Indian Foreign Minister Jaishankar says India and US trade talks are heading in the right direction and a deal is currently being ironed out

Remarks from a foreign minister on trade negotiations sit in the diplomatic-signalling tier rather than the negotiating-detail tier, and episodes of this kind have historically functioned as sentiment markers while actual progress is measured in technical-level talks between trade ministries. The phrasing, a deal being ironed out rather than concluded, is the standard intermediate stage, and comparable episodes have tended to oscillate between such reassurances and abrupt setbacks before any text is initialled. India-US trade discussions have a long record of recurring friction over tariffs, market access and digital and agricultural provisions, so prior form argues for discounting optimistic framing until a joint statement or formal document appears. The relevant channels are the rupee and Indian equity and credit sensitive to export sectors, with any broader dollar read-through typically limited unless the deal reshapes tariff assumptions materially. What tends to matter next is whether negotiators at the working level echo the tone, whether a ministerial meeting or signing window is scheduled, and whether either side attaches conditions publicly. As a headline, this is directional signalling rather than confirmation.