USTR Greer says had constructive talks with Indian trade minister, trying to finish trade deal; India-US trade deal is not imminent, have identified sticking points

Comments of this kind from a US trade representative fit the standard pattern of bilateral negotiation: public confirmation of progress paired with an explicit denial of imminence, a formulation that has historically served to keep pressure on the counterpart without conceding that talks are stalled. The distinction worth drawing is between negotiating theatre and genuine sequencing; in past episodes of this kind, talk of identified sticking points has typically preceded either a partial, sector-limited arrangement or a prolonged drift, with comprehensive deals rare on the first pass. The transmission channel for INR and the dollar complex runs through tariff expectations on goods flows and, more immediately, through any linkage to energy purchases and strategic alignment, which have tended to be the real friction points in this relationship rather than headline tariff schedules. The tells are follow-on staff-level engagement, any narrowing of the named sticking points, and whether the next round of commentary comes from principals or deputies, since escalation to principal level has historically marked the final stretch. As it stands, the signal is that nothing prices off this week; the story is a slow-burn calendar item rather than a catalyst.