2 min readNew DelhiJun 9, 2026 04:42 AM ISTA results of probe on “excess capacity” is pending on India and 15 other countries.India and US trade deal can be finalised only after US Section 301 probe comes to an end, a government official said, adding that New Delhi has sought assurance from Washington opens no further probes on the county after the trade deal is signed.Commerce Minister Piyush Goyal last week said that India and the US will sign the “first tranche” of the bilateral trade deal by mid-July. The US has already proposed new Section 301 tariffs on 60 countries, which are expected to come into effect after July 7. Washington has set 12.5% tariffs on 54 countries, including India, China and 10% of six countries, such as Pakistan and the EU.A results of probe on “excess capacity” is pending on India and 15 other countries. The outcome is expected in the coming weeks. And the Indian concession under the trade deal would be in exchange of the cumulative tariffs set as a result of the two probes.Read | No need to worry about US Section 301, we will tackle it… confident of a good trade deal: Piyush GoyalHowever, under the Section 301 of the US Trade Act 1974, the US can announce other kind of restrictions beyond tariffs. Non tariff barriers can also restrict Indian exports to the US and signing a deal could mean giving up more control of sovereign trade policies to the US.But the absence of the deal could accelerate the weakening of the domestic currency and flight of foreign capital that had begun since late last year.The war in the Gulf region and higher oil prices have further weakened India’s macroeconomic conditions. More tariffs could add to India’s fiscal worries. The US team had come to India from June 2-4 for finalisation of the deal and US Trade Representative Jamieson Greer is expected to reach India later this month.© The Indian Express Pvt LtdRavi Dutta Mishra is a Principal Correspondent with The Indian Express, specializing in economic policy and financial regulations. With over five years of experience in business journalism, he provides critical coverage of the frameworks that govern India's commercial landscape. Expertise & Focus Areas: Mishra’s reporting concentrates on the intersection of government policy and market operations. His core beats include: Trade & Commerce: Analysis of India's import-export trends, trade agreements, and commercial policies. Banking & Finance: Covering regulatory changes and policy decisions affecting the banking sector. Professional Experience: Prior to joining The Indian Express, Mishra built a robust portfolio working with some of India's leading financial news organizations. His background includes tenures at: Mint CNBC-TV18 This diverse experience across both print and broadcast media has equipped him with a holistic understanding of financial storytelling and news cycles. Find all stories by Ravi Dutta Mishra here ... Read More Tags:India US tradeAdvertisementLoading Recommendations...AdvertisementLive BlogUS-Israel-Iran War News Live Updates: Iran ends military operations against Israel, warns against renewed strikes10 minutes agoApple WWDC Event 2026 Live Updates: Apple debuts new Siri, AI features, Child Accounts, macOS Golden Gate, and more4 hours agoTMC Crisis Live Updates: 20 TMC MPs write to Lok Sabha Speaker, seek to join NDA7 hours agoPeddi Box Office Collection Day 3 Highlights: Ram Charan film crosses Rs 235 cr mark worldwide; earns over Rs 25 cr in India on Sunday8 hours agoPeddi Box Office Collection Day 4 Live Update: Ram Charan film nears Rs 300 crore milestone9 hours ago