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,

President Trump announces US is close to finalizing a trade deal with India while introducing new tariffs on 14 countries.Agriculture and dairy sectors remain key sticking points in negotiations.

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.