Just before his July 9 deadline, US President Donald Trump sent letters slapping tariffs on several countries, excluding India, which haven't made trade deals with the US. Trump said the US is close to making a trade deal with India.

On tariff front, Nikunj Dalmia said that everything is not as bad as what appeared in the beginning of April and everything is not as smooth as what everybody expected that companies and countries would be able to make deals with the US.

Speculations are rife that an official announcement could be on the cards, with reports claiming that a mini-trade agreement could be finalised.