Trump believes we will sign a trade deal with India

President Donald Trump said on Tuesday that tariff negotiations with India would “come to greatness,” and he believes the US will enter into a trade deal with the country.

“I think we have a deal with India,” Trump told a reporter outside the White House in a short statement. “You know, the Prime Minister was here three weeks ago. They want to make a deal.” India’s Prime Minister Narendra Modi visited the White House in late February.

Trump’s comments come after Treasury Secretary Scott Bescent said the US was “very close in India.”

Speaking at a briefing at the White House press conference, Bescent said the administration would also hold “substantial talks” with Japan on the possibility of a trade deal, and the “contours of the deal” with South Korea could be gathered.

Vice President JD Vance met with Modi last week. The two leaders “have made so much progress that we were able to see some announcements about India,” Bescent said. He did not provide a specific timeline.

“In countries like India, where there are ready tariffs posted, it’s much easier to negotiate with them,” he added.

“If India can negotiate tariffs at a much lower level, even if some other countries are at a higher level,” said Ragram Rajan, an economist and professor of finance at the University of Chicago Booth Business School.

“Many companies may be able to see India from a new perspective, especially given India’s large domestic market,” Rajan told CNBC on Tuesday.

The White House has been working to secure trade deals with partners for weeks after Trump’s sweeping tariff announcement.

“We have 18 important business relationships. We’ll be talking to all of these partners, or at least 17 partners, over the next few weeks. Many of them are already in Washington,” Bescent said.

He said the business relationship with the 17 partners after the briefing was “continuing to move,” a list that excluded China.