US President Donald Trump has warned that India could face tariffs as high as 25% if a trade deal is not finalized by the August 1 deadline. Trump, who referred to India as a "good friend" but also a "tariff king," aims to reduce the significant US trade deficit with the country.

• Potential tariffs could reach up to 25% for India if a trade agreement is not reached by August 1.
• President Donald Trump criticized India's high tariffs, calling it a "tariff king" and a "big abuser" of trade ties.
• Key sticking points in negotiations include access to India's agricultural and dairy sectors, which India fiercely protects due to food security and the livelihoods of millions of small farmers.