'India Remains Committed To Bilateral Trade Pact With US' Amid Trump's 500% Tariff Threat: MEA

Amid the 500% Trump tariff threat looming over India, the MEA Spokesperson Randhir Jaiswal noted that India remains interested in a bilateral trade pact between two complimentary economies.

US President Donald Trump on January 8, 2026 had approved the “Russia sanctions Bill”, which proposes 500% tariffs on “all goods and services” imported from countries that “knowingly engage in the exchange” of Russian-origin “uranium and petroleum products”

Commenting on talks being held between PM Modi and US President Trump, he said in 2025 they had "spoken eight times" over "wide-ranging" topics. 

On the recent remark by US Commerce Secretary Howard Lutnick on the India-US trade deal, Jaiswal said India and the US have been committed to a bilateral trade pact since February 13, 2025, and the "characterisation" of Lutnik's statement was "not accurate". 

This comes after Lutnick signalled during the 'ALL In' podcast that terms under which India and the US were close to signing a deal earlier no longer exist.

“The US has stepped back from that trade deal that we had agreed to earlier,” he said. “We are not thinking about it anymore. “India remembers the deal we agreed to. I remember it. They tell me you agreed to this deal. I told them I agreed then. Not now," the US Commerce Secretary said. 

Earlier this week, Trump said Modi was “not that happy with me” because the US imposed tariffs on India’s purchase of Russian oil. A 25 percent penalty pushed total tariffs on India to 50 percent. When Trump claimed that Modi came to him saying, “Sir, may I see you please,” the Indian government chose not to respond officially, at least for now.

Meanwhile, the Sensex closed 604.72 points or 0.72 per cent lower at 83,576.24, and the Nifty ended 193.55 points or 0.75 percent lower at 25,683.30, in today's trading session. The investors sell-off noted this week saw loss of Rs 15 lakh crore in the overall market cap of BSE-listed companies.