India and the United States are reportedly on the verge of finalising a long-awaited mini trade deal, with negotiations nearly completed and an official announcement expected within the next 24 to 48 hours, according to a CNBC-TV18 report. The deal, which is being described as an “early harvest agreement,” would mark a significant step in strengthening bilateral trade ties before the two countries embark on negotiations for a more comprehensive Bilateral Trade Agreement (BTA), scheduled to begin after July 9.

As per the report, the average tariff under the agreement is expected to be around 10 per cent, offering moderate market access while protecting sensitive sectors. The mini deal is likely to feature annual quotas for Indian exports of labour-intensive goods at reduced tariff rates. This move is aimed at supporting Indian industries like textiles, apparel, and leather, which employ millions.

On the other side, American agricultural exports such as pecan nuts and blueberries are expected to benefit from lower import duties in India, enhancing market access for US farmers.

ALSO READ: Did New Baba Vanga's Prophecy Come True? Over 1,000 Earthquakes Shake Japan's Tokara Islands Rekindles Manga Prediction

New Delhi has reportedly refused to provide concessions on key staples such as wheat, rice, maize, dairy products, and genetically modified (GM) crops, citing concerns related to food security and public health.

Strategic Timing

The urgency behind the mini deal is tied to a July 9 deadline, after which higher tariffs are set to take effect on multiple countries under a broader US trade policy reset. According to US Treasury Secretary Scott Bessent, the Trump administration is working on several trade pacts in parallel and plans to make major announcements soon.

Speaking on CNN’s “State of the Union,” Bessent revealed that letters have already been prepared for 100 smaller trading nations, warning them of reciprocal tariff hikes beginning August 1. These letters, which detail retaliatory tariffs initially planned for April but postponed to July, will be sent out following the July 9 deadline.

ALSO READ: US Trade Threats 'All Fake, No Deadline Looming': White House Official Exposes Trump's Tariff Plan

While the mini deal is a short-term arrangement aimed at easing trade frictions and avoiding tariff escalation, the larger Bilateral Trade Agreement (BTA) will address long-term strategic concerns involving digital trade, e-commerce, investment protections, and market access in sensitive sectors. These talks are set to start in earnest after July 9, setting the stage for potentially historic reforms in US-India trade relations.