India has reportedly offered the US steep tariff cuts but is seeking to retain high duties on some agricultural commodities, such as food grains and dairy products, according to a report in the FT on Wednesday.

India is not the only trading partner seeking a tariff reprieve. On Wednesday the EU trade chief Maroš Šefčovič said the European Commission is discussing with the US possible cooperation in sectors such as semiconductors, steel and aerospace and are in search of a deal to limit tariffs.

The European Union has agreed to fast-track trade talks with the US in a bid to avoid President Trump's 50% tariffs — which, in an about-face, he announced would be delayed until July 9.

"This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America," Trump posted to social media on Tuesday. "They will BOTH be very happy, and successful, if they do!!!"

Šefčovič said the EU held "good calls" with Trump administration officials on Monday after the close trading partners moved forward with negotiations amid Trump's tariff-fueled push to rework global trade relationships.

Earlier on Monday, the EU said that the result of the weekend phone call between Trump and European Commission President Ursula von der Leyen provided "new impetus for the negotiations." At the same time, sticking points remain.

Trump had been frustrated with the pace of negotiations, saying last week that the bloc has been "very difficult to deal with."

Meanwhile, Apple (AAPL) remains in high focus after Trump said the company would face 25% tariffs if it didn't move iPhone production to the US. He later said that would apply to other phone makers, including Samsung (005930.KS).

Nvidia (NVDA) is also set for a high-stakes earnings report Wednesday, its first since many of the tariffs went into effect. Its stock has swung wildly this year amid Trump's tariffs and other moves.