The stakes are high, with the United States and India counting on one another as indispensable partners in their competition with China.

U.S. Trade Representative Jamieson Greer said more negotiations are needed with India to reach a trade deal before the August 1 tariff deadline. While talks have been constructive, he noted India’s traditionally protectionist trade policies could make major concessions difficult.

Deal includes $600 bln EU investments in US, more EU energy, defence purchases 15% tariff better than threatened 30%, in deal mirroring Japan's EU says rate extends to cars, pharmaceuticals, semiconductors US steel and aluminium tariffs stay at 50%,