One of first trade deals may be signed with India: US

President Donald Trump will be “intimately involved” in each of the bespoke trade deals with each of 15 to 18 important trading partners, but it will be important to reach agreements in principle soon.

“I would guess that India would be one of the first trade deals we would sign,” Bessent said, adding the US had also held very substantial negotiations with Japan and discussions with other Asian trading partners were going well.

A treasury spokesperson declined to provide any further details on the ongoing negotiations.

“Vice President Vance was in India last week, talked about substantial progress. I have mentioned that the negotiations with the Republic of Korea have gone very well, and I think we’ve had some very substantial negotiations with our Japanese allies,” Bessent said.

Trump has upended the global trading system with a spate of tariffs, including 26% on India, since taking office. A blanket 10% tariff has been imposed on most countries, except Canada and Mexico. Higher US tariffs on dozens of countries are due to take effect on July 8 unless deals are reached before a 90-day pause ends.

Talks have been ongoing, but no deals have been announced, underscoring the complexities of reaching agreements during the short 90-day period.

India is also working a bilateral trade deal with Britain, with their top trade officials starting two days of talks aimed at concluding more than three years of negotiations.