India, US likely to announce 'mini trade deal' tonight amid Donald Trump's new tariff measures; check details
The complete deal is likely to be signed after negotiations between the two countries later this year. The sources noted that this mini-deal is going to be beneficial to the country.
US to sign 'mini trade deal' with India tonight
Union Commerce and Industry Minister Piyush Goyal stated that the Modi government's top priority in trade negotiations is safeguarding India's interests.
'Whatever free trade agreement will be made with any country, it will be done while protecting the interests of Jammu and Kashmir and the whole of India…Today, the world sees India as a reliable partner in trade and industry. People believe that India and Indians do business honestly. That is why today the world wants to increase trade with India. All the developed countries of the world are eager to increase their two-way trade by making agreements with India," he said.
35% tariffs on Bangladesh, announces Donald Trump pic.twitter.com/pK7ZGnuYzG
New trade measures for Bangladesh, Thailand, Japan, and South Korea
On Monday, Trump stated that they have already reached agreements with the UK and China and are close to finalising one with India. For others, they have spoken to them but don't see a deal happening; hence, they simply send a letter outlining the terms: if they want to engage, here's what it will cost.
The United States has prolonged the suspension of its April 2 reciprocal tariffs until August 1, offering relief to Indian exporters and giving both New Delhi and Washington more time to address outstanding issues and work toward a temporary trade agreement.
Donald Trump's new tariffs on 14 countries:
Laos- 40 per cent tariffs
Myanmar- 40 per cent tariffs
Thailand- 36 per cent tariffs
Cambodia - 36 per cent tariffs
Bangladesh - 35 per cent tariffs
Serbia - 35 per cent tariffs
Indonesia - 32 per cent tariffs
South Africa- 30 per cent tariffs
Bosnia and Herzegovina- 30 per cent tariffs
Malaysia- 25 per cent tariffs
Tunisia- 25 per cent tariffs
Japan- 25 per cent tariffs
South Korea- 25 per cent tariffs
Kazakhstan- 25 per cent tariffs
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