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'Close to making deal with India': Trump announces as US slaps tariffs on 14 nations
US President Donald Trump on Monday (July 7) announced that his administration was 'close to' reaching a trade deal with India, as Washington imposed fresh tariffs on several nations.
'We've made a deal with the United Kingdom. We've made a deal with China. We are close to making a deal with India,' Trump told reporters at the White House during a private dinner with Israeli PM Benjamin Netanyahu.
Trump warned that nations not ready to bow down to US terms will also be punished with new tariffs.
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'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,' Trump said. 'We're sending out letters to various countries telling them how much tariffs they have to pay.'
Deal with India
Trump in his statement didn't mention about the nature and scope of the deal with India; however, he signalled his willingness to offer flexibility to countries raising legitimate concerns.
'Some will maybe adjust a little bit depending if they have a cause,' he added. 'We're not going to be unfair about it.'
Earlier, media reports emerged that India had made the US aware of its certain red lines, including its concerns in dairy and agricultural sector. The reports said US negotiators have acknowledged India's concerns, and they are mulling offering 'limited relief' on dairy products. India is meanwhile considering offering tariff concessions on certain US-made electronic goods.
Trump previously noted that India seems open to reducing trade barriers, which could pave the way for an agreement before the July 9 deadline.
'Right now, India doesn't accept anybody in. I think India is going to do that. If they do, we're going to have a deal for less—much less—tariffs,' Trump remarked, referencing the 26% reciprocal tariffs he announced on April 2, which are currently suspended pending trade negotiations.
Trump's recent remarks on trade deal with India come as the US administration on Monday expanded tariffs on imports from Japan, South Korea, Myanmar, Laos, South Africa, Kazakhstan, Malaysia, Tunisia, Indonesia, Bosnia, Bangladesh, Serbia, Cambodia, and Thailand. The tariff slabs will come into effect from August 1, according to letters posted by Donald Trump on Truth Social.
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