Trump Says Trade Deal with India ‘Close,’ Imposes Tariffs on Multiple Countries

Former U.S. President Donald Trump revealed his optimism regarding a trade pact with India, stating that a deal is nearing completion. This announcement was made in conjunction with the imposition of new tariffs on 14 nations. These new trade measures, with a maximum rate of 40% applied to Myanmar and the Lao People’s Democratic Republic, are scheduled to begin on August 1st. Trump, speaking from the White House, highlighted finalized deals with the UK and China, while also indicating that letters detailing tariff requirements would be sent to other countries. The specifics of the India deal remain undisclosed, but the comments signal advanced stage negotiations. The countries facing the new tariffs also include Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Japan, Kazakhstan, Malaysia, Republic of Serbia, Republic of Tunisia, South Africa, South Korea, and Thailand.