The full story of Trump tariff revival and India-US trade talks

US State Department says interim India-US trade deal is 'almost complete' after Jaishankar-Rubio talks in Manila.

EAM S. Jaishankar met US Secretary of State Marco Rubio on sidelines of ASEAN and Quad meetings.

Talks covered tariffs, energy, defence, critical minerals, and artificial intelligence.

Donald Trump plans new tariffs of roughly 10–12.5% on up to 60 countries, including India, citing forced-labour and unfair trade practices.

The tariffs roll out as a temporary 10% tariff expires on Friday, with potential steeper duties under investigation for excess industrial capacity.

India's bilateral trade deal with the US remains deadlocked over market access, agriculture, digital trade, and tariff concessions.

India's Commerce Minister Piyush Goyal refuted reports of a stalled deal but no agreement is in sight, complicating negotiations.

The tariff escalation risks financial market instability, inflation, and harm to US consumers ahead of November midterm elections.

External Affairs Minister S Jaishankar met US Secretary of State Marco Rubio in Manila.

The meeting occurred on the sidelines of ASEAN meetings.

They discussed India-US partnership including trade, energy, defence, and critical minerals.

President Trump is preparing new tariffs under Section 301 of the Trade Act of 1974, replacing tariffs struck down by the Supreme Court.

The temporary 10% tariff expires early Friday, ending five months of relative trade stability.

U.S. Trade Representative Jamieson Greer said new tariff action is expected soon.

Trump announced separate additional 50% tariffs on certain Canadian goods to pressure renegotiation of the USMCA.

The new Section 301 tariffs are based on investigations into forced labor in 60 economies.