Trump Tariffs: US & India Close To Trade Deal

According to a CNBC-TV18 report, the US and India are close to making a breakthrough in trade negotiations as part of a move to lower the 26% tax that resulted from the Trump tariffs last month.

The United States and India are reportedly close to making a breakthrough in trade negotiations as part of a move to lower the 26 percent tax that resulted from the Trump tariffs last month. Both parties could reach an initial agreement in the next seven to ten days.

This is bullish for the crypto market, considering how crypto assets reacted positively when the US and China reached an agreement earlier this month.

According to a CNBC-TV18 report, the US would partially exempt Indian goods from the 26 percent reciprocal tariffs. Meanwhile, the US may impose a 10 percent tariff on Indian imports, with zero duties on select product lines.

Earlier today, US President Donald Trump warned Apple’s (NASDAQ:) CEO Tim Cook that the company risks a 25 percent import tax if it doesn’t begin manufacturing iPhones sold to Americans in the US. However, the CNBC report noted that these proposed Trump tariffs are unlikely to affect Apple’s manufacturing operations in the US.

US Treasury Secretary Scott Bessent also mentioned that the US is "far along" in trade talks with India and some other Asian countries. He affirmed that they will announce more deals within the 90-day pause period for the reciprocal tariffs.

However, Bessent stated that the European Union isn’t negotiating in “good faith.” His statement came after Trump recommended a 50 percent tariff on EU goods starting on June 1. The US president remarked that the EU has been “very difficult to deal with,” and that discussions with them are going nowhere.

After Trump’s statement, the Bitcoin price dropped to as low as $108,000 from its intraday high of $111,900. The crypto market remains vulnerable to news around Trump tariffs, which is why a potential US-India trade agreement could be a positive for the market.