# Rubio says U.S. and India are close to trade deal

> Secretary of State Marco Rubio told reporters in Mumbai that the two countries are near finalizing a trade agreement after months of stalled negotiations.
- Title: Rubio says U.S. and India are close to trade deal · Fortune
- Summary: Secretary of State Marco Rubio told reporters in Mumbai that the two countries are near finalizing a trade agreement after months of stalled negotiations…
- Keywords: marco rubio, india, united states, trade deal, tariffs, russian oil, energy cooperation, Rubio, close, trade, deal, Fortune
- Source: Fortune — https://fortune.com/2026/10/20/marco-rubio-india-trade-talks-tariffs-russia-oil
- Author: The Associated Press
- Read time: 1 min
- Topics: marco rubio, india, united states, trade deal, tariffs, russian oil, energy cooperation
## Rubio in Mumbai for trade talks
U.S. Secretary of State Marco Rubio held talks with India's Foreign Minister Subrahmanyam Jaishankar in Mumbai on Tuesday to deepen energy cooperation and finalize a trade deal.
## We're about as close as you can be
Rubio told reporters the countries are very close to executing the agreement, with only a small number of items left to wrap up. He expects this to happen shortly.

> We're very, very close. I would say we're about as close as you can be without having executed the agreement.
## Months of stalled negotiations
Trade talks have stalled for months over American tariffs and India's purchases of Russian oil. Washington imposed tariffs of up to fifty percent on most Indian goods in August twenty twenty-five.
## India wants lower tariff rates
Under a framework agreed in February, the tariff rate was reduced to eighteen percent. India says its final tariff rate should be similar to competing manufacturing countries such as Vietnam.
## Rubio visits Reliance refinery
Rubio is scheduled to visit a refinery in Jamnagar, Gujarat on Wednesday and meet with business leaders. The facility, operated by Mukesh Ambani's Reliance Industries, is the world's largest refining complex.
## Key takeaway

U.S. Secretary of State Marco Rubio said the U.S. and India are close to finalizing a trade deal after talks in Mumbai, with only a small number of items left to resolve.