President Donald Trump’s threat to impose new tariffs on India over its participation in the BRICS forum puts New Delhi in a tough position as it races to finalize a favorable trade deal with the US.

India may secure a strategic edge over regional rivals as the Trump administration considers a trade pact slashing proposed tariffs below 20 per cent. Unlike many nations facing sharp hikes, India is unlikely to receive a formal tariff notice ahead of the August 1 deadline.

S&P 500 and Nasdaq rose on Thursday extending gains after US jobless claims fell for the fourth straight week to the lowest in two months. The initial claims fell by 5,000 to 2.27 lakh in the week ended July 5.