The much-anticipated mini trade deal between India and US will likely be announced today (July 8) by 10 pm, citing people familiar with the matter. The two countries will announce today that they have agreed to the deal, while the details regarding the same may be released later, a news channel reported.
The August 1 deadline for U.S. tariffs is for countries that have received letters from U.S. President Donald Trump, and so India is still operating under the July 8 deadline, according to Indian government sources, who added that a mini deal with the US could be announced “in a day or two”. However, they also said that India will not push ahead if the deal specifics do not suit India.
It is essential to note here that Midnight on July 8 marks the end of the 90-day pause Mr. Trump had announced on his April 2 ‘Liberation Day’ tariffs of as much as 40% on other countries. Under the April 2 system, which would come back into force unless a deal with the US is finalised, tariffs on Indian imports would be 26%.
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