India’s finance minister Nirmala Sitharaman says trade talks with the United States have hit a plateau. There is little room left for giving and taking, she said.

“Negotiations are still ongoing, although both sides have reached a plateau beyond which giving or taking might be very, very difficult,” Sitharaman told the press at the Munich Leaders Meeting in New Delhi on Monday.

Her comments follow US Trade Representative Jamieson Greer saying last week that a trade agreement was not “imminent” even as negotiations continue.

Sitharaman said the US wants to reduce its trade imbalance with India and make up “for all that they’ve lost over these years.” The US goods trade deficit with India was $58.42 billion in 2025, up 27.8% from 2024.

Last week, Prime Minister Narendra Modi reviewed trade, defence, energy and technology with President Donald Trump in a call both sides called constructive. Trump announced an interim deal in February under which India agreed to “BUY AMERICAN” at higher levels.