New Delhi: External Affairs Minister S. Jaishankar on Thursday dismissed US President Donald Trump’s claim that India had offered a trade deal with “literally zero tariffs,” stating that discussions were still underway and far from final.

“Between India and the US, trade talks have been going on. These are complicated negotiations. Nothing is decided till everything is. Any trade deal has to be mutually beneficial; it has to work for both countries. That would be our expectation from the trade deal. Until that is done, any judgment on it would be premature,” Jaishankar told reporters, reported India Today.

India is working against time to finalise a trade agreement with the United States before the 90-day tariff reprieve announced by President Trump on April 9 comes to an end.

As part of his “Liberation Day” proclamations, Trump had slapped a 26% tariff on Indian goods.

Trade negotiations gathered pace after Prime Minister Narendra Modi’s visit to Washington in February, with both sides targeting completion of the first phase of the deal by autumn.

Commerce Minister Piyush Goyal is expected to travel to the US from May 17 to 20 to accelerate talks.

Trump’s most recent statement came after India issued a firm warning about retaliatory action in response to the US-imposed tariffs on steel and aluminium—a move seen as indicative of India’s increasingly assertive trade posture.

Despite tensions, the United States remains India’s top trading partner, with bilateral trade reaching USD 129 billion in 2024. India enjoys a USD 45.7 billion trade surplus with the US.