India, US likely to announce 'mini trade deal' tonight amid Donald Trump's new tariff measures; check details
Sneha Kumari | Jul 08, 2025, 19:34 IST
Highlight of the story: The complete deal is likely to be signed after negotiations between the two countries later this year. The sources noted that this mini-deal is going to be beneficial to the country. Donald Trump's new tariffs on 14 countries, see here.
US President Donald Trump slapped fresh tariffs on 14 countries on Tuesday, including Bangladesh, Japan, and Korea. In a statement, Trump also announced that he is close to making a deal with India. According to government sources, a 'mini trade deal' between India and the United States is likely to be announced tonight, July 8, 2025.
Union Commerce and Industry Minister Piyush Goyal stated that the Modi government’s top priority in trade negotiations is safeguarding India’s interests.
“Whatever free trade agreement will be made with any country, it will be done while protecting the interests of Jammu and Kashmir and the whole of India…Today, the world sees India as a reliable partner in trade and industry. People believe that India and Indians do business honestly. That is why today the world wants to increase trade with India. All the developed countries of the world are eager to increase their two-way trade by making agreements with India," he said.
On Monday, Trump stated that they have already reached agreements with the UK and China and are close to finalising one with India. For others, they have spoken to them but don't see a deal happening; hence, they simply send a letter outlining the terms: if they want to engage, here’s what it will cost.
The United States has prolonged the suspension of its April 2 reciprocal tariffs until August 1, offering relief to Indian exporters and giving both New Delhi and Washington more time to address outstanding issues and work toward a temporary trade agreement.
Laos- 40 per cent tariffsMyanmar- 40 per cent tariffsThailand- 36 per cent tariffsCambodia - 36 per cent tariffsBangladesh - 35 per cent tariffsSerbia - 35 per cent tariffsIndonesia - 32 per cent tariffsSouth Africa- 30 per cent tariffsBosnia and Herzegovina- 30 per cent tariffsMalaysia- 25 per cent tariffsTunisia- 25 per cent tariffsJapan- 25 per cent tariffsSouth Korea- 25 per cent tariffsKazakhstan- 25 per cent tariffs
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US to sign 'mini trade deal' with India tonight
Union Commerce and Industry Minister Piyush Goyal stated that the Modi government’s top priority in trade negotiations is safeguarding India’s interests.
“Whatever free trade agreement will be made with any country, it will be done while protecting the interests of Jammu and Kashmir and the whole of India…Today, the world sees India as a reliable partner in trade and industry. People believe that India and Indians do business honestly. That is why today the world wants to increase trade with India. All the developed countries of the world are eager to increase their two-way trade by making agreements with India," he said.
New trade measures for Bangladesh, Thailand, Japan, and South Korea
On Monday, Trump stated that they have already reached agreements with the UK and China and are close to finalising one with India. For others, they have spoken to them but don't see a deal happening; hence, they simply send a letter outlining the terms: if they want to engage, here’s what it will cost.
The United States has prolonged the suspension of its April 2 reciprocal tariffs until August 1, offering relief to Indian exporters and giving both New Delhi and Washington more time to address outstanding issues and work toward a temporary trade agreement.
Trump Delays Tariff Deadl
Donald Trump's new tariffs on 14 countries:
Laos- 40 per cent tariffsMyanmar- 40 per cent tariffsThailand- 36 per cent tariffsCambodia - 36 per cent tariffsBangladesh - 35 per cent tariffsSerbia - 35 per cent tariffsIndonesia - 32 per cent tariffsSouth Africa- 30 per cent tariffsBosnia and Herzegovina- 30 per cent tariffsMalaysia- 25 per cent tariffsTunisia- 25 per cent tariffsJapan- 25 per cent tariffsSouth Korea- 25 per cent tariffsKazakhstan- 25 per cent tariffs
To stay updated on the stories that are going viral, follow Indiatimes Trending.