Sign up here.The US and India have been edging closer for years. Washington sees India as a key regional counterweight against a more assertive China, while for New Delhi, the US has become an increasingly important source of foreign investment and a partner for trade and security.

Speaking to reporters in the Oval Office, Donald Trump on Wednesday indicated he had received inputs suggesting India plans to lower tariffs on certain goods.

President Donald Trump has said he'll start imposing tariffs on countries that don't reach trade deals within "two, three" weeks. In a press conference on Wednesday in the Oval Office, Trump said he thought the US would get "great deals" in its trade negotiations.

Earlier this month, Democrats sounded the alarm on concerns that Trump or those around him engaged in insider trading after he posted that it was a “GREAT TIME TO BUY” on April 9. Hours later, Trump announced that he would be suspending most tariffs, prompting the stock market to jump up.

President Donald Trump defended his administration following reports that White House officials may have tipped off Wall Street executives about a possible upcoming trade deal with India, The Washington Post reported.

Trump's comments came in response to criticism by Democrats that some officials provided updates to traders and financial execs.