US close to deal with India, says Trump as he announces new tariff rates

Donald Trump unveils tariffs on 14 countries effective August 1; says US is nearing a trade agreement with India as part of broader reciprocal duties

US President Donald Trump on Tuesday (IST) said that Washington is close to finalising a deal with India as he announced new tariff rates on 14 nations, news agency Reuters reported.

 

During a press interaction at the White House, Trump was asked about the reciprocal tariffs. "We've spoken to everybody. ...it's all done. I told you we'll make some deals, but for the most part, we're going to send a letter. We're going to say, welcome to the United States, if you'd like to participate in the greatest, most successful country ever," Trump replied.

 

"Now we've made a deal with the United Kingdom. We've made a deal with China. We're close to making a deal with India. Others we met with, and we don't think we're going to be able to make a deal. So we just send them a letter," he added. 

 

#WATCH | On trade deals, US President Donald Trump says, "...We are close to making a deal with India. We've made a deal with the United Kingdom. We've made a deal with China. Others we met with, and we don't think we're going to be able to make a deal, so we just send them a… pic.twitter.com/p5EWU1aeSU

— ANI (@ANI) July 8, 2025

 

Earlier on Monday, July 8, Trump set 25 per cent tariff rates for Japanese and South Korean-made goods, adding that these would come into effect on August 1. Soon after, Trump also announced new tariff rates for 12 other countries.

 

List of countries with new tariff rates:

 

Myanmar: 40 per cent

Laos: 40 per cent

Cambodia: 36 per cent

Thailand: 36 per cent

Serbia: 35 per cent

Bangladesh: 35 per cent

Indonesia: 32 per cent

South Africa: 30 per cent

Bosnia and Herzegovina: 30 per cent

Kazakhstan: 30 per cent

Malaysia: 25 per cent

Tunisia: 25 per cent

 

Trump administration sends out letters to Japan, South Korea

 

The letters sent out by the Trump administration to Japan and South Korea were posted by Trump on his social media platform Truth Social. The letters stressed Trump's commitment to the trading relationship, however, adding the need for more balanced terms. In the letters, Trump warned the countries not to retaliate by increasing their import taxes, or else the Trump administration would further increase tariffs. However, he also indicated his willingness to bring down the tariff rates if these countries decide to revise their trade policies.

 

White House's remark on new Trump tariff rates

 

White House Press Secretary Karoline Leavitt recently said that Trump is setting the rates himself, creating tailor-made plans for every country on this planet, and that's what this administration continues to be focused on, the Associated Press reported.

 

August 1 deadline extension

 

When asked whether the US administration is firm on the August 1 deadline, Trump said, "I would say firm but not a 100 per cent firm. If they call up and say we would like to do something in a different way, we will be open to that." 

#WATCH | When asked if he is firm on his August 1 deadline for U.S. tariffs, US President Donald Trump says, "I would say firm but not a 100 per cent firm. If they call up and they say we would like to do something in a different way, we will be open to that..."  (Source: US… pic.twitter.com/GrvY2m6N44

— ANI (@ANI) July 8, 2025

 

Trump tariffs

 

On April 2, Trump announced 'Liberation Day' tariffs on more than 100 countries and imposed discounted, reciprocal tariffs, including India, China, and Japan. Along with the reciprocal tariffs, he also announced a 10 per cent baseline tariff on all imports. While China was charged with a 34 per cent tariff, India's reciprocal tariff stood at 26 per cent, as compared to the 52 per cent that India charges the US.

 

These tariffs were to come into effect on April 9. However, Trump announced a 90-day pause on the tariffs, allowing the countries to secure a deal with the US. The 90-day deadline will end on July 9, with only three countries securing a deal so far- the UK, China, and Vietnam.