Washington/ New Delhi: US President Donald Trump on Tuesday said Washington is inching close to making a trade deal with India even as he imposed tariffs on 14 nations.
There have been hectic negotiations between the trade officials from Washington and New Delhi to finalise a tariff-reducing deal, but disagreements over dairy and agriculture sectors are delaying the process.
Speaking during a private dinner with Israeli Prime Minister Benjamin Netanyahu, Trump emphasised the strategic advancements made under his leadership.
"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," he said at the White House.
Trump said that the United States had struck a trade deal with Vietnam that includes a 20-percent tariff on the Southeast Asian country's exports to the United States.
He stated that he had sent a letter to the leaders of 14 nations that he believed would not make a deal with the US.
Trump confirmed that letters had been sent to several nations, warning them that if new trade agreements are not reached by August 1, increased import duties will be implemented.
Igniting a global trade war, Donald Trump has announced new tariffs on 14 countries, including Bangladesh and Myanmar. Goods from Malaysia, Kazakhstan, and Tunisia are expected to face a 25 percent tariff. South Africa will face a 30 percent duty. Laos and Myanmar have been marked for a 40% tariff.
Additionally, Trump emphasised that these tariffs could be revised if countries agree to open their markets to US exports, eliminate trade barriers, and reduce their own tariffs. This approach suggests that while tariffs are a key part of his policy, negotiations remain a potential avenue to ease the trade tensions.
Indonesia’s goods may face a 32 per cent duty, while Bangladesh will see a 35 per cent rate. Thailand and Cambodia have been set at 36 per cent. Bosnia and Herzegovina will face a 30 per cent levies, and Serbia 35 percent.
The rates for Japan and South Korea are at 25 per cent.
Trump warned these nations not to respond with retaliatory tariffs. He wrote in the letters that if a country raises its own tariffs in return, the US would match that increase by raising its own duties by the same amount.
The White House press secretary, Karoline Leavitt, said that additional letters would be sent to other countries in the coming days.