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US-India Trade Deal Nears Completion as Tariff Deadline Looms

Treasury Secretary Scott Bessent signals a deal could be signed within days, with a formal roadmap finalized and India positioned to avoid steep tariffs.

Two ILWU signs stand at the entrance to EGT Development during a strike at the Port of Longview in Longview, Wash, Sept. 15, 2011. U.S. President Donald Trump talks to reporters during a meeting with Norway's Prime Minister Jonas Gahr Store in the Oval Office at the White House on April 24, 2025 in Washington, DC.

Overview

  • US Treasury Secretary Scott Bessent stated that India is likely to be among the first nations to finalize a bilateral trade deal with the US.
  • Negotiations have advanced significantly, with both sides agreeing on a formal roadmap for the deal during Vice President JD Vance's recent visit to India.
  • The US has set a July 8 deadline for imposing new reciprocal tariffs, including a potential 26% tariff on Indian imports if no agreement is reached.
  • Bessent highlighted India's minimal non-tariff barriers, absence of currency manipulation, and limited subsidies as factors facilitating the negotiations.
  • Parallel trade talks with South Korea, Japan, and China continue, but India is seen as the leading candidate to secure the first bespoke agreement under Trump's trade realignment strategy.