India has offered tariff cuts on imports of U.S. farm products like almonds and cranberries as a further concession to the United States, two government sources said, hoping to avert President Donald Trump's reciprocal tariffs set for next week.

India may remove import tax on U.S. liquefied natural gas to boost purchases and reduce its trade surplus with Washington. This move aligns with India's pledge to increase U.S. energy imports and targets increased bilateral trade.

India could potentially lose $6 billion or 0.16 per cent GDP in exports to the US at 10 per cent broad tariffs, with this rising to $31 billion at 25 per cent tariffs, Emkay's Lead Economist Madhavi Arora estimated.

The Trump administration is planning to impose a round of fresh tariffs on April 2, a day President Trump has dubbed "liberation day." The announcement is viewed by economists as the culmination of his "America First Trade Policy,