline in China during the current quarter.
— CNBC’s Jessica Golden contributed to this report.
A key reason for the layoffs is Meta’s increased spending in other areas of the company, including AI, for which it will this year spend $135bn (£100bn). This is roughly equal to the amount it has spent on AI in the previous three years combined, according to a person who viewed the memo.
The Government has been urged to stick to its pledge to ban ticket touting amid concerns the policy will be left out of next month’s King’s Speech.
In November, the Government announced that new rules making it illegal to resell tickets for live events for profit would end the “industrial-scale” touting that has caused misery for millions of fans.
Ministers confirmed plans to make it illegal for tickets to concerts, theatre, comedy, sport and other live events to be resold for more than their original cost.
The Labour manifesto promised stronger protections to stop consumers being scammed or priced out of events by touts, who frequently use bots to buy tickets in bulk the moment they go on sale, which they can then sell on for huge mark-ups on secondary ticketing websites.
The proposed rules make it illegal for tickets to be sold at a price above the face value – defined as the original price plus unavoidable fees including service charges.
Service fees will be capped to prevent the price limit being undermined by platforms, which will have a legal duty to monitor and enforce compliance, and individuals will be banned from reselling more tickets than they were entitled to buy in the initial sale.
A host of globally renowned artists have backed the plan, including Radiohead, Dua Lipa and Coldplay.
Following a report in the Guardian that the minister responsible for the policy, Ian Murray, had told music industry groups not to worry if the measure was not part of the King’s Speech on May 13, the Government said it required new primary legislation that it was working to deliver at the earliest opportunity.
A Government spokeswoman said: “Ticket touts are a blight on the live events industry, causing misery for millions of fans.
“We set out decisive plans last year to stamp out touting once and for all, and we are committed to delivering on these for the benefit of fans and industry.”
The music industry and Which? raised concerns about the suggestion of any delay, as sites appeared to show touts selling tickets for the Radio 1 Big Weekend in Sunderland well above the two-ticket limit for buyers and at vastly inflated prices.
Annabella Coldrick, chief executive of the Music Managers Forum, said: “2026 was supposed to mark this Government moving ‘from announcements to action’ but we have little evidence of this to date.
“A ban on ticket touting was one of only two music-related commitments in the Labour manifesto, alongside fixing EU touring.
“These are widely supported, pro-growth measures that will deliver tangible benefits to the British public. However, if ticket resale legislation is not presented in the King’s Speech, it will have the opposite effect and continue to cost those constituents hundreds of millions of pounds a year.
“This Government needs to stand by its promises and get it done.”
Adam Webb, campaign manager at FanFair Alliance, said: “The Government has a big decision to make: will they ‘put fans first’ or not?
“Last November, ministers committed to ‘bold new measures’ to ban online ticket touting and support consumers.
“Enacting these measures should be a no-brainer but, if legislation is not presented in the upcoming King’s Speech, the cycle of industrial-scale exploitation will continue.”
Lisa Webb, consumer law expert at Which?, said: “The Government has promised to put fans first but, if this legislation is not included in the King’s Speech, the only ones celebrating will be the rip-off secondary ticketing websites and online touts.”
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