‘US close to making a trade deal with India,’ says Donald Trump

The US is close to reaching a trade deal with India, President Donald Trump said after he announced new tariffs for 14 countries including Japan and South Korea.

 

Speaking to reporters at the White House, Trump said the US has made a deal with the UK and China.

 

“We've made a deal with United Kingdom. We've made a deal with China. We're close to making a deal with India,” he said.

 

The US has been India's largest trading partner since 2021-22. During 2024-25, the bilateral trade in goods stood at USD 131.84 billion (USD 86.51 billion worth of exports, USD 45.33 billion of imports and USD 41.18 billion trade surplus).

 

The President said he had sent letters to the nations which he believed would not make a deal with the US.

 

"If you want to play ball, ...this is what you have to pay... As far as I'm concerned, we're done. We're sending out letters to various countries telling them how much tariffs they have to pay”.

 

Trump on Monday set a 25 per cent tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other nations that would go into effect on August 1.

 

Trump also warned these countries to not retaliate by increasing their own import taxes, or else the US administration would further increase tariffs.

 

“If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge,” Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.

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