'Coolly, calmly and collectively forge a deal that is good for America, good for India,' says US Diplomat
US-India Business Council
,
Atul Keshap
, spoke on the decision by the United States to impose 25 per cent
tariffs on India
and said that the two countries should calmly forge a deal which benefits them both.
He made the remarks while speaking to ANI.
While answering a question on how the American companies are viewing the scenario, Keshap said, "I represent 200 of the largest companies in America and India. Let me tell you that they are all nervous. Indian companies in America are feeling very exposed and vulnerable right now. American companies in India are uncertain. Business doesn't like uncertainty; it likes predictability. If the US and India can't agree on a deal that frames the economic relationship and sends a positive psychological message to investors, it is going to very hard to see growth".
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
New Container Houses Indonesia (Prices May Surprise You)
Container House | Search ads
Search Now
Undo
Highlighting the commitment of both governments to enhance bilateral trade, he said, "Both the President and the PM advocated for getting a 500 billion dollar target in annual trade. We can't do it if we don't get this deal done because the deal is the foundation of what is going to be further deals. So, I think, speaking for the business community, everybody wants to see this drama come to an agreed deal."
Also Read:
Trump unleashes new tariffs on 69 countries, set to take effect in 7 days: Full list and details
Live Events
Answering a query on the latest slew of remarks which emerged from the US in regards to India, Keshap said, "I think people have to understand that Secretary Bessent and the President were talking about their concerns about India's purchases of Russian oil even before he began his second tenure. So, clearly, some of that is being reflected in all of these statements...So, President's frustration has clearly risen and it is starting to impact other countries that he feels directly or indirectly are helping sustain President Putin's very unhelpful stance."
Bringing to the forefront the wide-ranging cooperation between India and the US, Keshap highlighted that the two countries have to act collectively and see where the interests are best served.
He said, "I think what you are seeing in here is genuine frustration coupled with impatience...The US and India are the two largest and greatest democracies on earth. We have a people-to-people, business-to-business, scientific, academic, outer space, law enforcement, counter-terrorism, relationship that goes to very great extents and reflects the great relationship of our two nations well beyond Washington and Delhi...So, I think we have to take a deep breath collectively, not overreact. Great nations think things through and they act based on interest. We have to see where the interest is best served. In my humble and respectful view, that is in coolly, calmly and collectively forging a deal that is good for America, good for India and good for our businesses."
Also Read:
Trump increases tariff on Canada to 35% from 25%, cites fentanyl ahead of August 1 deadline
United States Treasury Secretary Scott Bessent has blamed India for "slow-rolling things" in the talks for a Free Trade Agreement and said "the whole trade team has been frustrated with them".
The comments, made in an interview with CNBC, came a day after the US President announced a 25 per cent tariff on India and an unspecified penalty for purchasing Russian oil. The new US tariffs on Indian goods are set to take effect from August 1.
After announcing a 25 per cent tariff and penalty for purchasing Russian oil, US President Donald Trump said on Wednesday (local time) that Washington is continuing trade negotiations with New Delhi. He emphasised that India is one of the countries imposing high tariffs on the United States.
India has said that it is examining the impact of Trump's tariff announcement and will take necessary steps to safeguard its national interest.
Commerce and Industry Minister told the Parliament on Thursday that the government is examining the impact of the recent events and will take all necessary steps to safeguard the national interest.
Also Read:
While House announces 25% tariff on India, releases list of levies for several countries
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fibre2Fashion
26 minutes ago
- Fibre2Fashion
US' Amazon posts $18.2 bn Q2 profit, expands fashion & AI capabilities
American e-commerce shopping platform has reported a revenue of $167.7 billion in the second quarter (Q2) of 2025, with net sales rising 13 per cent year-over-year (YoY), or 12 per cent excluding a $1.5 billion favourable foreign exchange impact. The North American sales increased 11 per cent to $100.1 billion, while international sales rose 16 per cent to $36.8 billion (11 per cent excluding FX). Operating income climbed to $19.2 billion from $14.7 billion, driven by gains across all segments, Amazon said in a press release. Amazon has reported strong Q2 2025 results, with net sales up 13 per cent YoY to $167.7 billion and net income rising to $18.2 billion. AI-powered tools enhanced retail and logistics operations. The company launched a Nike storefront and expanded fashion offerings. For Q3 2025, Amazon projects 10â€'13 per cent sales growth and up to $20.5 billion in operating income. The net income stood at $18.2 billion, or $1.68 per diluted share, compared with $13.5 billion, or $1.26 per share, a year earlier. Operating cash flow rose 12 per cent to $121.1 billion for the trailing twelve months, although free cash flow declined to $18.2 billion from $53.0 billion. The company launched a dedicated Nike storefront on allowing US customers to shop a wide range of footwear, apparel, and accessories. It also expanded its product selection with fashion and beauty brands such as Away, Aveda, Marc Jacobs Fragrances, Milk Makeup, and Origins. In addition, Amazon introduced generative AI tools like 'Enhance My Listing' to help sellers keep product descriptions current and compelling—an asset for apparel merchants aiming to optimise visibility and conversion. Enhanced inventory management powered by AI-driven demand forecasting has improved regional accuracy by 20 per cent and streamlined the placement and delivery of millions of popular items. 'Our conviction that AI will change every customer experience is starting to play out as we've expanded Alexa+ to millions of customers, continue to see our shopping agent used by many millions of customers,' said Andy Jassy, president and CEO at Amazon. 'Our AI progress across the board continues to improve our customer experiences, speed of innovation, operational efficiency, and business growth, and I'm excited for what lies ahead.' For the third quarter of 2025, Amazon expects net sales to be between $174 billion and $179.5 billion, or to grow between 10 per cent and 13 per cent YoY. This guidance anticipates a favourable impact of approximately 130 basis points from foreign exchange rates. The operating income is expected to be between $15.5 billion and $20.5 billion, compared with $17.4 billion in third quarter 2024. This guidance assumes, among other things, that no additional business acquisitions, restructurings, or legal settlements are concluded, added the release. Fibre2Fashion News Desk (SG)
Fibre2Fashion
26 minutes ago
- Fibre2Fashion
Trump's penalty talks create unease in Indian textile industry
In what many see as a major escalation of trade tensions, US President Donald Trump on July 30 announced a sweeping 25 per cent tariff on all goods imported from India even as India's competitors, including Pakistan, Vietnam, Bangladesh and Turkiye, were levied lower tariffs of 15-20 per cent. The move has sparked concerns across sectors in India, especially after Trump also mentioned of an additional, unspecified penalty related to India's ongoing trade relations with Russia, specifically its purchases of crude oil. US President Donald Trump announced a 25 per cent tariff on all Indian imports. The move is compounded by Trump's warning of an unspecified penalty tied to India's ongoing trade relations with Russia, particularly its purchase of crude oil. The lack of clarity around the unspecified penalty has created unease in Indian business circles, especially among apparel exporters. While the announcement was made without detailing the nature of the additional penalty, industry leaders and policymakers are concerned over its ramifications and long-term implications. Reacting to the latest development, India's Ministry of Commerce and Industry issued an official response, as reported by various media outlets. The statement emphasised that the Indian Government is closely examining the implications of the US President's announcement. 'The Government is studying its implications. India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective,' the ministry reportedly underlined. The statement also reassured stakeholders that national interests would be protected. 'The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs. The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements, including the latest Comprehensive Economic and Trade Agreement with the UK,' the ministry reportedly added. Adding another dimension, US Secretary of State Marco Rubio, just a day after Trump's tariff announcement, underlined Washington's dissatisfaction with India's continuing imports from Russia, as reported in certain sections of the media. 'India's purchase of oil from Russia is most certainly a point of irritation,' Rubio reportedly said speaking to a radio channel. Experts are thus viewing Trump's tariff imposition not just through the lens of protectionism, but as part of a broader geopolitical agenda. Some analysts believe the punitive measures reflect the US' discomfort with India's increasing strategic autonomy and its deepening economic engagement with Russia. Of particular concern to Indian exporters is the ambiguity surrounding the 'unspecified penalty' mentioned by Trump. The lack of clarity on this additional measure has created unease in the business circles. Sudhir Sekhri, chairman of the Apparel Export Promotion Council (AEPC) , reflected this sentiment, stating, 'The penalty is a grey area, and we hope the Government of India (GOI) will negotiate this with the US…' Echoing similar concerns, Rajeev Gupta, joint managing director of RSWM Ltd, earlier told Fibre2Fashion , 'Indian entrepreneurs and manufacturers are resilient, and we are confident that business momentum will be consistently rising with planned strategies. What remains crucial is clarity on the tariff position against China,' even as he added, 'A more pressing concern is the undefined penalty clause linked to India's ties with Russia, which adds a layer of uncertainty.' The timing of this development is critical, as both countries have been actively engaged in negotiations for a mutually beneficial trade agreement. India's recent efforts to diversify trade relationships, including the signing of the Comprehensive Economic and Trade Agreement (CETA) with the UK, many feel, signals a broader strategy to reduce dependence on any one market even as they added the US nonetheless remains one of India's largest trading partners, and any disruption in this relationship could have far-reaching implications for key export sectors such as textiles. 'The Free Trade Agreement with the UK opens up varied opportunities and is a welcoming move,' claimed an industry player interacting with Fibre2Fashion, who expressed apprehensions over the penalty ramifications if not sorted out soon. However, as things stand now, the Indian exporters seem to be adopting a cautious approach, a wait and watch policy to see how things unfold in the days to come as the steep duty imposed by US could hurt nearly half of India's exports, as per some estimates, adding to which is now the threat of additional penalty. Fibre2Fashion News Desk (DR)
&w=3840&q=100)
Business Standard
26 minutes ago
- Business Standard
Oil falls $2 a barrel on worries about Opec+ supply, US jobs data
Oil prices $2 a barrel on Friday because of jitters about a possible increase in production by Opec and its allies, while a weaker-than-expected US jobs report fed worries about demand. Brent crude futures settled at $69.67 a barrel, down $2.03, or 2.83 per cent. US West Texas Intermediate crude finished at $67.33 a barrel, down $1.93, or 2.79 per cent. Brent finished the week with a gain near 6 per cent, while WTI rose 6.29 per cent. Three people familiar with discussions among Opec members and allied producers said the group may reach an agreement as early as Sunday to boost production by 548,000 barrels per day in September. A fourth source familiar with Opec+ talks said discussions on volume were ongoing and the hike could be smaller. The US Labour Department said the country added 73,000 jobs in July, lower than economists had forecast, raising the national unemployment rate to 4.2 per cent from 4.1 per cent. "We can blame US President Donald Trump with the tariffs or we can blame the Federal Reserve for not raising interest rates," said Phil Flynn, senior analyst with Price Futures Group. "It looks like the Fed misjudged their decision on Wednesday." On Wednesday, the Fed voted to keep interest rates unchanged, drawing criticism from Trump and a chorus of Republican legislators. Oil traders have focused for much of the week on the potential impact of US tariffs, with tariff rates on US trading partners largely set to take effect from next Friday. Trump signed an executive order on Thursday imposing tariffs ranging from 10 per cent to 41 per cent on US imports from dozens of countries and foreign territories that failed to reach trade deals by his Aug. 1 deadline, including Canada, India and Taiwan. Partners that managed to secure trade agreements include the European Union, South Korea, Japan and Great Britain. "We think the resolution of trade deals to the satisfaction of the market - more or less, barring a few exceptions - has been the key driver for oil price bullishness in recent days," said Suvro Sarkar at DBS Bank. Prices were also supported this week by Trump's threats to impose 100 per cent secondary tariffs on Russian crude buyers as he seeks to pressure Russia into halting its war in Ukraine. This has stoked concern over potential disruption to oil trade flows and the removal of some oil from the market. On Thursday, JP Morgan analysts said Trump's threatened penalties on China and India over their purchases of Russian oil potentially put 2.75 million barrels per day (bpd) of Russian seaborne oil exports at risk. China and India are the world's second and third-largest crude consumers respectively. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
