The US is working toward an interim trade deal with India that may reduce its proposed tariffs to below 20%, people familiar with the matter said, putting the South Asian nation in a favorable position against its peers in the region.

President Trump has sent letters to more than 20 trade partners, all delivering the same message: Negotiate a new trade deal by August 1 or goods will be hit with higher tariffs. CBS News's Erica Brown reports.

President Donald Trump and his advisers promised a lightning round of global trade negotiations with dozens of countries back in April.