US is very close to a trade deal with India, says Treasury Secretary
Jul 3, 2025
The US and India are nearing a deal to lower tariffs on American imports to the South Asian country and to help India avoid levies imposed by the Trump administration, rising sharply next week, said US Treasury Secretary Mr Scott Bessent. “We are very close with India,” he told Fox News in response to a question about progress on trade negotiations.
In the meantime, President Trump said that the United States could reach a trade deal with India that would help American companies compete in the South Asian country and leave it facing far lower tariffs. Trump said aboard Air Force One that he believed India was ready to lower barriers for US companies, which could pave the way for an agreement staving off the 26% rate he announced on April 2, before pausing it until July 9, as per a report.
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