Rubio And Jaishankar Say U.S.-India Trade Deal Is Near After Mumbai Talks
On Tuesday, October 20, 2026, U.S. Secretary of State Marco Rubio said he and Indian Foreign Minister Subrahmanyam Jaishankar were "very, very close" to a bilateral trade agreement after talks in Mumbai.[1]
Rubio told reporters that only a "small number of items" remain to be wrapped up and he expects the deal to be completed shortly.[1] Jaishankar said the talks in Mumbai covered ways to strengthen ties in trade, energy, technology and defense and included discussion of regional developments.[1] They also took part in a trilateral meeting with United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan.[1] Rubio is scheduled to visit Reliance Industries' Jamnagar refinery in Gujarat on Wednesday, October 21 and to meet business leaders as part of the trip's commercial focus.[1]
In August 2025, Washington imposed tariffs of up to 50% on most Indian goods.[1] Those tariffs were reduced to 18% under a February 2026 framework, and current talks aim to move beyond that plateau.[1] India reiterated it wants a final U.S. tariff rate comparable to competitors such as Vietnam and has pledged to expand energy imports, including from the U.S., while maintaining some discounted Russian oil purchases.[1]
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📌 Key Facts
- On Tuesday, October 20, 2026, Secretary of State Marco Rubio held talks in Mumbai with Indian Foreign Minister Subrahmanyam Jaishankar focused on deepening energy cooperation and advancing a bilateral trade deal (Marco Rubio).
- Rubio told reporters on Tuesday, October 20, 2026, that the U.S. and India are "very, very close" to a trade agreement, saying there is only a "small number of items left to wrap up" and he expects it to be completed shortly (Rubio).
- Subrahmanyam Jaishankar said the Mumbai talks covered ways to strengthen bilateral ties in trade, energy, technology and defense and included discussion of regional developments (Subrahmanyam Jaishankar).
- Rubio and Jaishankar took part in a trilateral meeting in Mumbai with United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan to discuss regional energy security and shared economic priorities (Sheikh Abdullah bin Zayed Al Nahyan).
- Washington imposed tariffs of up to 50% on most Indian goods in August 2025 (later reduced to 18% under a February 2026 framework), and current talks aim to move beyond that plateau (tariffs of up to 50%).
- India reiterated that it wants a final U.S. tariff rate comparable to competitors such as Vietnam and has pledged to expand energy imports, including from the U.S., while maintaining some discounted Russian oil purchases (India).
- Rubio is scheduled to visit Reliance Industries' Jamnagar refinery in Gujarat on Wednesday, October 21, 2026, and to meet business leaders as part of the trip's commercial focus (Reliance Industries' Jamnagar refinery).
📰 Source Timeline (2)
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- On Tuesday, October 20, 2026, Secretary of State Marco Rubio held talks with Indian Foreign Minister Subrahmanyam Jaishankar in Mumbai focused on deepening energy cooperation and advancing a bilateral trade deal.
- Rubio told reporters on October 20 that the U.S. and India are "very, very close" to a trade agreement, saying there is only a "small number of items left to wrap up" and that he expects it to be completed shortly.
- Jaishankar said the Mumbai talks covered ways to strengthen bilateral ties in trade, energy, technology and defense, and included discussion of regional developments.
- Rubio and Jaishankar also participated in a trilateral meeting in Mumbai with United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan to discuss regional energy security and shared economic priorities.
- The article details that Washington imposed tariffs of up to 50% on most Indian goods in August 2025 after talks broke down, later reduced to 18% under a February 2026 framework, and that current talks aim to move beyond this plateau.
- India reiterated that it wants a final U.S. tariff rate comparable to competitors such as Vietnam and has pledged to expand energy imports, including from the U.S., while maintaining some discounted Russian oil purchases.
- Rubio is scheduled to visit Reliance Industries' Jamnagar refinery in Gujarat on Wednesday, October 21, 2026, and meet business leaders as part of the trip's commercial focus.