U.S. President Donald Trump will begin sending tariff ultimatum letters to 12 countries from Monday, ahead of a July 9 deadline, with reciprocal tariff rates — possibly up to 70 per cent — expected to come into effect from August 1.

As the July 9 deadline for US tariffs approaches, Indian markets are in consolidation mode. A positive trade deal could boost foreign investor confidence, leading to enhanced capital inflows and a stronger rupee.

As the US and India look to seal a trade deal ahead of Donald Trump’s self-imposed July 9 deadline, India seems to be resisting American pressure - joining a select group of countries refusing to budge to tactics of the world’s largest economy.