The U.S. announced that the trade deal with India is almost complete, possibly allowing the South Asian country to face a tariff rate less than 26% and lowering the barriers for American companies to raise its competition in the region.
U.S. Treasury Secretary Scott Bessent stated in the TV interview that the deal progress with India is very close while President Donald Trump confirmed to the reporters about the possibility of India barriers lowering process.
Last week, the negotiation hit roadblocks as Trump’s deadline to impose reciprocal tariffs drew near. However, sources informed Reuters that Indian delegates extended their stays in the U.S. until Monday to find an agreement with Trump’s administration.
It seems that they have been successful as White House official stated that the administration is now planning to secure trade deals with India, along with several other countries before July 9. Trump stated that he was not planning to extend this pausing period.
Besides India, more than a dozen countries are negotiating with the U.S. for a lesser tariff rate, with the U.K. and China having been successful. As for the countries that did not negotiate, Trump planned to set the tariff rates on their imports, according to Press Secretary Karoline Leavitt.
