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yesterday

India and U.S. Near Interim Trade Deal Ahead of July 9 Tariff Deadline

Washington negotiators are focusing on mutual tariff cuts for labour-intensive goods, excluding agriculture, dairy and GM crops

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U.S. President Donald Trump holds up a chart of "reciprocal tariffs" while speaking during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC.
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Overview

  • India’s trade delegation has extended its stay in Washington to finalise an interim agreement anticipated within 48 hours that would prevent a 26% U.S. tariff from returning on July 9.
  • The deal proposal excludes agriculture, dairy and genetically modified crops to safeguard smallholder farmers’ livelihoods and address food-safety concerns in India.
  • Negotiators are centering on reciprocal tariff reductions for labour-intensive exports such as textiles, footwear and leather to rebalance bilateral trade.
  • President Trump has signalled optimism about securing “much less tariffs” with India and plans to send other trading partners letters detailing their new levy rates.
  • This potential mini-deal follows interim pacts with the U.K. and Vietnam and a framework accord with China under the same 90-day reciprocal-tariff truce.