Commerce and Industry Minister Piyush Goyal has said India-US trade negotiations are moving “extremely well”, but warned that the final value of the deal will depend on whether Indian exports are burdened by additional tariffs under the US Section 301 process. Speaking at the FE Best Banks Awards 2026, Goyal said the two sides had made strong progress and that a deal would come through. However, he indicated that India is closely watching the tariff structure Washington may impose under Section 301, as cumulative duties could reduce the advantage created by the trade agreement.