India-US trade deal finalised? Trump to announce deal with ‘big, highly respected country’

US President Donald Trump has indicated that he would announce a trade deal with a “big, highly respected” country. Speculations are rife that the country Trump is talking about could be India. India had, earlier this week, announced a free trade agreement with the UK, following a rather lengthy discussion.

Trump took to Truth Social to announce that: “Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!” 

While the US has not revealed the name of the country, his announcement comes after he said India has agreed to drop its high tariffs to nothing. Trump told reporters in the Oval Office, “I mean, India as an example, has one of the highest tariffs in the world. We’re not going to put up with that, and they’ve agreed already to drop it. They’ll drop it to nothing. They’ve already agreed. They would have never done that for anybody else but me.” He had earlier called India the tariff king and a big abuser.

Last month Trump had, additionally, indicated that trade talks with India were “going great” and that the US would have a deal with India. 

INDIA-US TRADE

India's exports to the United States reached a record high of $11.2 billion in March 2025, surpassing the $10 billion milestone for the first time, as reported by the United States Census Bureau.  This marks a nearly 50 per cent increase over the 12-month average, leading to a total bilateral goods trade of $15 billion for the month, the bureau stated. 

This surge in trade follows a 90-day tariff pause announced by Trump and a growing momentum towards a potential India-US trade agreement. The strong export performance in March concluded a successful first quarter for bilateral trade. From January to March 2025, India exported goods worth $27.7 billion to the US and imported $10.5 billion, resulting in a trade surplus of $17.2 billion in India's favour.

"India blows the doors off its record for exports to the US in March - $11.2 billion, first time it has crossed $10 billion. Almost 50 per cent higher than the 12-month average. Total bilateral goods trade also sets a record- around $15 billion for the month," Richard Rossow, Chair in US India Policy Studies at the Center for Strategic and International Studies, wrote on X.