The US is working toward an interim trade deal with India that may reduce its proposed tariffs to below 20%, people familiar with the matter said, putting the South Asian nation in a favorable position against its peers in the region.

If finalized, India would join a small group of nations securing trade relief from Washington at a time when Trump is pressuring dozens of partners with tariff spikes.

U.S. President Donald Trump hinted that he is close to reaching a deal with India after announcing new reciprocal tariffs on 14 countries.