With the July 9 deadline to avoid U.S. tariffs approaching, the Indian government seems prepared to pursue a mutually beneficial trade deal with the U.S., while firmly protecting its key domestic interests. In an interview with The Financial Express, Finance Minister Nirmala Sitharaman expressed India’s openness to a comprehensive trade agreement with the U.S., provided that sensitive issues—especially those affecting farmers and livestock producers—are respected.

“We would welcome a deal—a big, good, beautiful one; why not?” Sitharaman said, responding to U.S. President Donald Trump’s recent statement suggesting that a trade pact with India could unlock its markets for American goods. However, she stressed that agriculture and dairy remain “very big red lines” in the negotiations, signaling India’s intent to safeguard the livelihoods of millions dependent on these sectors.

Sitharaman added that forming trade agreements with strong global economies is in line with India’s development goals, especially its ambition to become a developed nation (Viksit Bharat) by 2047. Meanwhile, in the U.S., President Trump’s economic proposal—the so-called ‘Big Beautiful Bill’—moved a step forward as Senate Republicans cleared a key procedural hurdle. The bill, which includes major tax cuts, fiscal reforms, and stricter border controls, now heads into formal debate.

The Senate narrowly voted 51–49 to begin discussions on the 940-page bill, with two Republicans siding with Democrats. Vice President JD Vance was prepared to cast a tie-breaking vote if needed, but it wasn’t necessary. The bill includes $3.8–$4 trillion in tax cuts, such as extending the 2017 tax rates and exempting tips from taxation. Republicans argue the move is needed to prevent automatic tax hikes set to take effect at year-end. However, a Congressional Budget Office report warns the bill could increase the national deficit by $3.3 trillion and leave nearly 12 million more Americans without health insurance by 2034.

The bill has also caused rifts within the Republican Party, with some lawmakers calling for deeper cuts—especially in healthcare. Trump himself has reportedly urged caution. Provisions in the bill include cutting billions in green energy subsidies (drawing sharp criticism from Democrats), reducing Medicaid and food stamp spending by $1.2 trillion through stricter eligibility rules, and allocating $350 billion to national and border security, partly funded by new immigration-related fees.