Rubio and Jaishankar hold talks in Mumbai as US and India aim to finalize trade deal
Summary
U.S. Secretary of State Marco Rubio met with India’s Foreign Minister Subrahmanyam Jaishankar in Mumbai to discuss finalizing a trade deal and strengthening cooperation in energy, trade, investment, and defense. Both countries are close to agreeing but still have a few issues to resolve, including tariffs and India’s purchases of Russian oil.Key Facts
- Rubio and Jaishankar held talks in Mumbai on October 20, 2026.
- The U.S. and India want to finalize a trade deal after negotiations stalled over tariffs and Russian oil purchases.
- The U.S. had imposed tariffs up to 50% on many Indian goods in August 2025; these tariffs were lowered to 18% in February 2026 under a new framework.
- India wants tariffs closer to rates given to countries like Vietnam.
- India continues to buy significant Russian oil but is diversifying its energy sources, including imports from the U.S.
- Rubio highlighted India as an important U.S. ally and partner despite tensions over energy trade.
- Rubio is visiting a large refinery in Jamnagar, Gujarat, run by Reliance Industries, which is investing $300 billion in a Texas refinery.
- The two countries are also strengthening defense and technology cooperation as a balance against China in the Indo-Pacific region.
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