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The Trump administration is largely locked in a new trade deal with India, with the deal likely to be announced within days.
On Tuesday, President Donald Trump told reporters outside the White House that negotiations are moving fast, believing that the two countries will soon sign a deal. “I think we’ll do business with India,” Trump said. “You know, the Prime Minister was here three weeks ago. They want to make a deal.”
India’s Prime Minister Narendra Modi visited Washington in late February. Since then, the two countries have been pushing to close the talks. According to CNBC, the White House considers the trade deal to be one of several negotiations currently taking place worldwide, but it appears that India is ongoing.
Bessent and Vance say that India’s deal is almost ready
Treasury Secretary Scott Bescent confirmed at a White House briefing that the United States is “very close in India.” He said the administration was also in talks with Japan, suggesting that the US was also approaching a possible agreement with South Korea. He said there is a gathering of “contours of transactions” with Seoul.
But India seems to be the focus. Bescent pointed to a recent meeting between Vice President JD Vance and Vice President Modi, saying the two leaders have “made a very good progress.” He said the debate was well underway as the announcement about India could soon occur.
“In countries like India, where there are ready tariffs posted, it’s much easier to negotiate with them,” Bescent said. The existing tariff structure in India is one of the things that makes this easier. They have already been written down and are not hidden or ambiguous.
It helps our negotiators know exactly what they are working for. That’s not true for all countries, Bescent added, and that’s why the talk with India moved faster than the others.
The potential benefits are not one sided. Ragram Rajan, an economist at the University of Chicago Booth Business School, told CNBC that India is in a position to win more if they can lower those tariffs. “If India can negotiate tariffs at a much lower level, even if some other countries have it at a higher level,” Rajan said. He explained that this could make India more attractive to businesses, especially due to the huge local market.
Lutnick suggests another trade agreement that was made
While all eyes were on India, Commerce Chief Secretary Howard Lutnick quickly added fuel to the fire by claiming that one deal was already underway, but it has not yet been made public.
Speaking to CNBC’s Brian Sullivan, Howard said: He refused to name the country, but the market responded anyway.
The stock market surged shortly after Howard’s comments. Traders viewed this statement as an indication that real progress was being made. Details of the unnamed deal are still wrapped, and Howard did not confirm whether India was involved.
When asked if he was involved in consultations with China, Howard immediately said no. “My portfolio is the rest of the world’s trade transactions,” he said. China is processed individually by Bescent.
Regarding who else is being courted, Bescent told reporters that the White House has active consultations with 17 different countries. “We have 18 important business relationships. Over the next few weeks, we will talk to all of these partners, or at least 17 partners,” he said.
He says many of these countries have already come to Washington. China is not one of them. So far, the administration has not officially signed it. Bescent said many countries have reached out to deals but nothing has been announced. Currently, India, Japan and South Korea are the top prospects.
Later that day, Bescent went on to Fox Business, where he was asked directly about the claims of Latnic’s completed deal. He neither confirmed nor denied. “I’m not going to go any further than the president,” Bescent said. “We haven’t done anything until President Trump announces it, so we should wait for President Trump to hear about it over the next few days.”
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