The TOI correspondent from Washington: A White House fact sheet announcing what it describes as a “historic” trade deal with India contains a headline-grabbing claim but little clarity on its most ambitious number. While the document highlights India’s intention to purchase up to $500 billion worth of US goods, it does not specify any time frame for those purchases – despite reports in some quarters of a five year window. Nor does it explain whether the figure represents a binding commitment (a US assumption) or a long-term, aspirational projection (the Indian view). In effect, the omission underscores the provisional nature of an agreement that is being presented in Washington as a major political win but remains far from a settled trade pact. Issued days after a broad US–India framework agreement was unveiled, the fact sheet attempts to translate that political understanding into concrete outcomes. Yet it makes clear—implicitly rather than explicitly—that the two sides are still operating within an interim arrangement as they negotiate a fuller bilateral trade agreement. The language is confident and declaratory, but the substance remains incomplete, with many of the most contentious trade issues deferred to future talks.

From a US standpoint, the document showcases improved access to the Indian market. It emphasises India’s agreement to “reduce or eliminate” tariffs on a range of American industrial and agricultural products and highlights cooperation on digital trade, supply chains and rules of origin. These elements closely track long-standing US demands and are framed as steps toward addressing what Washington characterises as structural trade imbalances and regulatory barriers faced by American firms – a longstanding Trump complaint. India’s gains, by contrast, are less prominently framed. The most tangible benefit for New Delhi lies in the rollback of punitive US tariffs imposed in recent months, a move that restores predictability for Indian exporters in sectors such as textiles, pharmaceuticals, gems and engineering goods, even though the 18 percent is a huge bump up from the 2-4 percent tariff in the pre-Trump era but down from the punitive 50 percent Trump slapped in his second term. While the fact sheet acknowledges tariff reductions for Indian products entering the US market, it largely treats these as reciprocal concessions rather than as meaningful relief for India’s export-driven industries.Both sides have made compromises, though the balance is still being contested. India has agreed to lower tariffs on selected US agricultural and industrial products and to engage in discussions on regulatory practices and digital trade—areas traditionally sensitive in domestic political debates. The United States, meanwhile, has eased trade pressure that had been justified on geopolitical and enforcement grounds, signaling the strategic importance Washington places on its relationship with India.The larger story, however, is what remains unresolved. Beyond the unanswered questions around the $500 billion purchase figure, the fact sheet offers little detail on timelines, enforcement mechanisms or legal obligations. Core issues such as services trade, data governance, intellectual property protection, and labour and environmental standards are largely postponed. These are precisely the areas that have stalled previous US–India trade negotiations and where domestic constraints on both governments are most pronounced.Ultimately, the fact sheet reads less like the conclusion of a trade deal and more like a progress update shaped by political timing. It signals forward movement in US–India economic ties and reflects converging strategic interests, but it leaves the hardest negotiations for later.