The ongoing Trump tariffs saga continues to take new turns, especially following the president’s announcement of a proposed 50% tax on EU goods. Now, the US and India are allegedly close to reaching a trade agreement, which could happen in the next 10 days. This is bullish for the market, considering how crypto assets reacted positively when the US and China reached an agreement earlier this month.
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. Both parties could reportedly reach an initial agreement in the next seven to ten days.
As part of the agreement, the US would partially exempt Indian goods from the 26% reciprocal tariffs. Meanwhile, the US may impose a 10% tariff on Indian imports, with zero duties on select product lines.
US President Donald Trump warned Apple’s CEO Tim Cook earlier today that the company risks a 25% 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 EU isn’t negotiating in good faith. His statement came after Trump recommended a 50% 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.
Following 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.
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Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
