India is preparing to face higher U.S. tariffs — likely between 20% and 25% — on some of its exports as a temporary measure, as it holds off on fresh trade concessions ahead of Washington's August 1 deadline,

The announcement came just two days before the August 1 deadline to impose reciprocal tariffs. However, in recent weeks, the US president has been repeating that both sides were close to striking a trade agreement.

India's chief negotiator Rajesh Agrawal and Brendan Lynch, the Assistant US Trade Representative for South and Central Asia met in Washington for the fifth round of talks, after which Agrawal returned to New Delhi.