US close to making trade deal with India: Donald Trump

India-US Trade Deal News: The United States is close to making a trade deal with India, the American President, Donald Trump, has said. His remarks followed his latest tariffs for 14 countries including Japan and South Korea, and excluding India.

We are close to making a deal with India: Donald Trump

Extending a tariff deadline from July 9 to August 1, Trump announced tariffs ranging from 25 per cent (on Japan and South Korea) to 40 per cent.

The 14 countries on which the US has imposed fresh tariffs include Bangladesh and Indonesia.

US classifies 14 countries into six tariff rates

Here are details of the world's largest economy's latest tariffs for 14 of its trade partner countries:

• 25 per cent - Japan, South Korea, Malaysia, Kazakhstan, Tunisia
• 30 per cent - South Africa, Bosnia
• 32 per cent - Indonesia
• 35 per cent - Bangladesh, Serbia
• 36 per cent - Cambodia, Thailand
• 40 per cent - Laos, Myanmar

Trump’s warning to BRICS

Trump also warned of an additional 10 per cent duty on BRICS nations if they adopt anti-US policies.

The development comes at a time when the 11-nation grouping known as BRICS--including US allies Brazil, Saudi Arabia and Indonesia--approached the end of a two-day summit in Rio de Janeiro, Brazil, and a day after BRICS leaders described Trump's back-and-forth tariffs as "indiscriminate".

On Monday, Prime Minister Narendra Modi participated in the 17th BRICS Summit.

At the gathering, leaders held productive discussions on various issues on the BRICS agenda, including reform of global governance, enhancing voice of the global south, peace and security, strengthening multilateralism, development issues and Artificial Intelligence.

PM Modi addressed the inaugural session, on 'Reform of Global Governance and Peace and Security'.

Later in the day, he also addressed a session on 'Strengthening Multilateral, Economic-Financial Affairs and Artificial Intelligence', which saw participation by BRICS Partner and invited countries.