India and the United States are close to finalising a limited trade agreement, as per a report by the media. Citing government sources, the report says the two nations may finalise the mini trade deal within the next 24 to 48 hours. Although modest in scope, this agreement could lay the foundation for broader trade talks later in the year.
Average Tariff Expected Around 10%
As per the report, both sides have already concluded most of the negotiations. The mini deal is expected to carry an average tariff rate of about 10 per cent. Although not a full-fledged trade pact, this smaller agreement could serve as a stepping stone toward a broader Bilateral Trade Agreement (BTA), which might see formal discussions begin after July 9. As of now, media have not been able to independently verify this report.
US Looks to Finalise Global Trade Deals Before Tariff Deadline
In a related development, US Treasury Secretary Scott Bessent stated that the United States is nearing the conclusion of several trade deals ahead of a key deadline on July 9. This is the date when previously delayed higher tariffs are set to take effect.
Speaking on TV Media “State of the Union”, Bessent noted that the US plans to send formal notices to about 100 smaller countries with limited trade activity with America. These letters will warn them of higher tariff rates if agreements aren’t reached soon.
August 1 Tariff Warning from Trump Administration
According to Bessent, President Trump will issue warnings to countries indicating that, unless progress is made quickly, tariff levels from April 2—which were temporarily halted—could return on August 1.
“We're expecting several trade deals to be announced in the coming days,” Bessent added, signalling that the US is accelerating its push to wrap up trade talks globally.
