# Rubio Says U.S.-India Trade Deal Is Close During Mumbai Visit By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/36060 Published: 2026-10-20T22:47:29.000Z Updated: 2026-10-20T22:47:29.000Z Section: Regulation > A February framework reduced the tariff rate to 18%, but negotiations later stalled amid tariff tensions and India’s Russian oil purchases. U.S. Secretary of State Marco Rubio described a trade agreement with India as near completion during his Mumbai visit Tuesday, as the two governments work through tariff disputes and tensions over India’s purchases of Russian oil. The countries have not signed an agreement. Rubio told reporters, “We’re very, very close,” and said a small number of issues remained. He said he expected the remaining points to be settled shortly. Rubio and Indian Foreign Minister Subrahmanyam Jaishankar discussed trade, energy, technology and defense, as well as regional developments. The visit follows earlier U.S.-India trade talks that had stalled amid disagreements over tariffs and Russian oil. The United States raised tariffs on most Indian goods to as high as 50% in August 2025 after trade talks broke down. A framework agreed in February reduced the tariff rate to 18%, but negotiations subsequently stalled. India wants its final tariff rate to be comparable to those faced by manufacturing competitors such as Vietnam. Indian officials have offered differing assessments of the negotiations’ progress. Finance Minister Nirmala Sitharaman said earlier this month that the talks had plateaued. Commerce and Industry Minister Piyush Goyal said last week that the initial part of a trade agreement was nearing completion. India’s purchases of Russian crude have also strained ties with Washington. Rubio said on Saturday, before departing for India, that India had diversified its energy mix but still relied substantially on Russian crude, making a quick change in suppliers difficult. The Indian government has said it plans to expand energy imports, including from the United States, while diversifying suppliers to maintain market stability and affordable prices. Jaishankar and Rubio also met with United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan. Rubio said the three officials discussed regional energy security and shared economic priorities. Rubio is scheduled to visit the [Jamnagar refinery]() in Gujarat on Wednesday and meet with business leaders. The facility is operated by Reliance Industries. ## Links in this article - [Jamnagar refinery](https://www.tokenpost.com/news/business/33295)