US President Donald Trump announced that a trade deal with India is “close” to being finalised, as Washington dispatches tariff letters to 14 countries including Japan, South Korea, and Bangladesh. The new 25 per cent tariffs will take effect on August 1 unless agreements are reached,

According to the sources, the Indian side has put forward a proposal that touches nearly $150 billion to $200 billion worth of goods trade between the two countries. The US administration is now evaluating the market access that American companies would gain under the proposed deal.

India is currently eyeing an extended deadline for reciprocal tariffs as the US imposed 25 percent tax on imported goods from Japan and South Korea, kicking in from August 1.