Trump Says U.S. Signs China Trade Pact, Nears India Deal

President Donald Trump said the United States signed a trade agreement with China on Wednesday, but offered no details on its scope or implementation. Commerce Secretary Howard Lutnick later told Bloomberg Television the pact was "signed and sealed" two days earlier, while China’s Commerce Ministry said only that the two sides had further confirmed the framework of earlier negotiations.

Trump added that his administration is “maybe” days away from completing a “very big” trade deal with India. The President’s remarks were reinforced by White House Press Secretary Karoline Leavitt, who told reporters on 30 June that an announcement on the India accord would come “very soon.”

Indian and U.S. negotiators are working against a 9 July deadline, when a 90-day pause on punitive U.S. tariffs expires and reciprocal duties on Indian exports are scheduled to jump to 26%. Sticking points include U.S. demands for greater access to India’s dairy and farm markets and India’s push for lower levies on textiles, leather goods and other labour-intensive exports.

The Financial Times and Reuters reported that New Delhi hopes to seal an interim deal with Washington as early as this week. Indian External Affairs Minister S. Jaishankar said the negotiations remain “intricate” and will require “give and take,” but both capitals have signalled that the political will exists to reach at least a limited agreement before the tariff deadline.