The India-US trade deal may be finalised by Monday — ahead of the July 9 deadline outlined by President Donald Trump. Source-based reports suggest that a mini agreement with average tariffs around 10% is likely to be announced within the next 24 to 48 hours. The update came even as the POTUS readied tariff letters for 12 unnamed countries and Union Minister Piyush Goyal insisted that India ‘does not negotiate under deadlines’.

According to a CNBC-TV18 report, negotiations have already concluded for a mini trade deal with 10% average tariff. The two countries are likely to take a final decision within the next 24 to 48 hours on this agreement. The early harvest deal is likely to have annual quotas for lower tariffs on certain labour-intensive products from India. Certain American agricultural products, such as pecan nuts and blueberries, may be provided with lower tax rates. India has reportedly declined to offer any concessions on wheat, rice, maize, dairy and genetically modified crops.

Discussions for a larger bilateral trade agreement will reportedly begin after July 9. The two countries had started negotiations for a bilateral trade agreement in February, with a deadline to conclude the first phase by fall (September-October) this year. The two sides had earlier indicated plans to finalise an interim trade pact before that time. Sources also told news agency PTI on Sunday that India had ‘drawn its red lines’ and the ball was now in Washington’s court to finalise the deal.

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The Indian team had returned from Washington last week after holding talks with the US on an interim trade pact. Differences are also there on steel, aluminium (50%), and auto (25%) tariffs. India has hardened its position on giving duty concessions to the US on agriculture and dairy products, as both are sensitive subjects. India has never opened the dairy sector in any of the previous trade pacts signed.

Meanwhile, US President Donald Trump revealed that the US has already signed letters outlining reciprocal tariffs that will be levied on various countries from August 1. He said the names of the countries that would be receiving the letters would only be shared on Monday.

“I signed some letters and they will go out on Monday, probably 12. Different amounts of money, different rates of tariff,” he said.