India-US trade talks have hit a plateau after months of high expectations, and a deal now looks unlikely before 2027. Here is why the process stalled again. The immediate trigger is Washington's tariff regime: a 25 per cent penalty on Indian goods remains in place, with US officials linking further talks to progress on issues including India's purchases of Russian oil. Indian exporters in sectors such as textiles, gems and jewellery, engineering goods and marine products are bearing the brunt. Industry bodies warn that exporters across 11 sectors face possible bankruptcies if the 50 per cent combined tariff burden persists, with Indian markets sliding 1.6 per cent on the news. Both sides have held multiple rounds of discussions this year but could not bridge gaps on agriculture, digital trade and market access. New Delhi has said it will not compromise on core interests, while Washington wants deeper concessions. For now, exporters are diversifying into Europe, West Asia and Africa, and the government is weighing support measures. Until a breakthrough round is announced, the talks remain in a holding pattern.