New Delhi: Ongoing negotiations for a trade agreement with the US are expected to conclude during the year, a development that could help reduce uncertainty on the external front, according to Economic Survey 2025-26. “At the same time, ongoing trade negotiations with the United States are expected to conclude during the year, which could help reduce uncertainty on the external front,” it said. Talks are going slow as the Trump-administration has imposed a steep 50 per cent tariffs on Indian goods from August last year. A delegation from the office of the US Trade Representative, led by Deputy US Trade Representative Ambassador Rick Switzer, was here in December 2025 for trade talks. “There has been progress in negotiations of the trade deal between the two countries,” the Survey said.