In 2025 India negotiated a trade agreement with the United States while most Indian goods faced American tariffs of 50 percent. Commerce Minister Piyush Goyal kept to one formula. “We want a fair, equitable and balanced trade deal,” he said on November 11. A week later, at the Indo-US Economic Summit in Delhi, he said: “When the deal will become fair, equitable and balanced, you will hear good news.”