Informist, Tuesday, Jul. 8, 2025

NEW DELHI – US President Donald Trump said Tuesday that the US is nearing a trade deal with India, even as Washington imposed new reciprocal tariffs on several trading partners, including major players like Japan and South Korea. "We've made a deal with the United Kingdom, we've made a deal with China, we've made a deal - we're close to making a deal with India...Others we met with, we don't think we're going to be able to make a deal. So we just send them a letter," Trump said at the White House.

Meanwhile, in a series of posts late Monday and early Tuesday on his social media platform, Truth Social, Trump shared letters informing 14 countries of the new tariff rates on their goods exported to the US, that will start from Aug. 1.

Japan, South Korea, Malaysia, Kazakhstan, and Tunisia will all face a 25% levy from next month. Myanmar and Laos will be hit with a 40% tariff rate. South Africa and Bosnia and Herzegovina will face 30% tariffs, while Bangladesh and Serbia will be levied 35% tariffs. Thailand and Cambodia will be hit with 36% tariffs, while Indonesia will face a 32% levy, respectively. According to Trump's letters, if a country raises tariffs on US goods, the same amount will be added to the US tariffs.

While tariffs for most countries are broadly similar to what was first announced on Apr. 2, the levies are lower for some. Cambodia's goods exports to the US will now face a 36% tariff, compared to the 49% announced in April. Rates for Laos and Myanmar also came down to 40?ch from 48% and 44%, respectively.

The tariffs will apply to "any and all" imports from these countries to the US. The retaliatory tariffs will also be separate from the sector-specific tariffs announced by Washington. The US has already levied 50% tariffs on steel and aluminium imports. According to US media, Trump will also issue an executive order extending the Jul. 9 deadline for trade deals to Aug. 1.

Trump had first announced reciprocal tariffs on Apr. 2, but quickly put them on hold for 90 days ending Jul. 9. Since the tariffs were put on hold, the US has been negotiating trade deals with several nations, including India. The US has so far signed deals with the UK, Vietnam, and a temporary framework with China.

Commerce Minister Piyush Goyal Friday said India will not sign any trade deal with any country under a strict deadline. India will sign a trade deal only if it is mutually beneficial, he said. Without a trade deal, Indian goods exports to the US could face a levy of 26%, the original tariff announced in April. End

US$1 = INR 85.8500

Reported by Shubham Rana

With inputs from Vaishali Tyagi

Edited by Tanima Banerjee

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