Tariffs are subject to change, upward or downward, depending on our country’s relationship with yours,' says Trump in the new letters that were sent to the respective countries last night.

India is currently eyeing an extended deadline for reciprocal tariffs as the US imposed 25 percent tax on imported goods from Japan and South Korea, kicking in from August 1.

Mark Linscott said the India-US deal would be more ambitious than US agreements recently signed with the UK and Vietnam