&imwidth=800&imheight=600&format=webp&quality=medium "India-US to finalise 'mini trade deal' in next 24 hours: Can it help New Delhi avoid Trump’s ‘take it or leave it’ tariff letters?")
India and the United States are on the verge of finalising a mini trade deal, with a decision expected in the next 24 to 48 hours, according to a CNBC-TV18 report quoting government sources. The deal, if confirmed, would be a breakthrough ahead of a broader Bilateral Trade Agreement (BTA), discussions for which are set to begin after July 9.
What’s in the mini trade deal?
As per the report, both countries have completed negotiations on the smaller deal, which is expected to carry an average tariff of around 10%. While the exact details have not been made public, officials believe it could serve as a foundation for a larger trade deal.
This comes as US President Donald Trump prepares to impose a wave of higher tariffs starting July 9. Earlier this year, Trump announced a 10% baseline tariff on goods from nearly all trading partners, but held off implementing sharper increases to allow for talks.
These hikes are now due to kick in, ranging between 10% and 70% depending on the country, unless bilateral deals are struck in time.
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Trump’s “take it or leave it” approach
US Treasury Secretary Scott Bessent confirmed that Washington is close to finalising several trade deals ahead of the deadline. “We expect some big announcements in the coming days,” he told CNN’s State of the Union programme.
Trump, meanwhile, told reporters on Air Force One that he had signed letters for 12 countries detailing new tariff rates on goods being sent to the US. “I signed some letters and they will go out on Monday, probably 12. Different amounts of money, different amounts of tariffs,” Trump said, without naming the countries.
He added, “You know, with the UK, we did that. And it was great for both parties. With China, we did that, and I think it’s very good for both parties.” The letters, described as “take it or leave it” offers, are expected to go out just before the tariff hikes kick in.
In addition to the 12 countries receiving Trump’s tariff letters, the US is also preparing to notify 100 smaller nations, many with limited trade volume, that they too could face steep import duties unless new deals are struck quickly.
