US Team To Visit India On August 25 For Next Round Of Trade Talks
The US team will visit India on August 25 for the next round of negotiations for the proposed bilateral trade agreement between the two countries, an official said on Tuesday.
The official added that the two sides continue to be engaged in an interim trade deal as the August 1 deadline is approaching.
August 1 marks the end of the suspension period of tariffs imposed by US President Donald Trump on dozens of countries, including India (26 per cent).
"The US team is visiting for the sixth round of talks," the official said.
India and the US teams concluded the fifth round of talks for the agreement last week in Washington.
India's chief negotiator and special secretary in the Department of Commerce Rajesh Agrawal and Assistant US Trade Representative for South and Central Asia Brendan Lynch held the deliberations.
These deliberations are important as both sides are looking at finalising an interim trade deal before August 1.
On April 2 this year, Trump announced high reciprocal tariffs. The implementation of high tariffs was immediately suspended for 90 days till July 9 and later until August 1, as America is negotiating trade deals with various countries.
India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector.
Certain farmers' associations have urged the government not to include any issues related to agriculture in the trade pact.
India is seeking the removal of this additional tariff (26 per cent). It is also looking at the easing of tariffs on steel and aluminium (50 per cent) and the auto sector (25 per cent). These issues are an important part of the trade pact negotiations.
Against these, India has reserved its right under the WTO (World Trade Organization) norms to impose retaliatory duties.
The country is also seeking duty concessions for labour-intensive sectors, such as textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas, in the proposed trade pact.
On the other hand, the US wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, agri goods, dairy items, apples, tree nuts, and genetically modified crops.
The two countries are looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. Before that, they are looking for an interim trade pact.
India's merchandise exports to the US rose 22.8 per cent to USD 25.51 billion in the April-June quarter this financial year, while imports rose 11.68 per cent to USD 12.86 billion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
2 minutes ago
- Time of India
India's targeted capital liberalisation, RBI's FX strategy shield economy from global shocks: Report
India's cautious approach to opening its capital account, coupled with the RBI's strategic foreign exchange management, has shielded the economy from global shocks. A Motilal Oswal report highlights India's strengthened external sector, marked by a low current account deficit, record-high foreign exchange reserves, and a shift towards high-value service exports. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's measured approach to capital account liberalization, combined with the Reserve Bank of India 's proactive foreign exchange management , has played a vital role in cushioning the economy against global to a report by Motilal Oswal, these policy buffers have helped India navigate periods of heightened global uncertainty, including trade tensions and diverging monetary policy trends across major economies."India's selective capital account liberalization and the RBI's proactive foreign exchange management have provided crucial buffers against global shocks, including those triggered by tariff uncertainty and monetary policy divergence," the report report highlighted that India's external sector has undergone a notable structural transformation over the past decade, evolving into a far more resilient and stable component of the macroeconomy. The experience of the 2013 taper tantrum exposed India's vulnerabilities--most notably, a wide CAD, limited foreign exchange reserves, and heavy reliance on volatile capital contrast, the current landscape in FY24-FY25 reflects a far stronger footing: the CAD is low and manageable, foreign exchange reserves are at record highs, and the composition of exports has shifted decisively toward high-value, less tariff-sensitive external sector position in FY24 and FY25 reflects a phase of marked resilience and macroeconomic stability, even amid rising global tariff uncertainty and renewed stress in global capital CAD has narrowed significantly to just 0.7 per cent and 0.6 per cent of GDP in FY24 and FY25, supported by a robust services trade surplus, record inward remittances, and modest growth in merchandise the other hand, the Indian rupee has remained one of the most stable currencies across both advanced and emerging markets, showing that investors trust India's economic policies and strong external external buffers have strengthened significantly since the taper tantrum of 2013, providing a critical line of defense against renewed global volatility and tariff-related of May'25, reserves have more than doubled to USD 691 billion, and import cover has risen to 11.4 months, reflecting stronger balance of payments dynamics and proactive reserve accumulation by the RBI, highlighted by the has focused on diversifying its exports, managing its finances wisely, and opening its economy to global capital in a gradual and safe manner."This has helped the country stay strong even when global conditions are uncertain," the report added.
News18
14 minutes ago
- News18
US Fed Likly To Hold Interest Rates Amid Political Pressure
Despite intensifying pressure from the White House, the US Federal Reserve is widely expected to keep its benchmark interest rate unchanged Despite intensifying pressure from the White House, the US Federal Reserve is widely expected to keep its benchmark interest rate unchanged at its upcoming policy meeting on July 30. The Federal Open Market Committee (FOMC) has held rates steady in the 4.25%–4.5% range for four consecutive meetings—and appears set to extend that streak. US President Donald Trump has openly criticised Fed Chair Jerome Powell for maintaining elevated rates, arguing that the central bank is keeping borrowing costs unnecessarily high and slowing down economic momentum. Trump has called for a sharp 300 basis point rate cut, a demand that has fueled debate in policy circles but failed to sway the Fed's position—at least for now. Fed Chair Powell, however, has maintained that more data is needed to determine the appropriate course of action, especially given heightened uncertainty around trade policies. The latest inflation reading came in at 2.7%, making an immediate rate cut unlikely, according to most economists. Goldman Sachs: No Hint This Week, Cut Likely in September Goldman Sachs, in a research note, said the key shift since the Fed's last meeting has been signs of slower economic activity—largely a result of the President's tariff moves. 'The activity data have begun to show clearer signs of below-potential growth," the note said. While Goldman continues to forecast a rate cut in September, it does not expect the Fed to strongly signal that move this week. 'If asked about the two-cut baseline in the June dot plot, Chair Powell is likely to acknowledge it, but emphasise that decisions will be made meeting-by-meeting, with two rounds of inflation and employment data still due before September," the note added. Market Expectations According to the CME Group's FedWatch tool, market participants largely agree with the no-cut scenario for July. As of now, 98% of traders expect the Fed to maintain current rates, with only 2% anticipating a rate cut. Looking ahead, the outlook for rate cuts in 2025 remains divided. The Fed's latest Summary of Economic Projections reveals that seven FOMC members see no cuts this year, while eight expect two 25-basis-point cuts. For the September meeting, the CME FedWatch tool shows 65% of market participants expect a 25-bps cut, while 34% expect rates to stay unchanged. Just 1% foresee a deeper 50-bps cut. Analysts Say Fed Will Wait for Clear Weakness 'The Fed is likely to wait for meaningful signs of weakness in the labor market before acting," said Madhavi Arora, economist at Emkay Global Financial Services. 'They will likely look through any transitory price spikes caused by tariffs. That makes September the more probable window for the next cut." view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
21 minutes ago
- Time of India
Gold price prediction today: Where is gold rate headed in the near-term? Here's the outlook
Gold in spot markets might see a trading range of $3,345 – 3,275 per oz (CMP $3,322/oz) for 1 – 2 weeks perspective. (AI image) Gold price prediction today: Gold rates are likely to see a limited upside in the coming days as greater clarity on US President Donald Trump's trade policies emerges. Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares and Stock Brokers shares his views and recommendations for gold silver investors: Gold faced four consecutive sessions of losses after rising in the initial half of last week, as the newly announced US-EU trade deal sapped demand for safe-haven assets. The US and the EU on Sunday reached a broad agreement that includes a 15% tariff on most European goods, while the US & China, the world's two largest economies, extended their tariff truce by another three months. The risk-on sentiment weighed on the yellow metal, a traditional safe-haven asset. Meanwhile, the ECB held rates steady, while US corporates earning for Q2 continued to surpass expectations last week. Gold had reversed its gains seen in the initial half of last week and had returned to the sideways range that has dominated since late April. On the currency front, the dollar rallied and bounced from near 3 year lows seen earlier in the month on trade deal optimism as safe haven Yen continued to find buyers at lower levels for the fourth consecutive day as it climbed to a one-and-a-half-week high in early session today, around the 148.70 area. Gold Price Outlook Weekly View: Gold: Sideways to Limited upside MCX Trading range (Oct futures): Rs 99,850 – 96,900 per 10 gm. (CMP Rs 98,700 per 10 gm) Investors brace for a busy week, featuring a Federal Reserve policy meeting followed by Bank of Japan on Thursday and a slew of economic data releases from the US. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 30 Captivating Portraits of Women from 80–100 Years Ago The Fed is widely expected to keep rates unchanged, but investors should closely watch for any signals of a potential rate cut in September, while rate hike signals from BoJ could also remain to be closely scrutinized. Overall, the Dollar Index looks likely to strengthen further from current levels with Yen likely to weaken against dollar on diminishing odds for an immediate interest rate hike by the Bank of Japan (BoJ). Also cooling inflation in Japan and domestic political uncertainty, could weigh on the JPY and support the USD/JPY pair. Key upside levels for the dollar are expected at $99.80 - 101.50 (CMP 98.80). This may remain a potential trigger for limited upside in precious metals complexes in the current week. Gold in spot markets might see a trading range of $3,345 – 3,275 per oz (CMP $3,322/oz) for 1 – 2 weeks perspective. Attention will also be on key labour market indicators, including ADP employment & nonfarm payrolls. The PCE price index, the Fed's preferred measure of inflation, will also be monitored for any signs of upward pressure stemming from tariffs which could remain a negative trigger for gold prices. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
