US President Donald Trump has said he expects the United States and India to conclude a trade agreement in the near future, highlighting his close personal rapport with Prime Minister Narendra Modi.
Speaking on Thursday, Trump described Modi as a trusted friend and suggested that ongoing trade negotiations between the two countries would eventually lead to a mutually beneficial deal.
‘For years, India took advantage of the United States,’ Trump said. ‘They charged us tremendous tariffs and paid nothing. Now it is the exact reverse and we are making a lot of money with India.’
#WATCH | President Donald Trump says, “For years, India took advantage of the United States… They charged us tremendous tariffs and paid nothing… Now it is the exact reverse and we are making a lot of money with India. But we will get to a deal because I like your Prime… pic.twitter.com/IR2x2MqUV5
— ANI (@ANI) June 4, 2026
He added, ‘But we will get to a deal because I like your Prime Minister [Narendra Modi] a lot. He is a good friend of mine, and we get along well. We have a good relationship.’
Fresh trade talks held in New Delhi
Trump’s remarks come at a time when officials from both countries are working to advance negotiations on a proposed bilateral trade agreement.
A delegation from the Office of the United States Trade Representative (USTR) visited New Delhi from June 1 to June 4 for discussions aimed at moving the talks forward. According to a government statement, both sides engaged in detailed consultations on several key areas.
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The discussions covered issues such as improving market access, addressing non-tariff barriers, simplifying customs processes, enhancing trade facilitation measures and strengthening cooperation on economic security matters.
US flags India over forced labour concerns
Meanwhile, the United States has identified 60 economies, including India, for what it says is inadequate action to prevent the import of goods produced through forced labour practices.
India was among 54 economies specifically named by Washington, alongside countries including Australia, China, Japan, Saudi Arabia, Singapore, the United Kingdom and the United Arab Emirates.
Commenting on the issue, US Trade Representative Ambassador Jamieson Greer said, ‘The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable. This creates a dynamic where American workers are forced to compete globally on an unlevel playing field.’
The move raises the possibility of future trade measures against countries that fail to address the concerns raised by the US administration.
Russian oil exemption faces fresh scrutiny
The ongoing trade discussions are also unfolding against the backdrop of a review of US policy regarding Russian oil purchases.
US Secretary of State Marco Rubio told members of Congress that Washington is reassessing a waiver that currently permits several countries, including India, to continue importing Russian crude oil.
‘We would like to end it as soon as we possibly can because the underlying policy of this country has been to sanction their oil. These are time-limited waivers for the purpose of opening up more global supply,’ Rubio said on Wednesday.
The exemption, introduced in March and subsequently extended twice, is due to expire on June 17. Rubio noted that the US Treasury Department will determine whether it should be extended further.
The waiver was originally granted to help stabilise global energy markets following disruptions linked to the US-Israel conflict in West Asia and challenges affecting shipping routes through the Strait of Hormuz. India resumed purchases of Russian oil under the exemption after energy supplies from the Gulf region came under pressure.
Russian oil purchases remain part of trade discussions
India’s continued imports of Russian oil have remained a point of discussion in its economic engagement with Washington.
Earlier, the Trump administration imposed an additional 25 per cent tariff on Indian goods, alleging that New Delhi’s purchases of Russian crude were indirectly supporting Moscow’s war effort in Ukraine.
However, the extra duty was later withdrawn after India assured the US that it would discontinue imports of Russian oil, according to a White House fact sheet.
‘President Trump agreed to remove the additional 25% tariff on imports from India in recognition of India’s commitment to stop purchasing Russian Federation oil. Accordingly, the President signed an Executive Order last Friday removing that additional 25% tariff,’ the White House document stated.
First published on: Jun 05, 2026 06:48 AM IST
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