India, US likely to finalise mini trade deal within 48 hours, average tariff to be around…: Report

The average tariff under the India-US mini deal is likely to be around 10%, paving the way for broader trade discussions after July 9.

Updated on: Jul 6, 2025, 23:10:16 IST

By HT News Desk

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India and the United States are expected to take a final decision on a mini-trade deal within the next 24 to 48 hours, CNBC-TV18 reported on Saturday, citing sources. The two sides have reportedly completed negotiations on the limited-scope agreement, which could pave the way for broader trade discussions.

US President Donald Trump and Prime Minister Narendra Modi shake hands as they attend a joint press conference at the White House in Washington, D.C. on February 13, 2025. (REUTERS)

According to the report, the average tariff under the mini deal is likely to be around 10%. Talks on a more comprehensive Bilateral Trade Agreement (BTA) are expected to begin after July 9.

HT.com could not immediately confirm the report.

US treasury secretary Scott Bessent, meanwhile, said the United States is close to reaching agreements on several trade deals ahead of a July 9 deadline when higher tariffs kick in, predicting several big announcements in coming days.

Bessent told CNN's "State of the Union" programme that the Trump administration would also send out letters to 100 smaller countries with whom the US doesn't have much trade, notifying them that they would face higher tariff rates first set on April 2 and then suspended until July 9.

"President Trump's going to be sending letters to some of our trading partners saying that, if you don't move things along, then on August 1, you will boomerang back to your April 2 tariff level. So I think we're going to see a lot of deals very quickly," Bessent said.

(With inputs from Reuters)

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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