President Donald Trump said on Tuesday that the United States is close to finalising a mini trade agreement with India as his administration issued new retaliatory tariff notices to 14 global trading partners.

This comes after Trump had earlier imposed a 26 per cent tariff on Indian goods in April 2025, which was later reduced to 10 per cent for a limited 90-day period that is now coming to an end.

“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,” Trump said in a statement while once again highlighting his administration’s tough stance on trade balance.

He mentioned that although some countries had accepted the new terms, others would soon receive official letters outlining the new duties that would take effect from August 1.

This statement followed several weeks of closed-door discussions in Washington, where Indian trade representatives worked with US officials to finalise a limited trade pact.

According to Indian media, citing officials, the current discussions have left out sensitive areas like agriculture and dairy, but a more comprehensive agreement could be considered in later phases.

Trump also stated that countries such as Japan and South Korea would face a 25 per cent tariff and noted that similar notices had already been sent to Bangladesh, Thailand, Myanmar, Indonesia and South Africa.

He said that the August 1 deadline was “firm” but also added that the United States could allow changes “if they have a cause”, suggesting some flexibility may still be possible.

The US President also said, “We're going to say, welcome to the United States if you'd like to be in the greatest, most successful country ever. If trade deals aren't being finalised quickly, tariffs will go back up to the levels we had in April.”

India, which was deeply affected by the April tariff increase, has been seeking relief through a full-scale trade agreement.

Indian officials have been asking for better access for labour-intensive goods such as textiles and electronics, while the United States has been pushing for easier terms on agricultural imports and digital commerce.

These negotiations are unfolding at a time when global protectionism is once again gaining ground and the Trump administration is going back to its strict America First trade agenda.

This has added more uncertainty to global supply chains, which are already dealing with rising inflation and speculation over interest rates.

During the Biden presidency, Indian exporters and IT service companies had benefited from relaxed visa rules and easier trade compliance, but experts believe Trump’s return and tougher trade approach could reverse that progress, especially if the talks break down and tariffs return to the high rates set earlier.