US Secretary of State Marco Rubio says an India-US trade deal is 'very close' and explains the Russian oil sanctions waiver ahead of talks with Jaishankar in Mumbai
Hindustan Times, Mint and The Times of India reported that US Secretary of State Marco Rubio said on October 19 that Washington is 'very close' to finalising a trade deal with India. The Daily Jagran reported that he said the Trump administration waived sanctions on Russian energy over the past few months because of the effect on global supplies and prices, and that the trade deal was one of the factors considered. The Daily Jagran also reported that he rejected the idea that the waivers made buying Russian oil acceptable, and The Times of India quoted him as saying 'Geography is real'. The reports said he arrives in Mumbai on October 20 for talks with S. Jaishankar and then visits Jamnagar. Earlier US tariffs on India were 50 per cent, including an extra 25 per cent over Russian crude, the reports noted.
The remarks link two issues that India has handled separately: its purchases of Russian crude and the tariff dispute with Washington. If a waiver is explained as a response to global supply, India can keep buying without the purchases being read as a political choice, and the trade talks can proceed on a separate track. The Mumbai visit gives the first face-to-face meeting since the waiver was announced.
If you follow fuel prices or export-linked jobs, the practical question is whether tariffs on Indian goods fall once the first phase is signed. Do not treat 'very close' as a signing date; look for a joint statement after the Jaishankar meeting.
Indian outlets led with the 'very close' remark and his acknowledgement that geography limits some countries' energy choices, which they presented as a softer US line on India's Russian oil purchases.
The cautionary reading is that Rubio said the waivers do not make Russian oil acceptable and that several factors are being weighed. The reports also noted that the first phase is still in legal drafting, so nothing has been signed yet.
Confirmed are Rubio's 'very close' remark, his explanation of the waivers and the Mumbai talks on October 20. Not confirmed are the terms, the tariff rate that would apply, or a signing date. Watch Tuesday for a joint statement and for what is said in Jamnagar about energy.
DailyDrop India edition No. 16 · Morning · TUE., OCT. 20, 2026