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,

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.

Mark Linscott said the India-US deal would be more ambitious than US agreements recently signed with the UK and Vietnam