Trump says US nears multiple trade deals, tariffs to take effect on August 1

India and the United States are likely to make a final decision on a mini-trade deal within the next 24 to 48 hours, CNBC-TV18 reported on Sunday citing sources.

The average tariff under the mini deal is likely to be around 10%, while the talks on comprehensive Bilateral Trade Agreement (BTA) are expected to begin after July 9, which marks the end of the 90-day suspension period of the Trump tariffs announced on April 2 on dozens of countries, including India, the report added.

As per the report, the mini-trade deal is likely to have annual quotas for lower tariffs on certain labour-intensive products from India. Certain American agricultural products, such as pecan nuts and blueberries, may be provided with lower tax rates.