India and the U.S. have come to the table to discuss the trade deal amid the ongoing tariff war, Reuters reported on Apr. 11.
The publication cited an Indian official who said the two countries have finalized "terms of reference" over the first segment of a bilateral trade deal. A "win-win shape and form" to the deal is possible within the next 90 days.
“India is far ahead of other countries in negotiating a trade deal," the official added.
Note that U.S. President Donald Trump announced a pause on tariffs for 90 days on Apr. 9; China, however, remained the exception on which he hiked tariffs to 125%.
U.S. Vice President J. D. Vance is likely to visit India soon for the talks.
The two countries have a bilateral trade worth $191 billion as of now, which India is trying to more than double to $500 billion by 2030.
India’s commerce and industry minister Piyush Goyal said, "India is very efficiently handling the whole thing. PM Narendra Modi and President Trump had already come to a decision in February that they would sign a bilateral trade agreement to boost mutual relations in order to ease trade between the two nations, which will take trade to $500 billion, will generate more employment opportunities, and strengthen the nation's economy... Our talks are progressing well."
"We never negotiate at gunpoint,” Goyal remarked.
The crypto market is reacting positively to the developments so far. The total market cap soared 2.8% over the last 24 hours to $2.7 trillion.
Bitcoin was trading only slightly below the $83,000 mark. At press time, it was exchanging hands at $82,861.65 as per Kraken’s price feed.