Trump says the U.S. is close to a trade deal with India, even as Washington imposes new tariffs on nations like Japan, South Korea, and Thailand starting August 1.

India's benchmark shares are likely to open muted on Tuesday due to uncertainty over U.S. trade policies, as President Donald Trump announced steep import tariffs on several trading partners while signalling that a deal with India was close.

US President Donald Trump announced that a trade deal with India is “close” to being finalised, as Washington dispatches tariff letters to 14 countries including Japan, South Korea, and Bangladesh. The new 25 per cent tariffs will take effect on August 1 unless agreements are reached,