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India and the U.S. are nearing an announcement on the first phase of a trade deal aimed at resolving tariff disputes, according to Commerce Secretary Rajesh Agrawal. The agreement would address the 25% reciprocal tariff and an additional 25% punitive tariff imposed by the Trump administration in response to India’s economic ties with Russia. President Trump recently commented that the U.S. is "pretty close" to securing a "fair trade deal" with India and suggested he would reduce tariffs on Indian goods "at some point."