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Mint
34 minutes ago
- Mint
India-US trade deal elusive as New Delhi bats for retaliatory auto tariffs, steel remains challenge: 5 things we know
India-US trade deal remains elusive even as leaders of both the nations have assured of an agreement soon. With Donald Trump's July 9 deadline to expire in less than a week, negotiators are working on signing an agreement despite India despite New Delhi hardening its stance on tariffs. 1. Indian negotiators returned from the US on Friday, officials quoted by The Indian Express said. 'The trade negotiators have just returned. The talks are ongoing, but the deal is not contingent on any date. India's key interests are sustained access for labour-intensive goods such as textiles and footwear. Auto component exports are also a key interest,' they said. (This is a developing story. Check back for updates)
News18
an hour ago
- News18
Deal Or No Deal? India Talks Tough On Trade Pact With US While Bracing For Trump Tariffs
Reported By : Edited By: Last Updated: July 05, 2025, 07:00 IST There are indications that India is prepared for the worst, which could mean the tariff could be as high as 26%. File image/ANI The clock is ticking. India is waiting with bated breath for the tariff deal announcement by American President Donald Trump. The deadline for the 90-day reprieve given by him ends on July 9, and the negotiating team headed by Rajesh Agarwal has returned to India. Sources say that his return does not indicate the failure of the deal talks either. However, there are indications that India is prepared for the worst, which could mean the tariff could be as high as 26%. With India having an export surplus with America and it being India's largest trade partner, it's a deal that New Delhi does not want to break. But the government has made it clear that the deal will not be at the cost of India's dignity. Two things show this. One, commerce minister Piyush Goyal's statement: 'India discusses on its own terms and we never make a trade deal based on a timeline. When the deal is good, fully matured, and in national interest, then we accept it." Recommended Stories Second, and more importantly, India's stand at the World Trade Organization (WTO) is very clear to America. It said in the context of possible high restrictions by the US on India, 'The proposed suspension of concession or other obligations would take the form of an increase in tariffs on selected products originating in the US. Without prejudice to the effective exercise of its right to suspend substantially equivalent obligations, India reserves its right to suspend concessions or other obligations." Sources say that India is very clear that it cannot afford to bend under pressure from the Americans. The Narendra Modi government has faced many barbs from the Congress based on Trump's public claims on the recent ceasefire with Pakistan. Congress has alleged that if the tariff deal is good for India, then Trump's claims will be proven right. So in case the deal fails to satisfy India's concerns, the BJP sees this also as an opportunity to prove the naysayers wrong. View All Ukraine Mourns F16 Ace Pilot Shot Down By Russia After 7 Kills Trump Kicks Off Americas 250th Anniversary Celebrations In Iowa Turkey Wildfires Claim Two Lives, Thousands Evacuated Trump Hails Big Beautiful Bill As Americas Birthday Gift As It Passes US Congress Football World Mourns Liverpool Star Diogo Jotas Tragic Death View all But it's clear that the PM has given a mandate and there has been backroom work done. Sources say that India has already begun to look at alternative markets that would make up for what it could lose in America. Apart from this, the commerce minister has met with many stakeholders, including exporters, to ensure their worries are eased and that they, too, should be ready to face all competition. The message from the WTO stand vis-à-vis automobiles is clear. India would not bend nor buckle under Trump's pressure, and it's prepared for the worst, though hopeful as well. Pallavi Ghosh has covered politics and Parliament for 15 years, and has reported extensively on Congress, UPA-I and UPA-II, and has now included the Finance Ministry and Niti Aayog in her reportage. She has also exclusively interviewed Narendra Modi, Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra. She tweets at @_pallavighosh. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! News business Deal Or No Deal? India Talks Tough On Trade Pact With US While Bracing For Trump Tariffs
Indian Express
an hour ago
- Indian Express
Trump administration's pressure on GM produce underlines Indian farmers' predicament
The Donald Trump administration is exerting pressure on India to open up its market to American soyabean and maize, which are both almost entirely genetically modified (GM) produce. These are crops where the US has huge stakes, with its exports of raw soyabean alone valued at $24.5 billion and of maize at $13.7 billion in 2024. It would be more — around $52 billion — if exports of soyabean meal ($6.3 billion) and maize-derived ethanol ($4.3 billion) and dried distillers grains ($3.1 billion) are added. The economic imperative to find new markets is reinforced by Trump's political compulsion to cater to voters in the 'corn belt' states of the Midwestern US. Some of them, growing the bulk of the country's soyabean, maize and wheat — Illinois, Indiana, and Ohio — are also part of the 'rust belt' that constituted its industrial heartland. With Trump having swept both belts in the presidential elections, he has to evidently return that favour. For India, this presents a dilemma that has less to do with economics. Average soyabean yields in the US are more than 3.5 times that of India. That makes American growers much more cost competitive. Moreover, India imports close to 5 million tonnes (mt) of soyabean oil annually. From a domestic value addition standpoint, it makes sense to import soyabean itself, which can then be processed to yield both oil and the residual protein-rich cake or meal. The yield difference may be somewhat less for maize, where many Bihar farmers harvest almost the same per-hectare tonnage as their counterparts in Iowa or Illinois. But India's maize consumption is growing on the back of both feed and ethanol biofuel demand. Imports are going to be a practical necessity in both maize and soyabean meal, as rising incomes lead Indians to consume more dairy and other animal products that require these as key feed ingredients. The problem is more political. Maize and soyabean are grown on areas of 12 million hectares and 13 million hectares respectively in the country. Given the sheer number of farmers involved, the government cannot be oblivious to their interests. But that's where policy own-goals have not helped either. GM technology has allowed US farmers to plant soyabean and maize varieties that can tolerate application of herbicides and resist deadly insect attacks. They are, therefore, able to harvest higher yields through better weed and pest control. Unfortunately, the same technology has been denied to Indian farmers, who are now expected to compete against imports from countries whose governments have not succumbed to Luddite interests. Blocking technology in the name of Swadeshi has led to India turning from a net exporter to importer of cotton. The Trump pressure is like adding salt to the wound.
