Finance Minister Nirmala Sitharaman said on Monday that India-US trade talks have reached a plateau. Here is what that means and where the deal stands.

The two countries have been negotiating a bilateral trade agreement since February 2025. A plateau, in her words, means both sides have hit a point where further concessions would be very difficult. Talks continue, but the easy ground has been covered.

The deadlock has context. The US imposed 50 percent tariffs on Indian goods from August 27 this year. Washington wants India to open up agriculture and reduce the trade gap, which is in India’s favour.

Recent signals have been cautious. US Trade Representative Jamieson Greer said last week that an agreement was not imminent. Commerce Minister Piyush Goyal travelled to the US for talks in the same week.

Sitharaman stressed that the deal is still being rigorously negotiated. Both sides, she said, will look for whatever room remains to operate. What comes next is more technical bargaining, not a signed deal.