Bessent says US trade deal with India is very close
US Treasury Secretary Scott Bessent told Fox News the trade negotiations with India were "intricate".
WASHINGTON - The US and India are nearing a deal to lower tariffs on American imports to the South Asian country and to help India avoid levies imposed by the Trump administration rising sharply next week, Treasury Secretary Scott Bessent said on July 1.
'We are very close with India,' Mr Bessent told Fox News in response to a question about progress on trade negotiations.
Indian officials extended a visit to Washington last week through June 30 to try to reach agreement on a trade deal with President Donald Trump's administration and address lingering concerns on both sides, Indian government sources told Reuters.
India is one of more than a dozen countries actively negotiating with the Trump administration to try to avoid a steep spike in tariff rates on July 9, when a 90-day tariff pause ends.
India could see its new 'reciprocal' tariff rate rise to 27 per cent from the current 10 per cent.
The US-India talks have hit roadblocks over disagreements on import duties for auto components, steel, and farm goods, ahead of Mr Trump's deadline to impose reciprocal tariffs.
'We are in the middle - hopefully more than the middle - of a very intricate trade negotiation,' Indian Foreign Minister Subrahmanyam Jaishankar told an event in New York on June 30.
Top stories
Swipe. Select. Stay informed.
Singapore Seniors can claim $800 SG60 vouchers from July 1; adults to get $600 in vouchers from July 22
Singapore NSman, 30, dies in hospital after collapsing outside Maju Camp
Asia Thai PM's suspension could spell end of Shinawatra clan's era of political dominance
Singapore Judge rejects woman's claim that she owns 99% of Bukit Timah condo mostly paid for by ex-boyfriend
Singapore 'He fought till the end': Man who survived acid attack as a baby dies of cancer at 26
Singapore Trial opens for 3 women who allegedly organised procession outside Istana
Business Do not overcommit to a single solution in a multi-polar world, says ex-foreign minister George Yeo
Singapore 1MDB saga: Standard Chartered Bank disputes $3.4 billion claim by liquidators in Singapore
'Obviously, my hope would be that we bring it to a successful conclusion. I cannot guarantee it, because there's another party to that discussion,' said Mr Jaishankar, who is in the US for a meeting of the China-focused Quad grouping.
He added that there 'will have to be give and take' and the two sides will have to find middle ground.
Mr Bessent told Fox News that different countries have different agendas for trade deals, including Japan, which Mr Trump complained about on June 30. But Mr Bessent added that career trade negotiators are impressed with the offers that countries are making to the US.
'People who have been at Treasury, at Commerce, at USTR for 20 years, are saying that these are deals that they have never seen before,' Mr Bessent said.
So far, only Britain has negotiated a limited trade deal with the Trump administration, accepting a 10 per cent US tariff on many goods, including autos, in exchange for special access for aircraft engines and British beef. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
33 minutes ago
- Straits Times
US, India push for trade pact after Trump strikes deal with Vietnam: Sources
Sign up now: Get ST's newsletters delivered to your inbox WASHINGTON/NEW DELHI - US and India trade negotiators were pushing on July 2 to try to land a tariff-reducing deal ahead of President Donald Trump's July 9 negotiating deadline, but disagreements over US dairy and agriculture remained unresolved, sources familiar with the talks said. The push comes as Mr Trump announced an agreement with Vietnam that cuts US tariffs on many Vietnamese goods to 20 per cent from his previously threatened 46 per cent. Mr Trump said that US products could enter Vietnam duty free, but details were scant. Mr Trump threatened a 26 per cent duty on Indian goods as part of his April 2 'Liberation Day' reciprocal tariffs, which were temporarily lowered to 10 per cent to buy time for negotiations. Sources in India's commerce ministry said that a trade delegation from India was still in Washington a week after arriving for talks that started last week. They may stay longer to conclude a deal, but without compromising on key agricultural and dairy issues, the sources said, adding that it was unacceptable to lower tariffs on genetically modified corn, soybeans, rice and wheat grown in the US. Prime Minister Narendra Modi's government 'doesn't want to be seen as surrendering the interests of farmers - a strong political group in the country', one of the sources said. However, India is open to lowering tariffs on walnuts, cranberries and other fruits, along with medical devices, autos and energy products, the source said. A US source familiar with the talks said that there were 'indications that they are close' and negotiators have been told to prepare for a potential announcement. The source added that 'there's been intense and constructive effort to close a deal. I think both sides understand the strategic importance, beyond the economic importance, of closing a deal'. Mr Trump echoed those sentiments on July 1, telling reporters on Air Force One that he could reach a deal with India that would cut tariffs for both countries and help American companies compete in India's market of 1.4 billion consumers. At the same time, Mr Trump cast doubt on a potential deal with Japan, saying he may impose a tariff of 30 per cent or 35 per cent on Japanese goods, well above the 24 per cent duty rate he announced on April 2. Japan is seeking to lower separate 25 per cent automotive and steel tariffs that Mr Trump imposed. Spokespersons for the US Trade Representative's office, the Commerce Department and the US Treasury did not respond to request for comment on the state of trade negotiations with India and other countries. A spokesperson for India's embassy in Washington did not respond immediately to a request for comment. REUTERS
Straits Times
35 minutes ago
- Straits Times
Trump to host five African leaders next week to discuss 'commercial opportunities'
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: U.S. President Donald Trump arrives at the airport after touring a temporary migrant detention center informally known as \"Alligator Alcatraz\" in Ochopee, Florida, at Joint Base Andrews, Maryland, U.S., July 1, 2025. REUTERS/Evelyn Hockstein/File Photo WASHINGTON - U.S. President Donald Trump will host leaders from five African nations in Washington next week to discuss "commercial opportunities," a White House official said on Wednesday. Trump will host leaders from Gabon, Guinea-Bissau, Liberia, Mauritania and Senegal for a discussion and lunch at the White House on July 9, the official said. "President Trump believes that African countries offer incredible commercial opportunities which benefit both the American people and our African partners," the official said, referring to the reasons why the meeting was arranged. Africa Intelligence and Semafor reported earlier that the Trump administration would hold a summit for the five countries in Washington from July 9-11. The Trump administration has axed swaths of U.S. foreign aid for Africa as part of a plan to curb spending it considers wasteful and not aligned with Trump's "America First" policies. It says it wants to focus on trade and investment and to drive mutual prosperity. On Tuesday, U.S. Secretary of State Marco Rubio said the U.S. was abandoning what he called a charity-based foreign aid model and will favor those nations that demonstrate "both the ability and willingness to help themselves." U.S. envoys in Africa will be rated on commercial deals struck, African Affairs senior bureau official Troy Fitrel said in May, describing it as the new strategy for support on the continent. REUTERS
Business Times
an hour ago
- Business Times
TikTok cuts more workers from US e-commerce division
[TAIPEI] TikTok is cutting more workers from its US e-commerce division, TikTok Shop, the third round of layoffs for that team since April. 'As the TikTok Shop business evolves, we regularly review our operations to ensure long-term success,' a spokesperson for the video-sharing app said on Wednesday (Jul 2). 'We have made the difficult decision to adjust parts of our team to better align with strategic priorities.' TikTok did not respond to the question of how many people are being cut. TikTok Shop's US operations have undergone a series of changes in the past few months following a year in which the division fell short of internal sales targets. TikTok Shop eliminated some jobs in April and enacted a second round of cuts in May, Bloomberg previously reported. The team has also been replacing US-hired staff near Seattle with managers connected to China – an effort to replicate the e-commerce success that parent company ByteDance has had in Asia. Despite the changes, TikTok Shop has been the social media app's fastest-growing business, and a major focus for ByteDance globally. Last year, TikTok Shop opened in five new countries in Europe, including Germany and Spain. TikTok's US future remains in limbo as the company faces a potential ban over national security concerns. Under a US law passed in 2024, Beijing-based ByteDance is required to divest TikTok to avoid being banned in the country. US President Donald Trump, who has extended the deadline for a divestment to mid-September, has said he has a buyer lined up for the app, and just needs approval from the Chinese government for the sale. BLOOMBERG
