Finance Minister Nirmala Sitharaman has said India-US trade negotiations have hit a “plateau”, with both sides finding it hard to offer further concessions.

Speaking at the Munich Leaders Meeting in New Delhi, Sitharaman said talks continue but the two countries are struggling to find room for a balanced, mutually beneficial arrangement. She described tariffs as being “weaponised” in global trade.

The remarks come amid strain over Washington’s trade posture. The foreign ministry has said India is monitoring a US bill that proposes 100 per cent tariffs on buyers of Russian energy.

Energy costs add to the pressure. India’s crude oil import bill hit an all-time high of $50 billion in the first quarter of FY27 amid the West Asia conflict, official data show.

Sitharaman said both nations keep evaluating whether any functional space remains for a deal. She stressed the need to protect core domestic interests while expanding market access.

Bilateral trade talks are being closely watched as tariff threats reshape global supply chains.