Washington, DC: US President Donald Trump announced Monday night that the United States is close to finalizing a trade agreement with India, while confirming that new reciprocal tariffs on 14 countries will come into effect on August 1.
Trump made the remarks while hosting Israeli Prime Minister Benjamin Netanyahu for a dinner meeting at the White House. Addressing reporters, Trump noted,
“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 stated that while the US had already made deals with the UK and China, countries not willing to negotiate will receive official tariff notifications.
“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,” Trump added.
He further said the US is only asking for a “small fraction compared to what we should be getting”, leaving room for adjustments in case of justified concerns from affected nations.
Tariffs on 14 Countries
On his social media platform Truth Social, Trump shared letters sent to the leaders of 14 nations, informing them of new tariffs on imports to the US:
- 36%: Thailand, Cambodia
- 35%: Bangladesh, Serbia
- 32%: Indonesia
- 30%: South Africa, Bosnia and Herzegovina
- 25%: Malaysia, Kazakhstan, Tunisia, South Korea, Japan
- 40%: Myanmar, Laos
In the letters to Japan’s Prime Minister Shigeru Ishiba and South Korea’s President Lee Jae-myung, Trump warned:
“There will be no tariff if your companies decide to build or manufacture product within the United States… we will do everything possible to get approvals quickly.”
He also cautioned against retaliation, stating that any counter-tariffs would be matched equally by the US.
Executive Order to Delay July 9 Deadline
Earlier, White House Press Secretary Karoline Leavitt announced that Trump would sign an executive order delaying the initial July 9 tariff deadline to August 1, giving countries more time to finalize trade agreements.
The 90-day deadline originally set on April 2 came after Trump introduced steep new reciprocal tariffs, some as high as 50%, sparking a sell-off on Wall Street and concerns from the Federal Reserve. The delay aims to avoid further economic turbulence while maintaining leverage in negotiations.
India’s Position
While Trump stated the US is “close to making a deal with India,” no official details about the potential agreement were disclosed. The statement signals positive momentum in India-US trade ties, which have faced challenges in recent years over issues like tariffs on agricultural goods, digital services taxation, and defense equipment.
As global trade dynamics continue to shift, the US’s approach under Trump remains focused on “America First” policies, with reciprocity as the guiding principle.
More announcements regarding India’s position or a formal agreement may follow in the coming weeks.