Pak, US conclude critical round of trade negotiations
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
29 minutes ago
- Mint
Indias rights in WTO to retaliate on US auto tariffs wont affect trade deal talks: Official
New Delhi, Jul 5 (PTI) India's decision to reserve its rights to impose retaliatory duties on the US over imposition of tariffs on auto parts is a procedural move under the WTO agreement on safeguards and it will not affect ongoing negotiations on the proposed trade pact between the two countries, an official said. India on Friday proposed imposing retaliatory duties under the WTO (World Trade Organisation) norms against the US over American tariffs on imports of the country's auto parts in the name of safeguard measures. The proposed suspension of concessions or other obligations would take the form of an increase in tariffs on selected products originating in the US, according to a notification of the WTO being circulated at the request of India. "The notification in WTO is an essential step to reserve India's right, in accordance with the provisions of the agreement on safeguard and does not prejudice ongoing discussions, deliberations, negotiations for finalizing tranche one or subsequent tranches of India-US bilateral trade agreement (BTA) in any way," the official told PTI. The two countries have aimed to conclude the first phase of the BTA by fall (September-October) this year. The agreement is aimed at more than doubling bilateral trade to USD 500 billion by 2030 from the current USD 191 billion. Both India and the US are signatories to the Agreement on Safeguard at the WTO which empowers a WTO Member to suspend its tariff concessions to another member who introduces safeguard measures on its imports. On 26 March 2025, the US announced a 25 per cent ad valorem tariff on the import of automobiles and on certain automobile parts, including, from India under Section 232 of the Trade Expansion Act, 1974. "India treated it as a safeguard measure and gave a notice for consultation under the WTO agreement earlier. Now, as per the provisions of that agreement, after completion of 30 days period for consultation, as a next step, India has notified that it is reserving its right to suspend concession on equivalent US exports to India as a response to enhanced tariff of 25 per cent imposed by the US on Indian exports of auto components," the official said. Before the first phase, India and the US are negotiating to finalise an interim trade agreement before July 9, which marks the end of the 90-day suspension period of the Trump tariffs imposed on dozens of countries including India. US President Donald Trump on Friday reportedly stated that he has signed tariff letters to 10-12 countries to inform them about import duties to be levied on various products, and these would be sent on Monday. Meanwhile, sources have stated that there are uncertainties over the announcement of the interim trade agreement between India and the US before July 9. India does not enter into any trade agreement based on deadlines and will accept the proposed trade deal with the US only when it is fully finalised, properly concluded and in the national interest, Commerce Minister Piyush Goyal has said on Friday. FTAs are possible only when both sides get benefitted and it should be a win-win agreement, he has said.
Hindustan Times
an hour ago
- Hindustan Times
Fugitive diamantaire Nirav Modi's brother Nehal arrested in US on India's request
New Delhi: Fugitive diamantaire Nirav Modi's brother, Nehal Modi, has been arrested in the United States based on an extradition request of the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), a development Indian officials described as 'significant'. Nehal Modi Nehal Deepak Modi, 46, played a key role in the ₹6,498 crore Punjab National Bank (PNB) swindle in which his elder brother, Nirav Modi, is currently lodged at a UK prison and is facing extradition. Officials familiar with the development said that Nehal, a Belgian citizen, was arrested by the U.S authorities on Friday, a day after he was released from a prison in New York, where had been serving sentence since July 2022 in a $2.6 million diamond fraud with a U.S firm. A U.S Supreme Court jury sentenced Nehal Modi to 3-9 years in a grand larceny in the first degree case. He was accused of fraudulently obtaining diamonds from Manhattan-based wholesale company, LLD Diamonds USA, LLC ('LLD'). He had made false representations regarding a purported deal with Costco Wholesale Corporation to obtain more than $2.6 million worth of diamonds from LLD, also known as Lev Leviev Diamonds, between March and August 2015, according to the July 29, 2022 indictment seen by HT. 'The United States Department of Justice informed us that Nehal Modi has been arrested on July 4, a day after he was released from the prison, based on our extradition request (both CBI and ED's). An extradition request was sent in 2022 and for the past one and a half months, we were providing various clarifications to the American authorities and they finally arrested him,' said an ED officer, who didn't want to be named. 'It's a significant development because all three key perpetrators of the PNB case - Nirav Modi, Mehul Choksi and Nehal Modi are now lodged in prisons in the UK, Belgium and the US, respectively, based on efforts and prosecutable evidence for extradition provided by Indian agencies,' the officer added. While Nirav Modi was arrested in London in 2019, Mehul Choksi was taken into custody in Antwerp in April this year. As per the complaint filed by the U.S prosecutors, extradition proceedings are being pursued on two counts: one count of money laundering under Section 3 of the Prevention of Money Laundering Act (PMLA), 2002, and one count of criminal conspiracy under Sections 120-B and 201 (destruction of evidence) of the Indian Penal Code (IPC), said a second officer. The next date of hearing on extradition is July 17, when Nehal may apply for bail which U.S prosecutors have assured Indian officials they will oppose, he said. Wanted since 2018, when the PNB swindle came to the light, Nehal Modi was earlier said to be based in Belgium and then later moved to the US. An Interpol red notice was issued against him in July 2019 based on ED's request. 'He played a key role in laundering proceeds of crime on behalf of Nirav Modi, who is also facing extradition from the UK. He assisted in concealing and transferring large sums of illicit funds through a web of shell companies and overseas transactions, in violation of Indian laws,' said the second officer. In the PNB case, in which Nirav Modi swindled ₹6,498 crore, ED has already traced proceeds of crime worth ₹2,626 crore in India and abroad. Officials said charge sheets have been filed against Nehal in May 2018 and February 2019. It has been alleged by the agencies that Nehal Modi helped Nirav in destroying the evidence after the PNB scandal broke out in January 2018 as well as launder money on his behalf. Nehal, according to the ED officer cited above, was looking after the affairs of companies - Twin Fields Investments Limited, Bailey Bank and Biddle for Nirav Modi. 'Both these companies had received around USD 50 million from dummy companies of Nirav Modi which in turn received this fund from the fraud committed on PNB. For Nirav Modi, he became the protector and investment advisor of 'The Ithaca Trust'. This trust got the tainted funds to the tune of USD 30 million after extensive layering and two immovable properties have been purchased in USA from these tainted funds,' said the ED officer. After CBI and ED started scanning their offices abroad with the help of international agencies, Nehal dealt with the proceeds of crime and took away diamonds having value of US dollars 6 million and 150 boxes of pearls from Hong Kong and cash of 3.5 Million dirham and 50 Kg gold from Dubai, according to a statement issued by ED in 2019. Nehal also arranged the escape of Nirav's trusted man – Mihir Bhansali from Dubai and booked tickets of several dummy directors for Cairo so that Indian agencies would not catch them. He was also involved in destroying the digital evidence like mobile phones and the server pertaining to Nirav Modi's companies in Dubai. Nehal is also accused of helping Mehul Choksi in laundering money. 'Nehal Modi was incharge of M/s Samuels Jewellers INC and Diamlink Inc. At his instance, these companies had received around USD 19 million of proceeds of crime in the guise of royalty, advances etc from Dubai based shell companies of Mehul Choksi,' ED said in 2019. 'Nehal Modi was personally overseeing that all the accounts, records were destroyed and was influencing the employees/witnesses in respect of money trail of the proceeds of crime in the case. He destroyed the digital evidence (Mobile Phones and Server) pertaining in Dubai. He intimidated the witnesses and sent them to Cairo and in Cairo, their passports were taken over at his instance. Witnesses have been forced to sign some false papers in Cairo at his instance and in one case, a witness has been offered ₹20,000,00 by himself (Nehal Modi) in lieu of tendering false testimony before the judicial authorities of Europe,' said a second ED officer. One of the co-accused sent to Cairo was Subhash Parab, who was brought by Indian authorities in April 2022 through extradition. 'When the case came to light in January 2018, Nehal Modi told Parab and other senior directors in the company to leave India as they may be questioned by Indian investigation agencies. He left for Cairo after Nehal arranged his travel and since then, agencies have been pursuing his extradition,' said a CBI officer.
Mint
2 hours ago
- Mint
Trump tariff ultimatum: These countries have struck trade deals as US Prez prepares ‘take it or leave it' letters
As the deadline for the 90-day pause on reciprocal tariffs nears, United States President Donald Trump stated that he has signed letters to 12 countries detailing the different tariff rates that will be imposed on exports to the US. These 'take it or leave it' offers enclosed in letters are scheduled to be sent out on Monday, July 7. With the letters set to go out Monday, here's a look at the countries that have already secured trade deals with the US, avoiding the 'take it or leave it' letters from Donald Trump. In May, the UK concluded a trade deal with the US that kept a 10 per cent tariff rate and secured preferential treatment for some sectors, including autos and aircraft engines. Under the US-Vietnam trade deal, tariffs on numerous Vietnamese goods have been reduced to 20 per cent, down from the previously threatened 46 per cent. Additionally, many US products will now be able to enter Vietnam duty-free. Japan's tariff negotiator Ryosei Akazawa held 'in-depth exchanges' with US Commerce Secretary Howard Lutnick on Thursday and Saturday, reported Reuters, citing the Japanese government, which intends to actively coordinate with the US over the tariff issue. Apart from India, the EU also could not conclude a trade deal with the US. On Friday, EU diplomats said they haven't achieved a breakthrough in trade negotiations with the Trump administration, Reuters reported. A trade deal with India was not finalised and the Indian negotiators returned from the US on Friday, according to the reports. Meanwhile, India has proposed retaliatory duties against the United States under World Trade Organisation (WTO) norms as a safeguard measure against American tariffs on the automobile sector. "The proposed suspension of concessions or other obligations would take the form of an increase in tariffs on selected products originating in the United States," PTI reported, quoting a notification of the WTO. While recognising the challenges of negotiating with more than 170 countries, Trump informed reporters that the letters would be sent to 10 countries at a time with tariff rates in the range of 20 per cent to 30 per cent. 'The letters are better ... much easier to send a letter,' Trump told reporters. Trump's letter, scheduled to be sent out on Monday, comes days before the reciprocal trade deadline on Tuesday, ending the 90-day pause on duties. In April, Trump announced a 10% base tariff rate and additional tariffs up to 50% for trading partners, significantly impacting the financial markets. However, he subsequently paused these tariffs for 90 days, giving time for negotiations with trading partners. Earlier, Trump said that after the July 9 deadline, tariffs may go even higher, up to 70%, effective from August 1 onwards. Trump and his top aides initially said they would launch negotiations with scores of countries on tariff rates, but the U.S. president has soured on that process after repeated setbacks with major trading partners, including Japan and the European Union.
