New Delhi: As US President Donald Trump put a hold on reciprocal tariffs for several countries, India wants to move quickly on a trade deal with the United States, official sources said on Thursday.

In February, New Delhi and Washington agreed to work on the first phase of a trade deal to be concluded late this year, with a view to reaching two-way trade worth $500 billion by 2030.

"India is one of the first nations to start talks over a deal with the United States and to have jointly agreed to a deadline to conclude it," officials said. Union Commerce Minister Piyush Goyal said at an event in New Delhi earlier this week that manufacturers in India and the US have suffered from China's unfair trade practices over the years.

India will raise scrutiny on imports to spot any potential dumping of goods, including from China, the officials said.

On Wednesday, Donald Trump temporarily lowered duties on trading partners, including India, just 24 hours after imposing tariffs that unleashed the most intense market volatility since the early days of the Covid-19 pandemic.

Shifting the focus back to a bilateral trade war with China, Trump said he would raise to 125% the tariff on imports from China. The US reciprocal tariff on India stands at 10%.