India and the United States are reportedly on the verge of finalizing a limited-scope trade agreement, commonly referred to as a “mini” trade deal, within the next 24 to 48 hours. According to sources cited by CNBC-TV18, negotiations have concluded, and the agreement may serve as a springboard for a more expansive bilateral trade partnership between the two nations.
The upcoming deal is expected to carry an average tariff rate of about 10%, which could help streamline commerce and ease tariff pressures between the two sides. Following this agreement, both governments are anticipated to initiate broader discussions for a comprehensive Bilateral Trade Agreement (BTA) after July 9 — thedate when previously suspended higher tariffs are set to be reinstated.
While independent verification of these developments is pending, US Treasury Secretary Scott Bessent confirmed that multiple trade deals are nearing finalization. Speaking on CNN’s “State of the Union,” Bessent mentioned that the Trump administration is preparing to send letters to over 100 countries with limited trade volume with the US, warning them of increased tariffs unless progress is made. These tariff hikes, originally announced on April 2 but paused temporarily, will go into effect on August 1 if no agreements are reached.
Bessent emphasized that swift negotiations are essential, especially with looming trade deadlines. “You’re going to see a burst of deal-making activity,” he said, forecasting several announcements in the coming days. President Trump’s administration, under pressure to stabilize trade flows and ensure national benefits, is pressing for quick resolutions.
This new phase of the India-US trade dynamic could reshape bilateral commerce, paving the way for larger economic collaboration and long-term strategic alignment in trade policies.
