The United States and India are “very close” to finalizing a trade deal, President Trump told reporters at the White House this week, according to the BBC.
The new deal means that the United States is “going to have access to India,” Trump said.
Reuters had reported earlier that an Indian negotiating team was in Washington, trying to hammer out a new agreement.
India’s trade minister Piyush Goyal has said negotiations were proceeding quickly, but any deal had to be a win-win and not struck just to make a deadline, according to Reuters.
Trump had announced on April 2 that India would be subject to a 26% “reciprocal tariff,” but one week later he lowered that to 10%, where it currently stands. However, Trump has threatened to put higher tariff rates into effect if deals aren’t reached by Aug. 1.
Switzerland is also reportedly negotiating a new pact with the United States. Trump set Switzerland’s “reciprocal tariff” at 32%.
(Photo: Getty Images)