The US and India may soon reach an agreement as the effects of the $TRUMP tariffs continue to be felt after the President's latest announcement. .
The ongoing Trump tariff saga is taking new turns, especially after the president announced a proposed 50 percent tax on EU goods.
Now, the US and India are reportedly close to reaching a trade deal, which could take place 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 and India Close to Trade Deal
According to a report by CNBC-TV18, the US and India are close to making progress in trade talks on last month's move to cut tariffs by 26 percent as a result of Trump's tariffs.
The two sides are reportedly likely to reach a preliminary agreement in the next seven to ten days.
As part of the deal, the US will partially exempt Indian goods from the 26 percent reciprocal tariff. Meanwhile, the US could impose a 10 percent tariff on Indian imports, with zero duty on select product lines.
US President Donald $TRUMP warned Apple CEO Tim Cook earlier today that he was at risk of a 25 percent import tax if the company did not start manufacturing iPhones sold to Americans in the US.
However, the CNBC report said that Trump's proposed tariffs are unlikely to affect Apple's manufacturing operations in the US.
US Treasury Secretary Scott Besant also said that the US is far ahead in trade negotiations with India and some other Asian countries.
He confirmed that they will announce more deals within the 90-day grace period for reciprocal tariffs.
However, Besant said that the EU is not negotiating in good faith. His statement came after Trump recommended a 50% tariff on EU goods from June 1.
The US president remarked that the EU has been "very difficult to deal with" and that talks with them are going nowhere.
After Trump’s statement, the price of Bitcoin fell from an intraday high of $111,900 to $108,000.
The crypto market is vulnerable to news surrounding Trump tariffs, which is why the US-India trade deal could potentially be positive for the market.
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