India US Trade Deal News Updates: Trump Says Close To Ink Pact With India

• The US president has indicated that the two countries are close to a trade deal.

• “We had one (deal) yesterday. We have another one coming up, maybe with India….I don’t know, we’re in negotiation," he said.

• "We're very close to a deal with India where they open it up," he added.

• The comments come a day after Trump said his administration was working on a trade deal with India on "same line" as Indonesia.

• Under the trade pact, tariffs on Indonesia has been lowered to 19% from 32% announced earlier.

That's it from our live web coverage of Trump's trade and tariff-related announcements on Wednesday. Stay tuned with ndtvprofit.com for more news, views and updates.

The President of the United States has intensified threats of tariffs on pharma, starting low and rising as high as 200% over the course of a year. He's considering a similar timeline for semiconductors.

President Donald Trump said he would send letters to more than 150 countries notifying them of tariff rates as he pushes ahead with a trade agenda that has sent US partners racing to avoid higher import taxes.

“We’ll have well, over 150 countries that we’re just going to send a notice of payment out, and the notice of payment is going to say what the tariff rate will be," Trump told reporters on Wednesday at the White House. “It’s all going to be the same for everyone, for that group.”

Source: Bloomberg

India must proceed with extreme caution while negotiating a trade agreement with the United States and insist on a jointly issued, written statement before acknowledging any deal, according to Ajay Srivastava, founder of the Global Trade Research Initiative.

"We had one (deal) yesterday. We have another one coming up, maybe with India….I don’t know, we're in negotiation. When I send out a letter, that’s a deal….The best deal we can make is to send out a letter. And the letter says that you’ll pay 30%, 35%, 25%, 20%...We're very close to a deal with India where they open it up," said President Trump.

A trade deal with India is likely to be announced soon, with negotiations ongoing, said President Trump on Wednesday.

Canada announced additional tariffs of 25% on steel imports from all non-US countries containing steel melted and poured in China before the end of July.

India has revised its proposal to impose retaliatory duties under the World Trade Organisation norms against the US over American tariffs on steel and aluminium in view of the further hike in duty by the Trump administration. "This request is made in response to the increase in the tariff rate by the US from 25% ad valorem to 50%," the WTO has said in a communication on Wednesday.

President Trump declared a 30% levy rate for Mexico and the European Union.

President Donald Trump has softened his tone with China in an effort to secure a summit with Xi Jinping and a trade deal, according to people familiar with internal deliberations.

Trump is focused on cutting purchase deals with Beijing and celebrating quick wins, rather than addressing root causes of trade imbalances, people said.

Source: Bloomberg

Sajjid Chinoy, managing director and chief India economist at JPMorgan, said in an interview with NDTV Profit that US tariffs will hurt the global economic growth and push consumer prices. However, the top economist did not flag concerns on inflation outside of the US.

For India, Chinoy said that the government must push to finalise trade deals with the US and EU.

US President Donald Trump threatened to impose stiff levies on Russia if it does not end hostilities with Ukraine. This follows Trump's own pledge of fresh weapons supplies for Kyiv.

President Donald Trump said that he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well.

The US is currently working on five to six trade deals, said President Trump speaking to reporters today.

US President Donald Trump on Tuesday through a post on Truth Social said that the Aug. 1 deadline will not be extended and the tariffs will begin from the set date. "There has been no change to this date, and there will be no change," Trump said in his post.

Donald Trump, while announcing a trade deal with Indonesia on Tuesday, said the US is working alone the "same line" with India. "We’re going to have access into India," he said.

Welcome to NDTV Profit's coverage of US President Donald Trump's movements on the global trade front. Trump has, so far, announced fresh tariffs on over 20 countries ranging from Brazil to Japan, while striking trade deals with the likes of Indonesia.

Stay tuned as we track Trump's announcements, with an eye out for a likely India-US deal.