India could be amongst first to seal trade deal with US: Treasury chief confirms

Amid ongoing trade talks, the US hinted at a possible deal, with India likely to agree. US Treasury Secretary Scott Bessent said on Monday that many of America’s major trading partners have made “very good” offers to avoid new US tariffs. He added that one of the first trade agreements could likely be signed with India.

After two early morning television interviews, Bessent addressed reporters and stated the first agreement could occur this week or next. But he did not provide any further details.

Speaking in a Fox News interview on “FOX and Friends,” Bessent said President Trump will be “intimately involved” in making each of the special trade arrangements with some 15 to 18 important countries. He said it is significant to secure the deals “in principle” early.

“I would guess that India would be one of the first trade deals we would sign,” Bessent told CNBC. He also said that negotiations had taken place with Japan and other Asian countries.

Since taking office, Trump has disrupted international trade by implementing various tariffs. It includes a 10% tariff on imports from all nations except Canada and Mexico and heavy new tariffs of 145% on Chinese goods. China retaliated with its own tariffs. The new US tariffs on most nations will begin on July 8 unless the seeker reaches common ground for negotiations in the ongoing 90-day timeout.

NEGOTIATIONS AMID TIGHT DEADLINES

Bessent, who had dozens of conversations with visiting officials at last week’s IMF and World Bank meetings, will likely be asked more questions on trade when he appears at the White House press briefing on Tuesday. The event will celebrate President Trump’s accomplishments in his second 100 days in office.

“Vice President Vance was in India last week and 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 told CNBC.

While talks are progressing, no official deals have been signed yet.

India is also in the middle of negotiating trade with Britain. Senior trade officials from both countries started two days of talks this week, seeking to conclude more than three years of negotiations.

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