US President Donald Trump made the revelation that the United States is close to securing a trade deal with India as part of his plan to close the trade deficit and show US power through tariffs. Trump's revelation comes as the US placed tariffs on products from fourteen countries to help deal with its trade deficit with the countries. "We are close to making a deal with India," Trump told reporters during a private dinner with Israeli President Benjamin Netanyahu. "We’ve made a deal with the United Kingdom. We’ve made a deal with China."
Trump suggested that while progress has been made with key partners, other nations unwilling to meet US terms will face new tariff notifications. "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."
Though Trump declined to give specifics about the form or scope of the possible deal with India, he suggested some flexibility for nations with honest grievances. "Some will maybe adjust a little bit depending if they have a cause," he added. "We’re not going to be unfair about it."
On Monday, Trump expanded tariffs on imports from Japan, South Korea, Myanmar, Laos, South Africa, Kazakhstan, Malaysia, Tunisia, Indonesia, Bosnia, Bangladesh, Serbia, Cambodia, and Thailand.
Also read: Modi urges BRICS to secure critical minerals amid China control
The slabs of tariffs will kick in on August 1. Based on letters posted by Donald Trump on Truth Social, the United States will apply a fresh set of tariffs. Both South Korea and Japan will each incur a 25 per cent tariff. Myanmar and Laos will be hit with 40 per cent tariffs, and South Africa will incur a 30 per cent tariff. Kazakhstan, Malaysia, and Tunisia will all face 25 per cent tariffs.
Indonesia will face a 32 per cent tariff, and Bosnia and Herzegovina will face 30 per cent. Bangladesh and Serbia will both face 35 per cent tariffs. Cambodia and Thailand are both scheduled to face the highest rates in this round, with 36 per cent tariffs being placed on their products.
Trump had earlier threatened nations that aligned with what he referred to as the "anti-American policies" of the Brics bloc— which consists of India. In a post on Truth Social, he stated, "Any country aligning themselves with the Anti-American policies of BRICS will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter."
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