India ready for trade deals but not to meet deadlines, minister says
U.S. President Donald Trump has threatened to impose a 26% tariff on all imported Indian goods, among the tariffs due to take effect next week on countries around the world who fail to reach agreements before a deadline he set in April.
"Free trade agreements are possible only when there is two-way benefit, it should be a win-win agreement," Goyal told reporters.
"National interest will always be supreme. Keeping that in mind, if a good deal can be made, then India is always ready to make a deal with developed countries," he said.
"India never does any trade deal on the basis of deadline or time frame…we will accept it only when it is completely finalised and in the national interest."
Indian officials returned from Washington this week after an extended visit to iron out lingering concerns on both sides. Trade talks between India and the U.S. have hit roadblocks over disagreements on import duties for auto components, steel, and farm goods.
India is resisting opening up its agriculture and dairy sectors while asking for a favourable tariff for its goods entering the U.S. compared to countries like Vietnam and China.
Separately, India proposed retaliatory duties against the U.S. at the World Trade Organization, saying Washington's 25% tariff on automobiles and some auto parts would affect $2.89 billion of India's exports, according to an official notification.
Prime Minister Narendra Modi and Trump had earlier agreed to sign a bilateral trade agreement to expand trade to $500 billion by 2030, up from $191 billion in 2024.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
12 minutes ago
- Reuters
Space industry urges US Congress not to axe system that prevents satellite collisions
WASHINGTON, July 8 (Reuters) - Hundreds of U.S. companies on Tuesday urged Congress to back off a plan to kill a small federal office tasked with managing satellite traffic in space, a badly needed civilian effort initiated by President Donald Trump's first administration but now imperiled by cuts. The White House's 2026 budget proposal seeks $10 million for the National Oceanic and Atmospheric Administration's Office of Space Commerce, an 84% cut from the office's 2025 funding that would terminate Traffic Coordination System for Space (TraCSS), a civilian system to help prevent satellite collisions and alert operators of potential crashes. Four-hundred and fifty companies from seven different industry groups, including Elon Musk's SpaceX and Amazon's (AMZN.O), opens new tab Kuiper satellite unit, wrote in a joint letter on Tuesday to the Senate committee overseeing NOAA that without funding TraCSS, "U.S. commercial and government satellite operators would face greater risks – putting critical missions in harm's way, raising the cost of doing business, and potentially driving U.S. industry to relocate overseas." The rise of vast satellite constellations like SpaceX's Starlink and heightened military and commercial activities in Earth's orbit have driven up risks of collisions between the roughly 12,000 active satellites in space and thousands more pieces of uncontrollable junk, prompting efforts to create what is essentially a civil air traffic control system for space. Audrey Schaffer, vice president of strategy and policy at space-tracking firm Slingshot Aerospace, said the cuts would forfeit an opportunity to shape global space traffic control as the U.S. did decades ago for international air traffic control standards, while Europe and China develop their own satellite traffic systems. "It's really important that there be coordination amongst these different systems, so we don't have this fragmented system," Schaffer said. "If the U.S. doesn't have a system that it brings to the table, I'm not really sure how the U.S. exercises any leadership in the establishment of international space traffic management." The Pentagon has long managed a space traffic database called Space-Track, but defense and industry officials argue that responsibility detracts from its national security mission and risks conflating an essential safety service with military interests as other countries seek improvements to global satellite coordination. The space industry in 2020 praised Trump's first administration for directing the NOAA office to absorb the Pentagon's space-tracking function and improve efforts to fuse satellite position data from countries and companies. The office has since released a trial version of TraCSS currently in use by some companies ahead of a full release planned for early next year. But the Trump administration in a budget document last month explained it wants to terminate TraCSS because it did not complete the system during the prior administration and that private companies "have the capability and the business model" to do space traffic coordination on their own. The two largest space industry organizations - the Commercial Space Federation and the American Institute of Aeronautics and Astronautics - wrote in another letter protesting the termination of TraCSS to senators on Monday that "industry believes that maintaining a basic SSA service at no cost to the end user is inherently a government function."
Daily Mail
18 minutes ago
- Daily Mail
Expert reveals how Donald Trump's trade tariffs could benefit Aussies
Consumers could benefit from lower interest rates and cheaper goods after Donald Trump announced increased tariffs on two of Australia's biggest trading partners. The US president has brought in 25 per cent tariffs on goods from Japan and Korea, Australia's second and third-biggest export markets and its third and fourth largest two-way trading partners. Although the measures are likely to create uncertainty for Australian investors and exporters, kicking off a cascade of economic consequences, there could be upsides, according to Monash University economics lecturer Isaac Gross. The latest round of increased tariffs, which are set to come into effect on August 1, could help push the Reserve Bank to cut rates again, he said. South Korean or Japanese goods that would normally have been exported to the US, such as cars, could be sent to Australia at a discounted price. 'It's not necessarily all bad news,' Dr Gross told AAP. 'If Donald Trump wants to punish American households, there are some ways in which Australian households will benefit.' Australia has not received a tariff letter, meaning most of its exports to the US remain subject to the baseline 10 per cent, while steel and aluminium have had blanket 50 per cent tariffs imposed. US President Donald Trump's new wave of tariffs could lead to Australia receiving goods at a discounted price Prime Minister Anthony Albanese suggested the higher tariffs on Japanese and Korean imports would only hurt the US, but there would be no flow-on price increases in Australia. 'Tariffs are a penalty on the country that is imposing them because what they require is for goods to be purchased with a tax on top,' he told reporters in Tasmania on Tuesday. The government will continue trying to negotiate a total exemption from US tariffs, even though no country has received one to date. Opposition Leader Sussan Ley said it would be difficult for discussions to progress if the prime minister couldn't secure a face-to-face meeting with Mr Trump. While the tariffs are unlikely to have a significant direct impact on Australia, the uncertainty they create could wreak havoc on living standards across the globe. The Productivity Commission has recommended Australia mitigate impacts by committing to free-trade agreements, reducing some of its own tariffs and working towards open markets - offering much-needed certainty for exporters. Any retaliatory tariffs could escalate into a broader trade war, exacerbating uncertainty, which the commission warned would bring 'serious consequences'. Economic uncertainty in Australia and across the world reached its highest level in 2025 since the COVID-19 pandemic. The speed, frequency and varying scope of Mr Trump's tariffs created an environment where world trade could be transformed at any time and without warning, resulting in uncertainty that could slow economic activity, household consumption and investment. Were it not for the uncertainty produced by tariffs, the commission found Australia could receive some benefits under a 'Liberation Day' situation where - much like the real event - Australia's exports face only the baseline tariff while other countries' goods are hit with higher rates. Since Australian items are impacted by a lower rate, they would be comparatively cheaper, meaning American consumers would shift demand to Australian goods. Lower US demand for other countries' imports would decrease their price, reducing the cost of import inputs used in Australian production. The US tariffs would also likely lead capital to flow out of America and high-tariffed countries, benefiting other economies such as Australia. This means 'Liberation Day' tariffs, alongside the levies on steel and aluminium, could lead to a 0.37 per cent increase in Australia's real gross domestic product and a 30.9 per cent increase in US demand for Australian exports. The government could also take things into its own hands by removing more of its own 'nuisance' levies. It has already abolished almost 500 of these tariffs, which impose high costs on businesses and generate little revenue, but the commission identified another 315 that could be urgently removed.
Daily Mail
23 minutes ago
- Daily Mail
BREAKING NEWS Donald Trump reveals where he will be one year on from Butler assassination attempt
President Donald Trump will reportedly attend Sunday's FIFA Club World Cup Final at MetLife Stadium in East Rutherford, New Jersey with neither of the combatants confirmed to be American teams. The teams playing in the first global soccer final on US soil since the 2003 Women's World Cup will be determined on Tuesday and Wednesday, with a heavy dose of European powerhouses expected. Sunday's final will also mark the one-year anniversary of when Trump was nearly assassinated in Butler, Pennsylvania during a Presidential campaign rally, with Trump expected to take in the critical match, per NBC News. One semifinal sees English heavy hitters Chelsea take on Brazilian upstarts Fluminense, while defending UEFA Champions League winners Paris Saint-Germain will face Spanish giants Real Madrid on the other side of the bracket.
