US to sort out trade deal with India once Russian oil purchases end, says Commerce Secretary Lutnick

U.S. Commerce Secretary Howard Lutnick said on Thursday that he believes the United States will finalise a trade deal with India once the country stops buying Russian oil.

Speaking to CNBC about which trade issue he was most focused on, Lutnick mentioned India and said: “Well, we’re going to sort out India,” once they stop buying Russian oil.

Meanwhile, Union Commerce and Industry Minister Piyush Goyal indicated that the first tranche of the India-US trade deal is expected to be finalised by November 2025. Goyal noted that discussions between the two countries are progressing positively and that both sides are satisfied with the current pace of talks.

Speaking to reporters, Goyal recalled that in February, Prime Minister Narendra Modi and US President Donald Trump had instructed their respective ministers to work on the pact and conclude the first tranche by November this year.

“In February, Prime Minister Modi and President Trump together instructed us that the ministers of both sides should make a good agreement by November,” Goyal said.

“The first part of that agreement, the first tranche, should be finalised by November 2025, and since March, discussions have been going on seriously in a very good environment. Progress is being made, and both sides are satisfied.”His remarks came a day after PM Modi and President Trump shared a friendly exchange on social media. Trump, writing on his platform Truth Social, expressed confidence in the ongoing talks, saying he was pleased that both nations were negotiating to address trade barriers.”I am pleased to announce that India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations,” Trump wrote.

He added that he looked forward to speaking with his “very good friend” Prime Minister Modi in the coming weeks.

Responding on X, PM Modi described the US as a close friend and a natural partner. He said that the trade talks would unlock the limitless potential of the India-US partnership and assured that both teams were working to conclude discussions swiftly.

Trump later reshared PM Modi’s post, emphasising the positive tone between the two leaders, signalling strong bilateral engagement on economic matters.

Inputs from agencies