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At the Kautilya Economic Conclave on October 5, 2026, External Affairs Minister S. Jaishankar argued that the United States should not be blamed for every problem in global trade. He also described a prospective India–US trade agreement as a potentially beneficial step for India’s economy. The agreement was still being negotiated: a framework for an interim deal had been announced in February, but it was not a finalized, implemented agreement.
What Jaishankar said about the US and global trade
Moneycontrol reported Jaishankar saying, “We can’t say US is to blame for all the trade problems.” His point was limited: he argued against assigning responsibility for every trade problem to the United States, not that US policies never create trade barriers or distortions. He urged an objective assessment of the issues affecting trade and market access. Moneycontrol’s October 5, 2026 report covered his remarks at the Kautilya Economic Conclave.
Could the India–US deal boost India’s economy?
Jaishankar presented an agreement with the United States as a major step that could benefit India’s economy, including by improving access to a significant export market. That is his assessment of potential benefits, not a measured estimate of effects on India’s GDP, jobs, or exports. The sources reporting his remarks do not establish how large any economic gains would be or when they might occur.
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No. The governments announced a framework for an interim agreement in February 2026 and reaffirmed negotiations toward a broader Bilateral Trade Agreement. The October 5 reporting described negotiations as ongoing. An announced framework sets out proposed terms and intended next steps; it is not, by itself, proof that a final agreement has been concluded or that its tariff provisions are in effect. The Indian government published the joint framework on February 7, 2026, through the Press Information Bureau.
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What the February framework covers
The framework spans tariffs, market access, non-tariff barriers, digital trade, and intended purchases. These are framework terms and commitments or intentions, not a record that every measure has already taken effect.
Tariffs and market access
- India said it would eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products. The listed products include dried distillers’ grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine, and spirits.
- The United States said it would apply an 18 percent reciprocal tariff rate to listed Indian-origin goods, including textiles and apparel, leather and footwear, plastics and rubber, organic chemicals, home décor, artisanal goods, and certain machinery.
- The framework describes possible removal of reciprocal tariffs on a broad range of other goods, including generic pharmaceuticals, gems and diamonds, and aircraft parts, subject to successful conclusion of the interim agreement. It also addresses separate tariff changes for aircraft and aircraft parts and a preferential quota for certain automotive parts.
Non-tariff barriers and digital trade
The framework addresses US concerns involving medical devices, ICT import licensing, and food and agricultural products. It also calls for discussions on standards and conformity-assessment procedures, rules of origin, and work toward digital-trade rules as part of the broader Bilateral Trade Agreement.
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Announced purchase intention
The framework says India intends to purchase $500 billion in US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years. It separately calls for a significant increase in trade in technology products, including GPUs and other data-center goods. The $500 billion figure is an announced intention in the framework, not evidence that those purchases have occurred. The detailed terms appear in the Indian government’s framework publication.
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Why negotiations remain difficult
Finance Minister Nirmala Sitharaman said on October 5 that talks had reached a plateau and that further give-and-take could be difficult, while also saying discussions continued, according to Moneycontrol. That combination matters: a plateau signals challenging bargaining, not a concluded negotiation. India Today had reported on September 29 that the agreement was far advanced, but that changes in US tariff processes complicated the timing of a deal; this was a media account of prior discussions, not a final negotiating document. India Today’s report provides that context.
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How to read the governments’ claims
The framework lays out areas where both sides say they intend to make progress, but it does not establish the eventual economic results. The US Trade Representative framed the February announcement as creating opportunities for farmers and entrepreneurs in both countries. That is the US administration’s characterization; it is not an independent assessment of the deal’s impact. The USTR statement was issued February 6, 2026.
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