&w=3840&q=100)
'Very big' trade deal with India soon: Trump as he signs pact with China
President Donald Trump on Thursday (local time) said that the US has signed a deal with China and hinted that a "very big" deal with India will follow soon.
Trump made the announcement while speaking at an event for the Big Beautiful Bill. He said, "Everybody wants to make a deal and have a part of it. Remember a few months ago, the press was saying, 'You really have anybody of any interest? Well, we just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India, in the China deal, we are starting to open up China."
His remarks come at a time when the 90-day deadline for the tariff pause is likely nearing its end on July 9. It was previously reported that the Trump administration is likely to extend the deadline and will send out letters mentioning the terms of trade deals to dozens of countries. On April 2, Trump imposed reciprocal tariffs on more than 100 countries, including India and China, a move that rattled global markets. However, soon after, he announced a 90-day pause as countries scrambled to sign a deal with the US to save themselves from the reciprocal tariffs.
During his speech at the Big Beautiful Bill event, Trump added that deals will not be made with every other nation. He added, "We're not going to make deals with everybody. Some we are just going to send them a letter, say thank you very much. You are to pay 25, 35, 45 per cent. That's the easy way to do it, and my people don't want to do it that way. They want to do some of it, but they want to make more deals than I would do."
It was previously reported that the US signed its first trade deal with the UK. At the same time, the T rump administration was in talks with several other countries, including India, Japan, and South Korea.
US-India deal
Trade talks between India and the US have been underway for quite some time, however, External Affairs Minister S Jaishankar previously indicated that the trade deal is far from being finalised.
Earlier this month, US Commerce Secretary Howard Lutnick hinted at a possible deal between India and the US. Speaking at the US-India Strategic Partnership Forum's (USISPF) Leadership Summit in Washington, Lutnick said, "a trade deal between India and the US is likely to happen in the 'not too distant future, adding that the two countries have found a place that works for both of them.
Days after Lutnick's statement, India's Commerce and Industry Minister Piyush Goyal said that the two nations were in the process of negotiating a fair and equitable trade agreement that will benefit both economies.
US-China deal
While Trump did not elaborate on the details of the US-China deal, he said, "But we're having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India, in the China deal, we're starting to open up China. Things that never really could have happened, and the relationship with every country has been very good."
This comes after tensions escalated between the two countries following fears of a trade war. After Trump announced a 90-day deadline for countries to negotiate deals with the US, it excluded China. Following this, China imposed reciprocal tariffs on US-made goods..
Earlier in June, CNN reported that the US and China reached a new trade agreement, reviving terms first agreed to in Geneva last month.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
an hour ago
- New Indian Express
Markets wrestle method & madness of Trumponomics
You could say the bets are on the madness and the method of Trumponomics. There is a conviction that Trump will wield executive power to protect his image. Soon after the attack on nuclear sites in Iran, as crude oil prices spiralled to $80 per barrel, Trump warned derivative players with capital letters and exclamation marks: 'Everyone, keep oil prices down, I'm watching! Don't do it!' At the Nato summit, when Spain dissented on raising defence spending, Trump threatened higher tariffs. Trump has also repeatedly asserted (despite denials) that he used trade deals to force India and Pakistan to a ceasefire. The idea of Make America Great Again rests on Trump's belief that the heft of the US economy and military must be leveraged to make allies pay for protection and an entry fee charged from others for the privilege of participating in the $29-trillion economy's markets. However, the MAGA dream is haunted by US debt and deficits. In 2024, it ran a trade deficit of $918 billion, federal deficit of $1.83 trillion, and a total debt of $36.2 trillion or 123 percent of the GDP. It is getting worse as the new 'Big Beautiful Bill', as per the non-profit Committee for a Responsible Federal Budget, will add $3.5-4.2 trillion of debt by 2034. There is a method to the madness of Trumponomics. As a solution, Trump has invested in an assembly of disparate ideas—stranded between claims and counter claims—to lift the US economy out. DJT believes tariffs will achieve multiple objectives—it is already garnering revenue of around $30 billion a month, and will bring down trade deficits and force onshoring of output. The foundation rests on cutting taxes and regulation to spur investment, some of which is manifest in the White House's 'running list' of investment declarations by Softbank, OpenAI, Meta, Apple, Nvidia, Micron and others. Trump's trip to the West Asia was geared for geo-economics. He has claimed this has brought over $2 trillion in investments.
Time of India
an hour ago
- Time of India
Amid opposition protests, EC starts Bihar rolls revision
NEW DELHI/PATNA: Disregarding opposition parties' protests against its move to conduct a special intensive revision (SIR) of electoral rolls in Bihar - requiring submission of citizenship proof by electors enrolled after 2003 - Election Commission has started the exercise in the state's 243 constituencies, with 98,450 booth level officers set to conduct door-to-door verification over the next one month. EC will treat the state's 2003 electoral roll - which has listed 4.9 crore electors - as probative evidence of eligibility, including pres-umption of Indian citizenship unless it receives any input otherwise. Voters must submit from set of 11 government documents to prove eligibility Any person whose name is not recorded in the 2003 roll will be required to submit from among a set of 11 eligible government documents to establish his/her eligibility as an elector. As of date, Bihar has around 7.9 crore electors. EC on Saturday justified the purpose of SIR by citing Article 326 of the Constitution, which specifies that only Indian citizens above 18 years of age and ordinary resident in that constituency are eligible to be registered as electors. To justify the timing, EC sources said Section 21(2)(a) of Representation of the People Act, 1950, and Rule 25 of Registration of Elector Rules, 1961, make revision of electoral roll mandatory before every election/byelection, unless otherwise directed by EC for reasons to be recorded in writing. EC's statement on pursuing SIR in Bihar as per schedule, came a day after opposition INDIA bloc's members criticised the timing of the revision and alleged that the exercise was a veiled attempt to disenfranchise sections of the electorate in order to favour the ruling alliance. "The Constitution is supreme. All citizens, political parties and EC follow the Constitution," the poll panel said, while asserting that "all activities relating to SIR (in Bihar) are progressing well as per schedule". Printing and door-to-door distribution of new enumeration forms for the existing electors has already started in each of the 243 assembly constituencies of the state. Of the existing electors in Bihar, 4.9 crore already figure in the 2003 electoral roll, and will simply have to fill the enumeration form and submit it to the BLO. For those not in the 2003 roll, citizenship proof will be collected along with the enumeration form.
Hindustan Times
2 hours ago
- Hindustan Times
‘Utterly insane, destructive': Elon Musk on latest Senate draft bill
Billionaire Elon Musk has criticised the latest version of the tax and spending bill released by the United States senate and said that it will cause 'immense strategic harm' to the US. Musk's renewed criticism comes just weeks after he and the US President Donald Trump exchanged jibes over the former's disapproval of the 'Big, Beautiful Bill' before they made up. Elon Musk's remarks come while the US Senate is getting ready for an important vote on Saturday (local time).(File/AFP) In a post on X, Musk wrote, 'The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!' 'Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future,' he added. Read: Big Beautiful Bill: List of Republicans who will vote against Trump's spending measure Musk's remarks come while the US Senate is getting ready for an important vote on Saturday (local time) as Republicans rush to pass President Donald Trump's bill, which includes tax cuts, spending reductions, and more funding for deportations, before his July 4th deadline. Republicans are putting their majority in the Senate to use to push aside Democratic opposition to the bill. However, not all Republican lawmakers are rallying behind the bill due to its plan to cut funding for Medicaid, food stamps, and other programs. Big, Beautiful Bill up for vote The latest version of the bill, which is 940-pages long, is a collection of tax breaks, cuts in government spending on programs such as Medicaid and more money for Republican priorities such as national defense and deportations. This bill is a key part of Trump's plans for the United States and is up for a vote in the Congress. Trump has asked his party's lawmakers, who hold a majority in both the Senate and the House of Representatives, to get the bill passed by the country's independence day on July 4th Senators are working through the weekend to pass the bill and send it back to the House for final vote, all while Democrats are thoroughly opposing the bill. With AP inputs.
