US President Donald Trump announced on Thursday that the US has finalized a trade deal with China and hinted that a significant agreement with India might be on the horizon.
Speaking at the Big Beautiful Bill event, Trump said, “Everyone wants to make a deal and be part of it. A few months ago, people doubted if we had any real interest. But we just signed with China yesterday. We’re working on some great deals, and we might have a very big one with India soon. We’re opening up markets in both China and India.”
Trump emphasized that the US won’t make deals with every country. “We’re not going to strike deals with everyone. For some, we’ll simply send a letter saying thanks, but tariffs will stay high—25, 35, 45 percent. That’s the easy way. My team prefers to make more deals, but not indiscriminately.”
He repeated that a big deal with India is likely coming soon, alongside progress with China, and described improving relationships with other countries.
Trump didn’t share specific details about the China deal during his speech.
Back in June, the news agency reported that the US and China reached a new trade agreement, reaffirming terms from a Geneva meeting amid tensions that had slowed trade. This truce gave some relief to markets, businesses, and consumers shaken by tariff wars and uncertainty.
Trump had previously announced on Truth Social that the deal with China was finalized, with China agreeing to supply “full magnets and any necessary rare earths” as outlined in the Geneva framework.
Also in June, US Secretary of Commerce Howard Lutnick expressed optimism about a soon-to-be-finalized trade deal between the US and India. Speaking at the US-India Strategic Partnership Forum, he said, “We’re in a very good place and expect a deal soon that works well for both countries.”
Meanwhile, India’s Commerce Minister Piyush Goyal confirmed ongoing talks toward a fair and balanced trade agreement with the US. At a press conference, he mentioned that following a February 2025 meeting between Prime Minister Narendra Modi and President Trump, both leaders agreed to work on a mutually beneficial bilateral trade deal.
Goyal described the US and India as close friends, allies, and strategic partners, viewing the trade agreement as an opportunity to boost trade and strengthen ties between the two nations.
