Rubio Says US-India Trade Deal Is ‘Very, Very Close’ After Mumbai Talks

United States Secretary of State Marco Rubio said in Mumbai on Tuesday that a US India trade deal is “very, very close” to being finalised, offering his most optimistic assessment yet of the long-running negotiations. Speaking to journalists after talks with Indian Foreign Minister Subrahmanyam Jaishankar, Rubio said only a small number of items remained before both sides could make an announcement and sign the agreement.

“We’re very, very close. I would say we’re about as close as you can be without having executed the agreement,” Rubio told reporters. “I think there’s a small number of items left to wrap up, so I think that will happen shortly. We’re hoping, which it should, and hopefully have some good news to announce soon and sign it thereafter.”

Rubio and Jaishankar Talk Trade, Energy and Defence

The two foreign representatives met in Mumbai on the morning of Tuesday, 20 October, with the possibility of a trade deal looming large after months of frustration. Rubio held discussions with Jaishankar on expanding energy collaboration and concluding a trade agreement, while the Indian side said energy, trade, investment and defence were all on the agenda. The US ambassador to India, Sergio Gor, accompanied Rubio.

Rubio described India as an essential partner: “This is the most populous country in the world. It’s the largest democracy in the world. It’s an important commercial partner and business partner of the United States. We also do a lot of defense cooperation. They’re a key member of the Quad. They’re a strong strategic partner.”

From Tariffs to a US India Trade Deal “Incredibly Close”

The US government slapped tariffs as high as 50% on most Indian imports in August 2025 after trade talks failed — a move India called “unjustified, unreasonable and unfair”, with an additional 25% tied to India’s purchase of Russian oil. A preliminary agreement in principle followed on 6 February 2026, after which Washington scrapped the extra 25% as India agreed not to import Russian oil, bringing tariffs down to 18%.

Speaking to Network18, Rubio elaborated on the final stages: “I’m not personally negotiating it; it’s done through our trade representative, but I know, and I’ve been very involved in watching it happen, that it is something we anticipate seeing in a matter of weeks, not months.”

He stressed the need for precision before any announcement: “With these deals, it’s always important that it would be totally agreed to, every detail of it, before it’s announced because you can’t afford for a relationship of this magnitude to be threatened by announcing a deal and it turning out the deal wasn’t finalised. But it’s incredibly close.”

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Conclusion

After a bruising year of tariffs and stalled talks, Rubio’s “very, very close” marks the clearest signal yet that Washington and New Delhi are about to close the deal. Whether the final “technical details” are wrapped up in days or weeks, the Mumbai meeting has put the agreement within sight — and its signing would reset one of the world’s most consequential economic relationships.

Frequently Asked Questions

What did Rubio actually say?

In Mumbai on 20 October, Rubio said the US-India trade deal is “very, very close”, adding that “a small number of items” remain and that he expects an announcement and signing soon.

Who did Rubio meet in India?

He met Indian External Affairs Minister Subrahmanyam Jaishankar in Mumbai to discuss trade, energy, investment and defence, accompanied by US Ambassador to India Sergio Gor.

Why did the talks take so long?

Trade talks collapsed in 2025, after which the US imposed tariffs of up to 50% on Indian imports, including a 25% surcharge linked to India’s purchases of Russian oil. A preliminary agreement in February 2026 restarted the process.

When could the deal be signed?

Rubio said finalisation is expected “in weeks, not months”. India’s commerce minister has said the first tranche of the deal is already in legal drafting.

What did Trump do about the Russia-related tariffs?

On Friday, the US suspended a sanctions measure that could have imposed tariffs of up to 100% on goods from countries buying Russian oil — a move Rubio linked to the trade negotiations.