U.S. President Donald Trump said the United States is “close to making a deal with India” after issuing formal notices that impose reciprocal tariffs of 25% to 40% on imports from 14 countries, largely in Asia, starting 1 August. India was not on the list, underscoring what officials on both sides describe as last-stage negotiations over a limited bilateral pact. In parallel, Trump escalated his sector-specific agenda by declaring an immediate 50% tariff on copper imports and warning that pharmaceutical products could face duties of up to 200% after a grace period of as long as 18 months. India, the world’s largest supplier of generic drugs to the U.S. and an emerging copper exporter, would be among the hardest hit if the measures take effect. The announcements rippled through Indian markets: Hindustan Copper and Tata Steel fell as much as 3.5%, and a pharmaceutical sub-index slipped about 0.3% amid concern over lost price advantage in the U.S. Analysts say the absence of India from the August tariff list signals progress toward a deal, but the scope and timing of any agreement—and whether it shields key Indian sectors from the threatened copper and pharma levies—remain uncertain.