The president is deploying the word “deal” liberally, using the term to describe all kinds of trade arrangements, some very limited or one-sided.

Speaking publicly, Trump stated, “We’ve made a deal with the United Kingdom, we’ve made a deal with China, and we’re close to making a deal with India.” He suggested that countries unwilling to negotiate would instead be served notice of the new trade terms through formal letters.

President Donald Trump said the US is close to finalising a trade deal with India, even as he announced new tariffs on 14 nations including Japan, South Korea, and Bangladesh. The tariffs will take effect from August 1.

Trump delayed the "reciprocal tariffs" in April, vowing to strike roughly 90 trade deals in 90 days. So far, the White House says it has reached trade agreements with only the United Kingdom and Vietnam, as well as a preliminary accord with China.

Since his first term in 2017, President Donald Trump’s trade policy has had two dimensions: one familiar, one unfamiliar. The unfamiliar—indeed, radically unfamiliar—approach has been the huge increase in tariffs on imported goods for the first time in nearly a century.