'Very big' trade deal with India soon: Trump as he signs pact with China

Trump's remarks come at a time when the 90-day deadline for the tariff pause is likely nearing its end on July 9

President Donald Trump on Thursday (local time) said that the US has signed a deal with China and hinted that a "very big" deal with India will follow soon.

 

Trump made the announcement while speaking at an event for the Big Beautiful Bill. He said, "Everybody wants to make a deal and have a part of it. Remember a few months ago, the press was saying, 'You really have anybody of any interest? Well, we just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India, in the China deal, we are starting to open up China."

 

His remarks come at a time when the 90-day deadline for the tariff pause is likely nearing its end on July 9. It was previously reported that the Trump administration is likely to extend the deadline and will send out letters mentioning the terms of trade deals to dozens of countries. On April 2, Trump imposed reciprocal tariffs on more than 100 countries, including India and China, a move that rattled global markets. However, soon after, he announced a 90-day pause as countries scrambled to sign a deal with the US to save themselves from the reciprocal tariffs.

 

During his speech at the Big Beautiful Bill event, Trump added that deals will not be made with every other nation. He added, "We're not going to make deals with everybody. Some we are just going to send them a letter, say thank you very much. You are to pay 25, 35, 45 per cent. That's the easy way to do it, and my people don't want to do it that way. They want to do some of it, but they want to make more deals than I would do."

 

It was previously reported that the US signed its first trade deal with the UK. At the same time, the Trump administration was in talks with several other countries, including India, Japan, and South Korea.

 

US-India deal

 

Trade talks between India and the US have been underway for quite some time, however, External Affairs Minister S Jaishankar previously indicated that the trade deal is far from being finalised.

 

Earlier this month, US Commerce Secretary Howard Lutnick hinted at a possible deal between India and the US. Speaking at the US-India Strategic Partnership Forum’s (USISPF) Leadership Summit in Washington, Lutnick said, "a trade deal between India and the US is likely to happen in the 'not too distant future, adding that the two countries have found a place that works for both of them.

 

Days after Lutnick's statement, India's Commerce and Industry Minister Piyush Goyal said that the two nations were in the process of negotiating a fair and equitable trade agreement that will benefit both economies.

 

US-China deal

 

While Trump did not elaborate on the details of the US-China deal, he said, "But we're having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India, in the China deal, we're starting to open up China. Things that never really could have happened, and the relationship with every country has been very good."

 

This comes after tensions escalated between the two countries following fears of a trade war. After Trump announced a 90-day deadline for countries to negotiate deals with the US, it excluded China. Following this, China imposed reciprocal tariffs on US-made goods. Officials from both sides met in Geneva and negotiated deals and agreed mutually to reduce the tariff rate.

 

Earlier in June, CNN reported that the US and China reached a new trade agreement, reviving terms first agreed to in Geneva last month.

 

(with inputs from agencies)