India has offered to slash its tariff gap with the U.S. to less than 4% from nearly 13% now, in exchange for an exemption from President Donald Trump's "current and potential" tariff hikes, two sources said,

Britain and India announced a trade agreement Tuesday following three years of negotiations. The british government said it had "secured the best deal [to which] India has ever agreed," and will provide "businesses with security and confidence to trade with the fastest-growing economy in the G20.

The two countries signed a deal three years after negotiations began to strengthen alliances in what the British prime minister called a “new era” of trade.