Trump hints at major trade deal with 'big, highly respected nation' today

The news conference, according to Indian time, will take place at 7:30 pm today. However, Donald Trump has not specified the country to which he was referring

US President Donald Trump said that he plans to hold a news conference on Thursday (IST) to announce a ''major trade deal''.

 

Taking to his private social media platform, Truth Social, Trump wrote, "Big News Conference tomorrow morning at 10:00 AM, The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!"

 

The news conference, according to Indian time, will take place at 7:30 pm today. Even though he did not specify the country to which he was referring to, a report from The New York Times suggests that the United Kingdom could be the nation Trump was referring to. 

The announcement comes days after Trump indicated that the first tariff deals with India, Japan, and South Korea will come into effect in just a few weeks.

 

US-India trade deals

 

Earlier, on April 30, Trump announced that tariff talks with India are "coming along great" and expressed optimism that the deal would come soon. His remarks came after the Indian officials indicated that a "sweetener" might be used in trade talks with the US that would futureproof a deal. The government will ensure that no other trade partner receives better terms.

 

Before Trump's announcement, Treasury Secretary Scott Bessent also highlighted the positive talks between India and the US, indicating that India may become the first nation to sign the deal. 

 

Trump tariffs

 

On April 2, Trump announced reciprocal tariffs on more than 100 countries, including India, China, and Japan. Indian goods were slapped with a 26 per cent discounted tariff rate as compared to what India charges on US-made goods (52 per cent). On April 9, when the tariffs were set to go into effect, Trump announced a 90-day pause, allowing countries to negotiate trade deals with the US. While many countries, including India, did try to negotiate, China retaliated and imposed retaliatory tariffs, thereby invoking a trade war with the US. Currently, the US has imposed 145 per cent tariffs on Chinese goods.