The pact would set duties of 15 percent on imports of items such as wine and automobiles, or about half the 30 percent the president had recently threatened.

For months President Donald Trump has been slapping higher tariffs on practically every country’s exports to the United States, citing emergency economic powers.

Companies, consumers and foreign countries have been paying close attention to President Donald Trump’s aggressive policy of placing tariffs on foreign goods. Soon, the courts will weigh in on whether Trump has the power to levy those tariffs in the first place — a high-stakes legal battle that will either affirm a key pillar of Trump’s economic policy or cut it off at the knees.

President Donald Trump said on Wednesday the United States is still negotiating with India on trade after announcing earlier in the day the U.S. would impose a 25% tariff on goods imported from the country starting on Friday.