US President Donald Trump on Monday said the United States is “close to signing a trade deal” with India, after announcing new reciprocal tariffs on 14 countries — including Bangladesh, Malaysia, Japan, Cambodia and South Korea — setting rates at 25 to 40 per cent, and warning that rerouting foreign goods or retaliating would attract even higher US tariffs.
This comes as Indian negotiators are understood to have offered substantial market access to US products in most sectors, excluding sensitive areas such as dairy and agriculture. The US, in turn, is expected to offer lower tariffs on labour-intensive sectors such as textiles and footwear.
As India awaits an interim trade deal with the US, New Delhi was not among the 14 countries named in the initial list released by the US as the pause on reciprocal tariffs draws to a close. The Association of Southeast Asian Nations (ASEAN) — which the Indian Trade Minister Piyush Goyal last month referred to as “China’s B team” — appeared to be a top Trump target.
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