India-U.S. trade deal updates: Sensitive sectors of agriculture and dairy have been excluded from the U.S. deal, says Commerce Minister Piyush Goyal

The India-U.S. Trade agreement is almost done. Union Minister of Commerce and Industry Piyush Goyal says that the India-U.S. Trade deal is in the stages. The teams, from the India-U.S. Trade agreement are working out the details.

The India-U.S. Trade agreement teams will make a statement soon. This statement will have all the details of the India-U.S. Trade agreement that the United States and India are going to sign.

Piyush Goyal says that when the India-U.S. Trade agreement is final and the statement is ready they will finish the work. After that they will share all the details of the India-U.S. Trade agreement.

The President of the United States Donald Trump made an announcement on Monday, February 2 2026. He said that the United States and India have made a trade deal. Donald Trump also said that the Prime Minister of India Narendra Modi has promised to stop buying oil from Russia. This is because of the war in Ukraine. Donald Trump and Narendra Modi are working together on this trade deal, between the United States and India.

Mr. Trump said that the tariffs on goods will be lowered to 18%. Before this Indian goods had a tariff of 25% and an extra 25% tariff was added because India buys oil from Moscow. On Tuesday February 3 2026 the stock market was doing well. The Sensex and Nifty were up by 3% in the afternoon. This news also made the prices of some stocks go up quickly. These stocks were for things like textiles, leather, gems and jewellery seafood exports and speciality chemicals. Indian goods like these will now be cheaper for people in countries to buy. The tariffs on goods are important because they affect how much money India can make from selling things to other countries. Mr. Trumps decision to lower the tariffs on goods is a big deal, for India.

“Delighted that Made in India products will now have a reduced tariff of 18%,” said Mr. Modi, thanking Mr. Trump. “When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation,” said Mr. Modi in his post on X.