India outpaces US in trade deals as Trump tariff strategy stalls

New Delhi: India has signed substantially more trade deals than the United States this year, highlighting growing concerns in Washington that President Donald Trump's tariff-heavy trade strategy has failed to produce results, according to comments by Henrietta Treyz, co-founder of Veda Partners.

"Down in (Washington) DC, the agita is over the fact that India now has inked 100 per cent more deals than Donald Trump this year," Treyz told CNBC on Monday. "If you recall, they promised 90 deals in 90 days — we have two deals in 10 months, and those are with Cambodia and Malaysia."

Administration Falls Short of Promises

Treyz's remarks reference pledges made by Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer during the summer of 2025, when the administration set an ambitious goal of 90 trade agreements in 90 days following the implementation of Trump's sweeping tariff program. Bessent acknowledged in June 2025 that the deadline would likely not be met, pushing expectations to Labour Day.

The stark contrast with India's performance has become a source of friction among Republican lawmakers. Treyz noted that the administration's use of tariffs as leverage "has failed to produce breakthroughs with key partners."

"Now the cudgel that Trump has been blasting the EU, Japan, and South Korea with all year is not bearing fruit," she said, pointing out that 96 per cent of US trade with South Korea was already covered by a free trade agreement with zero tariffs before the current administration took office.

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India's Trade Offensive

The timing of Treyz's assessment coincided with India and the European Union announcing the conclusion of their free trade agreement on January 27, which Indian Prime Minister Narendra Modi and European leaders have called the "mother of all deals." The pact will eliminate or reduce tariffs on 96.6 per cent of traded goods between the world's most populous nation and the 27-member EU bloc.

Since mid-2024, India has concluded five trade agreements: the landmark EU deal, a comprehensive pact with the United Kingdom signed in July 2025, and agreements with Oman and New Zealand finalised in December 2025.

The political fallout from stalled US trade progress is also mounting. Treyz said that "50 per cent of Americans want the Supreme Court to strike them down," referring to Trump's tariffs. "These trade deals and the tariffs are weighing on the American psyche and pulling the president's numbers down," she added.

Washington Responds

US Treasury Secretary Scott Bessent criticised the EU-India agreement, arguing that Europe was "financing the war against themselves" by purchasing refined oil products from India that originated as Russian crude. "We have put 25 per cent tariffs on India for buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India," he told ABC News.

The US currently imposes 50 per cent tariffs on many Indian goods, including 25 per cent specifically linked to India's Russian oil imports.