The Trump administration has almost finished locked in a new trade agreement with India, and the deal may be expressed within the days.
On Tuesday, President Donald Trump told reporters outside the White House that negotiations are moving fast, and he believes both countries will sign a deal soon. “I think we'll be dealing with India,” Trump said. “The prime minister, as you know, is here three weeks ago, and they want to make a deal.”
Narendra Modi, Prime Minister of India, visited Washington in late February. Since then, both countries have been pushing to wrap conversations. According to At CNBC, the White House sees this trade deal as one of the many negotiations that are happening around the world today, but dealing with India appears to be closest to labor.
Bessent and Vance say the India deal is almost ready
Treasury secretary Scott Bessent confirmed in a White House briefing that the US was “very close to India.” He said the administration also conducted communications with Japan, and he suggested that the US is also close to a possible agreement with South Korea. “The contours of a deal” with Seoul are together, he said, without sharing specific terms or a deadline.
But India seems to be the focus. Beslent pointed out a recent meeting between Vice President JD Vance and Modi, saying that the two leaders “made a wonderful development.” He said the discussions went well that an announcement in India could happen as soon as possible.
“A country like India, with posted and ready tariffs, is easier to organize with them,” Bescent said. The structure of the existing Indian tariffs is one of the things that makes it easier. They are written, not hidden or unclear.
It helps us to know entrepreneurs exactly what they are working for. That's not the case in every country, Bessent added, and this is why the conversations with India move faster than others.
Potential benefits are not one -sided. Raghuram Rajan, a economist at the University of Chicago Booth School of Business, told CNBC that India was standing to get a lot if it could lower those tariffs. “India benefits strictly if it can adjust to lower level tariffs, even though some other countries are at a higher level,” Rajan said. He explained that India could make it more attractive to companies, especially because of the massive local market.
Lutnick's hints on another trade deal that has been made
While all eyes were in India, Commerce Secretary Howard Lutnick added fuel to fire shortly by claiming that a deal was over, but it was not yet public.
Talking to CNBC's Brian Sullivan, Howard Says“I have a deal that has been done, done, done. It's over, but I have to wait for their prime minister and their parliament to give their approval, which I hope for a while.” He refused to name the country, but the markets still respond.
After Howard's comments, the stock market sparks. Entrepreneurs have seen the statement as a sign of real development. The details of the unnamed deal are still under wrap, and Howard has not confirmed whether India is involved in the country.
When asked if he was involved in any conversations with China, Howard quickly said no. “My portfolio is the rest of the world's trade deals,” he said. China is handled separately by Bescent.
As for who else is courted, Bescent told reporters that the White House had an active conversation with 17 different countries. “We have 18 important trading relationships; we will tell all partners, or at least 17 of them, in the next few weeks,” he said.
According to him, many of those countries have arrived in Washington. China is not one of them. So far, the administration has not signed any official. Bessent said many countries have reached the deals, but nothing has been announced. Today, India, Japan, and South Korea are the leading prospects.
Later during the day, Bescent went to the Fox business and was directly asked about Lutnick's claim of a finished deal. He has not confirmed or denied. “I can't go ahead with the president,” Bescent said. “Nothing has been done until President Trump announced it. So we should wait to listen from President Trump for the next few days.”
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