Meanwhile, Indian officials have indicated that diversifying oil and defence procurement is in India’s strategic interest.

US President Donald Trump hinted at a “very big trade deal” with India: Report

US India Trade deal latest news Updates: US President Donald Trump hinted at a “very big trade deal” with India the Indian express reported. Negotiations to finalize an agreement between the two nations are ongoing, with the US tariff suspension set to expire on July 9.

On April 2, the Trump administration had announced reciprocal tariffs of 26 percent on Indian goods. However, a 90-day pause was later announced, applicable to many countries including India. This grace period is set to end on July 9.

According to the report, the President, while speaking at a “Big Beautiful Bill” event in Washington, D.C. on Thursday, said, “Everybody wants to make a deal and have a part of it. Remember a few months ago, the press was saying, ‘Do you really have anybody of any interest?’ Well, we just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. A very big one. Where we’re going to open up India. In the China deal, we are starting to open up China.”

He further added, “We’re not going to make deals with everybody. Some, we are just going to send a letter saying, ‘Thank you very much. You are to pay 25, 35, 45 per cent.’ That’s the easy way to do it, and my people don’t want to do it that way. They want to do some of it, but they want to make more deals than I would.”

According to the report, the US had earlier reminded its trading partners to make their best offers ahead of the July 8 deadline for reciprocal tariffs.
White House spokesperson Karoline Leavitt confirmed the development, stating,

“I can confirm the merits and the content of the letter. The United States Trade Representative (USTR) sent this letter to all of our trading partners just to give them a friendly reminder that the deadline is coming up.”

US Secretary of Commerce Howard Lutnick had also remarked that the Trump administration aimed to revive advanced manufacturing and bridge the trade deficit by increasing exports to India. He added that it was “something that works for both parties,” the report said.

Meanwhile, Indian officials have indicated that diversifying oil and defence procurement is in India’s strategic interest. Sourcing more from the US, they said, could not only strengthen bilateral ties but also help narrow the trade imbalance between the two countries.
India’s refining capacity is increasing, yet the country remains highly dependent on oil imports, which surged to 90 percent in April 2025.

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