U.S. President Donald Trump said a trade deal with India has yet to be finalised and warned of possible higher tariffs ahead of an August 1 deadline to seal an agreement.

The stakes are high, with the United States and India counting on each other as indispensable partners in their competition with China.

Investors hoping for a flurry of trade deals before the Aug. 1 deadline may be underwhelmed at the minute. Talks with China ended in Stockholm yesterday, while a deal with India has yet to be announced. Meanwhile, a clutch of well-known German companies have put figures on how much taxes on imports to the U.S. are costing them.