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July 5, 2025 2:21 PM

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US President signs his landmark policy bill ‘One Big Beautiful Bill’ into law, providing for tax cuts & boosting Defence spending

U.S. President Donald Trump announced that he had signed letters to 12 countries outlining the various tariff levels they face on goods they export to the United States.

 

He described the proposals as take it or leave it offers, set to be sent out on Monday.

 

Speaking to reporters, Trump said the letters involve different tariff rates and amounts, he also hinted that some tariffs could go as high as 70 percent and may take effect from August 1 this year.

               

In April, Trump announced a base 10 percent tariff on most imports, with higher rates for some countries, including China. These higher tariffs were temporarily suspended until July 9.

 

So far, the U.S. has finalised trade agreements with the UK and Vietnam.

               

India, however, has not reached a deal. The main sticking point remains U.S. demands for greater access to India’s agricultural and dairy markets, which India sees as sensitive due to the impact on small farmers.

               

India hopes to avoid Trump’s proposed 26 percent tariffs by reaching an interim deal before July 9, and is also seeking tariff cuts for its exports like textiles and footwear.

 

However, Commerce Minister Piyush Goyal said India won’t rush into any agreement under deadline pressure, and will only sign deals that serve the national interest.