India and the United States are expected to make a final decision on a mini-trade deal within the next 24 to 48 hours, according to CNBC-TV18 sources. The two countries have reportedly completed negotiations on this limited-scope agreement, which could pave the way for broader trade discussions in the future.
The average tariff under the India US Trade Deal is anticipated to be around 10%. Following the conclusion of this deal, talks on a more comprehensive Bilateral Trade Agreement (BTA) are expected to commence after July 9.
LoudFact could not immediately confirm this report.
In related news, US Treasury Secretary Scott Bessent announced that the United States is nearing agreements on several trade deals before the approaching July 9 deadline, when higher tariffs take effect. He predicted multiple significant announcements in the coming days.
Bessent shared during an appearance on CNN’s “State of the Union” that the Trump administration would send out letters to 100 smaller countries with whom the US has minimal trade relationships. These letters will notify them that they will face higher tariff rates originally set on April 2 but suspended until July 9.
“President Trump’s going to be sending letters to some of our trading partners saying that, if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly,” Bessent stated.
