Nirmala Sitharaman said that the predominant feature of the trade relations between India and the US is that the trade balance is in India’s favour. (PTI Photo)Finance Minister Nirmala Sitharaman on Monday said that the India-US trade deal talks have hit a plateau, beyond which giving or taking might be “very, very” difficult. This comes days after United States Trade Representative (USTR) Jamieson Greer said that signing the deal is not “imminent” as both countries have identified a “universe of items that are sticking points”.India-US trade relations are undergoing a fresh challenge ever since US President Donald Trump signed into law the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, giving him the authority to impose tariffs up to 100% on countries, including India and China, that continue buying Russian oil and gas. Commerce Minister Piyush Goyal has been in the US since September 29 for the G20 Trade ministers meet and bilateral trade deal negotiations.Also Read | US leverage, India’s limited options: Why is the trade deal taking so long?“One thing about the US agreement, which is yet to be finalised, is that it’s been a hard and very rigorously negotiated agreement. The agreement negotiations are still ongoing, although we’d like to believe that both the sides have reached a plateau beyond which giving or taking might be very, very difficult. But maybe if there are room to operate from, both sides could do it,” Sitharaman said at the Munich Security Conference (MSC) here.Sitharaman said that the predominant feature of the trade relations between India and the US is that the trade balance is in India’s favour, adding that India is facing a steep imbalance in its trade with China. “Negotiation used to be the only platform through which countries could highlight the discrepancies…now, the imbalance has been sought to be addressed through other means, where .. tariff has become weaponised. Tariff was an instrument of negotiation,” Sitharaman said.The Finance Ministry in its latest Monthly Economic Review had noted that “trade relations with the United States remain unsettled with the passage of the Graham Bill through the Congress and its Presidential assent.”Also Read | Tariffs, sanctions becoming policy instruments, sometimes weaponised: P K MishraA day after meeting Commerce and Industry Minister Piyush Goyal, Greer had said the talks were constructive and that India and the US were in their final phase. “At the same time, I don’t think there’s something imminent, but we truly have identified the universe of items that are sticking points. We’re working diligently toward them. My sense is that the president, the Prime Minister, may have another call, very soon on this, just to assess progress in where we are,” Greer said at a press briefing Friday.Apart from the Russia-related tariffs, India is also awaiting a decision on an investigation launched by the US under yet another tariff mechanism — Section 301 of the Trade Act of 1974. The investigation is expected to establish if India has excess industrial capacity and is hurting American companies with its output. The first set of Section 301 tariffs resulted in 10% tariffs.Story continues below this adWith the new set of Section 301 tariffs expected to come in, Indian exporters have said that the uncertainty is changing the nature of orders coming from the US. US buyers are no longer placing bulk orders and are diversifying imports. This could mean lower export orders for Indian businesses in the long term till the deal is not signed.Ravi 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