(MENAFN- Live Mint) US President Donald Trump expressed optimism on Tuesday (April 29) regarding ongoing trade talks with India, suggesting that the two countries are close to reaching a deal on tariffs. Speaking to reporters outside the White House, Trump emphasised the progress made and his expectation for a positive outcome.

Trump shared that trade discussions with India were progressing well, indicating a potential breakthrough.“India's coming along great. I think we'll have a deal with India... they want to make a deal,” Trump said, signaling confidence that the two countries will find common ground.

The President's comments came just hours before a statement from Commerce Secretary Howard Lutnick, who revealed that a trade deal had been finalised with an unnamed country, pending final approval from that country's leadership.

Lutnick's trade deal announcement

“I have a deal done, done, done, done, but I need to wait for their prime minister and their parliament to give its approval, which I expect shortly,” Lutnick said. While he did not specify which country the deal was with, there is widespread speculation that India could be among the first nations to reach a one-for-one trade agreement with the US.

Treasury Secretary Bessent offers further insights

Treasury Secretary Scott Bessent , who has been leading US trade negotiations, echoed Trump's optimism, stating that the US is close to finalising deals with India, Japan, and South Korea.“I think that we are very close on India,” Bessent said during a briefing.

Bessent also referred to recent progress made by Vice President JD Vance during his visit to India . "Vice President Vance was in India last week. I think that he and [Prime Minister Narendra] Modi made some very good progress, so I could see some announcements on India,” Bessent added.

India's trade deficit with the US

India, which accounted for nearly 3% of US imports in February, has a trade deficit with the US of approximately $45.7 billion in 2024, according to data from the Office of the US Trade Representative. The potential tariff agreement aims to avoid a 26% tariff rate on Indian imports set to take effect in early July.

Plans for a future Africa trip

In addition to trade developments, President Trump mentioned plans to visit Africa in the near future, highlighting the importance of strengthening global trade ties.“I plan to visit Africa,” Trump told reporters, though further details were not disclosed.

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Despite the optimism from President Trump and his team, Treasury Secretary Bessent reminded reporters that no deal is official until President Trump personally announces it.“As you know, nothing is done till the President signs off on the 18 key trading relationships. Every deal is different, and he's going to be involved, so I'll wait to hear from him,” Bessent noted.

The ongoing trade negotiations with India and other countries are seen as crucial to Trump's broader efforts to reshape global trade dynamics and secure more favorable terms for the United States.

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