Trump Says US Nearing Trade Deal With India, Talks In Progress

This statement follows Trump’s remark a day earlier that his administration is engaging with India on terms similar to those being discussed with Indonesia.

“The best deal we can make is to send out a letter saying you’ll pay 30%, 35%, 25%, 20%,” Trump added. “We’re very close to a deal with India that would open things up.”

This comes a day after Trump told reporters that his administration is working with India along “similar lines” to the trade arrangement with Indonesia. Under that pact, tariffs on the Southeast Asian country were reduced to 19%, as announced on Tuesday.

India is currently in its fifth round of trade negotiations with the US. Indian officials, speaking on condition of anonymity, told NDTV Profit on Tuesday that they are closely tracking possible tariff differences that could arise compared to other countries.

“We’re in a wait-and-watch mode,” one official said, adding that the full impact will only become clear after the August 1 deadline, when the US is expected to finalize its tariff plans.

Notably, on April 2, Trump had announced a 26% tariff on India under what he called reciprocal levies. However, a week later, those tariffs were put on hold as the US began trade talks with several key partners, including New Delhi.