U.S. President Donald Trump has hinted that a highly anticipated interim trade deal between the United States and India is progressing well and could be finalized soon. Trump stated that the proposed agreement could grant American companies greater access to the Indian market, similar to the trade pact between the U.S. and Indonesia.

Speaking to reporters on Tuesday, Trump credited his administration's tariff measures for opening markets previously closed to American businesses. He emphasized that the U.S. previously lacked access to these countries and is now gaining it through tariffs. Trump added that India could be among the countries America would strike a deal with before reciprocal tariffs are imposed on August 1, 2025.

Trump highlighted the recent agreement with Indonesia, where the U.S. will face zero tariffs on exports, while Indonesia will have a reduced tariff rate of 19 percent. He stated that the deal gives the U.S. full access to Indonesia, which they never had before. Trump believes it is a good deal for both parties.

When asked about the India deal, Trump suggested that "something similar" would happen. He confidently declared, "We're going to have access into India," even as details remain under negotiation.

Negotiations between India and the U.S. have been ongoing, primarily focusing on keeping tariffs below 20%. India and the U.S. aim to boost bilateral trade to $500 billion by 2030, but talks have faced hurdles, particularly concerning dairy imports.

India has not received any tariff letter from the U.S., possibly due to ongoing trade negotiations between the countries. Commerce Minister Piyush Goyal said that India-U.S. trade deal talks are progressing at a 'fast pace'. He added that negotiations are being conducted in the spirit of mutual cooperation to reach a win-win trade agreement.

An Indian Commerce Ministry team is currently in Washington for another round of talks on the proposed trade agreement. India has indicated that it will not rush into a trade deal and will only accept the proposed agreement when it is fully finalized, properly concluded, and in the national interest.

While a deal between New Delhi and Washington remains to be finalized, discussions are focusing on expanding market access and tariff reductions on goods estimated between $150 billion and $200 billion in bilateral trade.