US Deputy Secretary of State Christopher Landau announced that India and the United States are 'very, very close' to finalizing a significant trade deal, needing to overcome 'that last hurdle' in negotiations. Speaking at the SelectUSA Investment Summit in National Harbour, Maryland, Landau highlighted India's growing importance on the global stage, noting its potential for massive economic development. The two countries aim to achieve bilateral trade of USD 500 billion by 2030. As part of the agreement, India is seeking preferential access to US markets, with the US agreeing to reduce tariffs on Indian goods from 50% to 18%. However, the recent US Supreme Court ruling against former President Donald Trump's reciprocal tariffs has prompted India to recalibrate the agreement to protect its interests under the new global tariff framework. Negotiations have been ongoing since the framework was announced on February 2, 2023, and the text of the deal was released shortly after on February 7.