Trump exits diplomats from mid-east as talks look set to fail: these U.S. bases may be under threat
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Indian Express
19 minutes ago
- Indian Express
India-US trade deal: Commerce Ministry advised against accepting ‘unilaterally framed obligation' on digital taxes
Legal advisers to the Commerce and Industry Ministry have suggested that Indian negotiators dealing with their US counterparts should not accept Washington's proposal that prohibits India from reintroducing equalisation levy-style taxes, such as the 'Google tax', in the future, a person aware of the negotiations told The Indian Express. The advice was offered on the grounds that the provisions drafted by the US did not state that both parties should refrain from applying digital taxes on each other. Rather, they sought a legal commitment only from the Indian side and were seen as a 'unilaterally framed obligation', the source said. While the US offers a range of digital services in India and American tech companies have long lobbied against any taxes on such services, India also exports a wide range of digital services to the US — particularly in the IT sector — generating the majority share of its total services exports earnings from the US market. Another concern raised with the government was that agreeing to such unilateral provisions could set a risky precedent for future trade negotiations, where similar demands could be made by other trading partners during talks with New Delhi, thereby complicating future negotiations. In a move to assuage US concerns about India being a high-tariff nation, the Central government in March proposed abolishing the equalisation levy on online advertisements as part of the amendments to the Finance Bill, 2025. An equalisation levy is a measure to 'equalise' the tax treatment of resident and non-resident e-commerce companies. As part of the 35 amendments to the Finance Bill, 2025, the Centre proposed removing the 6 per cent equalisation levy (EL) it charges on digital ads, effective from 1 April 2025. A query emailed to the Commerce and Industry Ministry remained unanswered till press time. 'Digital taxation is typically discussed outside the framework of a trade agreement. It is a nation's sovereign right to decide on such matters, and India should reserve that right. Bringing it under the scope of a trade agreement weakens your position. We need to examine the digital trade chapters of the US and Australia, which India must study carefully. Australia has provided the US with a carve-out that allows for protections for US services. We also need to secure our IT/ITeS and technology exports from taxation in the US, our largest market' Arpita Mukherjee, professor at Indian Council for Research on International Economic Relations (ICRIER) said. Notably the US has forced Indonesia to several steep terms on digital trade. Indonesia has committed to address barriers impacting digital trade, services, and investment, a White House statement said. 'Indonesia will provide certainty regarding the ability to transfer personal data out of its territory to the United States. Indonesia has committed to eliminate existing HTS tariff lines on 'intangible products' and suspend related requirements on import declarations; to support a permanent moratorium on customs duties on electronic transmissions at the WTO immediately and without conditions; and to take effective actions to implement the Joint Initiative on Services Domestic Regulation, including submitting its revised Specific Commitments for certification by the World Trade Organization (WTO),' the White House statement read. The United States Trade Representative (USTR), in its report on non-tariff barriers, had earlier cited the 6 per cent equalisation levy as a discriminatory measure against US firms. The USTR report said that most digital services taxes are designed in ways that discriminate against US companies, often singling out American firms for taxation while excluding domestic companies engaged in similar lines of business. The US has also raised concerns about digital services taxes with a number of trade partners, particularly the EU. 'The disproportionate capture of US firms by the EU's Digital Services Act (DSA) and Digital Markets Act (DMA) is also noted as undermining US competitiveness due to increased compliance costs not borne by EU competitors,' the USTR said. Differences between India and the US assume significance as New Delhi continues to face the risk of 26 per cent reciprocal tariffs. After Indian negotiators completed another round of discussions in Washington last week, a US team led by the US Trade Representative for South and Central Asia, Brendan Lynch, is expected to visit India in mid-August to continue negotiations for a trade agreement. While India and the US have agreed on a wide range of tariff lines, the negotiations — which currently only involve market access for goods — remain stuck over sensitive sectors such as agriculture and automobiles, which are key job creators in India. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
Mint
an hour ago
- Mint
Trump secures trade deal with EU, slashes tariffs to 15%; lands $750 billion energy deal and $600 billion investment
The United States and the European Union have reached a last-minute trade agreement that will impose a 15% tariff on EU goods entering the US, replacing the previously threatened 30% rate. The deal, reached just ahead of the August 1 deadline, was announced by President Donald Trump and European Commission President Ursula von der Leyen after a high-stakes meeting at Trump's Turnberry golf resort in Scotland. 'It was a very interesting negotiation. I think it's going to be great for both parties,' Trump said. President Trump noted the long-standing friction in trade relations between the US and Europe, saying: "We've had a hard time with trade with Europe, a very hard time.' 'I think the main sticking point is fairness.' Under the deal, the US will impose a baseline 15% tariff on EU exports — the same level Japan recently agreed to — including autos, which were previously taxed at 25%. 'We are agreeing that the tariff straight across, for automobiles and everything else, will be a straight across tariff of 15 percent," Trump confirmed. As part of the agreement, the EU has committed to purchasing $750 billion worth of US energy and investing $600 billion more into the American economy. Trump called the outcome 'a good deal for everybody,' while von der Leyen added: 'It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.' The agreement reportedly mirrors the recent .S-Japan deal announced earlier in the week, which also featured a 15% import duty and avoided previously threatened higher tariffs. US Commerce Secretary Howard Lutnick emphasised the urgency to push both sides to reach a consensus: 'No extensions, no more grace periods. August 1, the tariffs are set, they'll go into place, Customs will start collecting the money and off we go.' With EU trade deal sealed, six countries including — Britain, Vietnam, Indonesia, the Philippines, and Japan — have reached agreements with the Trump administration ahead of the upcoming Friday deadline, as the US moves to reshape the global free trade framework by imposing tariffs on nations it accuses of unfair trade practices. While the tariffs agreed upon by these countries are generally higher than the 10 percent base rate the US has applied to most nations since April, they remain significantly lower than the steep rates the Trump administration had threatened if no deals were secured.
Hindustan Times
an hour ago
- Hindustan Times
‘Trump cheating at golf': Massive claim emerges amid Scotland trip; caddie video draws attention
A video of President Donald Trump playing golf during his Scotland trip has gone viral. The clip, showing the 79-year-old's caddie allegedly tossing a ball into the light rough near a bunker, has sparked a 'cheating' row. Now, several social media users claim that Trump was 'cheating at golf' - a sport he loves. US President Donald Trump waves from a golf cart at the Trump Turnberry golf course in Turnberry, Scotland(Bloomberg) Neither Trump nor the White House have responded to the renewed 'cheating' allegations yet. 'Trump caught cheating at golf, watch the second guy in the red vest toss a ball behind him,' one person wrote on X, platform formerly known as Twitter. Read More: Trump says US will work with Thailand and Cambodia, adds both 'want to settle' 'Watch his caddy drop the ball in a more favorable location for him. First he cheated on his wife with children, and now he's cheating at golf. What low will he not stoop to?' another person tweeted. The two X users posted videos of the alleged 'cheating' incident. The video, recorded during Trump's Saturday round, shows him arriving at a bunker in a cart, followed by a caddie dropping a ball just short of the sand trap. Trump then approaches and hits from the new position, prompting accusations of 'cheating'. This echoes past allegations, including claims from Rick Reilly's book Commander in Cheat, which details the president's alleged habit of manipulating shots. President Trump's Scotland trip, with scheduled talks with EU and UK leaders, has drawn criticism. Several Democrats noted that the 79-year-old is spending most of his time at Turnberry and his Aberdeen course. Rick Reilly, who has played with the president, spoke to The Spun about Trump's golf habits - including taking unearned chip-ins and claiming he 'cannot lose' and will 'do anything to cheat'. Read More: Donald Trump says Israel will have to 'make a decision' on next steps in Gaza Trump strikes EU deal The US and European Union agreed on a landmark deal that will see the bloc face 15% tariffs on most of its exports, including automobiles. This comes less than a week before the deadline for Trump's higher tariffs to take effect. Trump and European Commission President Ursula von der Leyen announced the deal Sunday at his golf club in Turnberry, Scotland, although they didn't disclose the full details.
