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 the US tariff pause approaches, investors are anxious. A favourable trade deal could boost the Indian stock market and foreign investment, but unresolved tariff issues may lead to volatility.

Meanwhile, a high-level team from India, led by Rajesh Agrawal, has returned from Washington without fully agreeing on a trade deal with the US.