India and the United States are expected to take a final decision on a mini-trade deal within the next 24 to 48 hours, CNBC-TV18 reported on Saturday, citing sources. The two sides have reportedly completed negotiations on the limited-scope agreement, which could pave the way for broader trade discussions. US President Donald Trump and Prime Minister Narendra Modi shake hands as they attend a joint press conference at the White House in Washington, D.C. on February 13, 2025. (REUTERS)

According to the report, the average tariff under the mini deal is likely to be around 10%. Talks on a more comprehensive Bilateral Trade Agreement (BTA) are expected to begin after July 9.

HT.com could not immediately confirm the report.

US treasury secretary Scott Bessent, meanwhile, said the United States is close to reaching agreements on several trade deals ahead of a July 9 deadline when higher tariffs kick in, predicting several big announcements in coming days.

Bessent told CNN’s “State of the Union” programme that the Trump administration would also send out letters to 100 smaller countries with whom the US doesn’t have much trade, notifying them that they would face higher tariff rates first set on April 2 and then suspended until July 9.

“President Trump’s going to be sending letters to some of our trading partners saying that, if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly,” Bessent said.

(With inputs from Reuters)