Donald Trump hints at trade deals this week amid 'positive progress' in India-US talks

US President Donald Trump has said that his administration could finalise trade agreements with certain countries as early as this week, raising hopes of a possible reprieve for trading partners facing higher import duties.

“It could very well be,” Trump told reporters aboard Air Force One on Sunday, when asked if trade deals were imminent. However, he did not name any specific countries.

“We’re negotiating with many countries, but at the end of this, I’ll set my own deals — because I set the deal, they don’t set the deal,” Trump said. “You keep asking the same question: ‘When will you agree?’ It’s up to me, it’s not up to them.”

Vice President JD Vance had earlier indicated in an interview with Fox News that a trade agreement with India could be among the first to be finalised. He had also mentioned ongoing negotiations with Japan, South Korea and "folks in Europe."

India-US talks

According to the Ministry of Commerce and Industry, India and the United States made “positive progress” in talks toward a comprehensive Bilateral Trade Agreement (BTA) during in-person discussions held in Washington, D.C. from April 23 to 25.

An Indian delegation led by Additional Secretary Rajesh Agrawal held extensive talks with officials from the Office of the US Trade Representative (USTR), building on prior rounds held virtually and in New Delhi in March. Discussions focused on both tariff and non-tariff issues, with an aim to conclude the first tranche of the agreement by fall 2025.

“During the meetings in Washington, D.C., the team had fruitful discussions on wide-ranging subjects,” the ministry said in a statement, adding that sectoral-level meetings are scheduled to begin later this month.

The ongoing negotiations are part of the commitment made during Prime Minister Narendra Modi’s visit to Washington in February, where both countries set a target of doubling bilateral trade to USD 500 billion by 2030.

Meanwhile, Japan’s chief trade negotiator Ryosei Akazawa has expressed optimism that a deal with the US could be reached by June, following recent negotiations in Washington.

Trump also indicated that trade talks were ongoing with China and his main priority was to secure a fair trade deal.

However, he added that there were no current plans to speak directly with Chinese President Xi Jinping.

Financial markets have shown signs of recovery over the past two weeks, as progress in talks with Asian nations and signals of easing US-China tensions helped temper investor concerns.

Trump’s trade policies have sparked volatility in global markets and raised fears of a potential economic downturn. Recent data from the Bureau of Economic Analysis showed that the US GDP contracted for the first time in three years.