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AsiaOne
a day ago
- Business
- AsiaOne
Trump says US, India still negotiating after 25% US tariff threat, World News
WASHINGTON/NEW DELHI — President Donald Trump said on Wednesday (July 30) the United States is still negotiating with India on trade after announcing earlier in the day the US would impose a 25 per cent tariff on goods imported from the country starting on Friday. The 25 per cent tariff, as well as an unspecified penalty announced by Trump in a morning social media post, would strain relations with the world's most populous democracy. Later at the White House, the Republican president indicated there was wiggle room. "They have one of the highest tariffs in the world now, they're willing to cut it very substantially," Trump told reporters. "We're talking to India now — we'll see what happens... You'll know by the end of this week." The 25 per cent figure would single out India more severely than other major trading partners, and threaten to unravel months of talks between the two countries, undermining a strategic partner of Washington's and a counterbalance to China. What the penalty would be was not clear. Trump indicated initially, in a post on the Truth Social website, that the penalty was a response to India buying Russian arms and oil and its "obnoxious non-monetary Trade Barriers." When asked about the penalty later at the White House, he said it was partly due to trade issues and partly because of India's involvement in the BRICS group of developing nations, which he described as hostile to the US In July, Trump said the US will impose an additional 10 per cent tariff on imports from any countries aligning themselves with the "Anti-American policies" of the BRICS. The India announcement came as countries face a Friday deadline to reach deals on reciprocal tariffs or have a Trump-imposed tariff slapped on their exports. The White House launched a blizzard of other trade policy announcements on Wednesday. Early warning The White House had previously warned India about its high average applied tariffs — nearly 39 per cent on agricultural products — with rates climbing to 45 per cent on vegetable oils and around 50 per cent on apples and corn. "While India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high," Trump wrote in the Truth Social post. "They have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE - ALL THINGS NOT GOOD!" In response to his Truth Social post, the Indian government said it was studying the implications of Trump's announcements and remained dedicated to securing a fair trade deal. "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," it said. Russia continued to be the top oil supplier to India during the first six months of 2025, making up 35 per cent of overall supplies. The United States, the world's largest economy, currently has a US$45.7 billion (S$59.14 billion) trade deficit with India, the fifth largest. White House economic adviser Kevin Hassett said Trump has been frustrated with the progress of trade talks with India and believed the 25 per cent tariff announcement would help the situation. The new US tax on imports from India would be higher than on many other countries that struck deals with the Trump administration recently. The tariff on Vietnamese exports is set at 20 per cent and Indonesia's at 19 per cent, while the levy for Japanese and European Union exports is 15 per cent. "This is a major setback for Indian exporters, especially in sectors like textiles, footwear, and furniture, as the 25 per cent tariff will render them uncompetitive against rivals from Vietnam and China," said S.C. Ralhan, president of the Federation of Indian Export Organisations. Contentious issues US and Indian negotiators have held multiple rounds of discussions to resolve contentious issues, particularly over market access into India for US agricultural and dairy products. In its latest statement, India said it attached the utmost importance to protecting and promoting the welfare of its farmers, entrepreneurs, and small businesses. "The government will take all steps necessary to secure our national interest, as has been the case with other trade agreements," it said. The setback comes despite earlier commitments by Prime Minister Narendra Modi and Trump to conclude the first phase of a trade deal by autumn and expand bilateral trade to US$500 billion by 2030, from US$191 billion in 2024. On Wednesday, Trump also said he had made a deal with India's arch South Asian rival Pakistan to develop that country's oil reserves. "Who knows, maybe they'll be selling Oil to India some day," Trump wrote on Truth Social. Since India's short but deadly conflict with Pakistan, New Delhi has been unhappy about Trump's closeness with Islamabad and has protested, which has cast a shadow over trade talks. "Politically, the relationship is in its toughest spot since the mid-1990s," said Ashok Malik, partner at advisory firm The Asia Group. "Trust has diminished. President Trump's messaging has damaged many years of careful, bipartisan nurturing of the US-India partnership in both capitals." Besides farm products access, the US had flagged concerns over India's increasingly burdensome import-quality requirements, among its many non-tariff barriers to foreign trade, in a report released in March. The new tariffs will impact Indian goods exports to the US, estimated at around US$87 billion in 2024, including labour-intensive products, such as garments, pharmaceuticals, gems and jewelry, and petrochemicals. [[nid:720806]]
Yomiuri Shimbun
a day ago
- Business
- Yomiuri Shimbun
Trump Says US, India Still Negotiating after 25% US Tariff Threat
WASHINGTON/NEW DELHI, July 30 (Reuters) – President Donald Trump said on Wednesday the United States is still negotiating with India on trade after announcing earlier in the day the U.S. would impose a 25% tariff on goods imported from the country starting on Friday. The 25% tariff, as well as an unspecified penalty announced by Trump in a morning social media post, would strain relations with the world's most populous democracy. Later at the White House, the Republican president indicated there was wiggle room. 'They have one of the highest tariffs in the world now, they're willing to cut it very substantially,' Trump told reporters. 'We're talking to India now – we'll see what happens … You'll know by the end of this week.' The 25% figure would single out India more severely than other major trading partners, and threaten to unravel months of talks between the two countries, undermining a strategic partner of Washington's and a counterbalance to China. What the penalty would be was not clear. Trump indicated initially, in a post on the Truth Social website, that the penalty was a response to India buying Russian arms and oil and its 'obnoxious non-monetary Trade Barriers.' When asked about the penalty later at the White House, he said it was partly due to trade issues and partly because of India's involvement in the BRICS group of developing nations, which he described as hostile to the U.S. In July, Trump said the U.S. will impose an additional 10% tariff on imports from any countries aligning themselves with the 'Anti-American policies' of the BRICS. The India announcement came as countries face a Friday deadline to reach deals on reciprocal tariffs or have a Trump-imposed tariff slapped on their exports. The White House launched a blizzard of other trade policy announcements on Wednesday. EARLY WARNING The White House had previously warned India about its high average applied tariffs – nearly 39% on agricultural products – with rates climbing to 45% on vegetable oils and around 50% on apples and corn. 'While India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high,' Trump wrote in the Truth Social post. 'They have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD!' In response to his Truth Social post, the Indian government said it was studying the implications of Trump's announcements and remained dedicated to securing a fair trade deal. 'India and the U.S. 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,' it said. Russia continued to be the top oil supplier to India during the first six months of 2025, making up 35% of overall supplies. The United States, the world's largest economy, currently has a $45.7 billion trade deficit with India, the fifth largest. White House economic adviser Kevin Hassett said Trump has been frustrated with the progress of trade talks with India and believed the 25% tariff announcement would help the situation. The new U.S. tax on imports from India would be higher than on many other countries that struck deals with the Trump administration recently. The tariff on Vietnamese exports is set at 20% and Indonesia's at 19%, while the levy for Japanese and European Union exports is 15%. 'This is a major setback for Indian exporters, especially in sectors like textiles, footwear, and furniture, as the 25% tariff will render them uncompetitive against rivals from Vietnam and China,' said S.C. Ralhan, president of the Federation of Indian Export Organizations. CONTENTIOUS ISSUES U.S. and Indian negotiators have held multiple rounds of discussions to resolve contentious issues, particularly over market access into India for U.S. agricultural and dairy products. In its latest statement, India said it attached the utmost importance to protecting and promoting the welfare of its farmers, entrepreneurs, and small businesses. 'The government will take all steps necessary to secure our national interest, as has been the case with other trade agreements,' it said. The setback comes despite earlier commitments by Prime Minister Narendra Modi and Trump to conclude the first phase of a trade deal by autumn and expand bilateral trade to $500 billion by 2030, from $191 billion in 2024. On Wednesday, Trump also said he had made a deal with India's arch South Asian rival Pakistan to develop that country's oil reserves. 'Who knows, maybe they'll be selling Oil to India some day,' Trump wrote on Truth Social. Since India's short but deadly conflict with Pakistan, New Delhi has been unhappy about Trump's closeness with Islamabad and has protested, which has cast a shadow over trade talks. 'Politically, the relationship is in its toughest spot since the mid-1990s,' said Ashok Malik, partner at advisory firm The Asia Group. 'Trust has diminished. President Trump's messaging has damaged many years of careful, bipartisan nurturing of the U.S.-India partnership in both capitals.' Besides farm products access, the U.S. had flagged concerns over India's increasingly burdensome import-quality requirements, among its many non-tariff barriers to foreign trade, in a report released in March. The new tariffs will impact Indian goods exports to the U.S., estimated at around $87 billion in 2024, including labor-intensive products, such as garments, pharmaceuticals, gems and jewelry, and petrochemicals.
Straits Times
2 days ago
- Business
- Straits Times
Trump says US, India still negotiating after 25% US tariff threat
Sign up now: Get ST's newsletters delivered to your inbox A 25 per cent tariff would strain US relations with the world's most populous democracy. WASHINGTON/NEW DELHI - President Donald Trump said on July 30 the United States is still negotiating with India on trade after announcing earlier in the day the US will impose a 25 per cent tariff on goods imported from the country starting on Aug 1. The 25 per cent tariff, as well as an unspecified penalty announced by Mr Trump in a morning social media post, would strain relations with the world's most populous democracy. Later at the White House, the Republican president indicated there was wiggle room. 'They have one of the highest tariffs in the world now, they're willing to cut it very substantially,' Trump told reporters. 'We're talking to India now - we'll see what happens... You'll know by the end of this week.' The 25 per cent figure would single out India more severely than other major trading partners, and threaten to unravel months of talks between the two countries, undermining a strategic partner of Washington's and a counterbalance to China. What the penalty would be was not clear. Mr Trump indicated initially it was for India buying Russian arms and oil and its non-monetary trade barriers. Top stories Swipe. Select. Stay informed. Singapore Water supply issues during Toa Payoh blaze affected firefighting operations; SCDF investigating Singapore 3 taken to hospital after fire in Marsiling flat Singapore School, parents on alert after vape peddlers approach primary school pupil Singapore Tampines, Toa Payoh BTO flats most popular among first-time home buyers in July HDB launch Sport Leon Marchand sets first world record at World Aquatics C'ships in Singapore Singapore Jail, fine for man linked to case involving 3 bank accounts that received over $680m in total Singapore Provision shop owner who raped 11-year-old gets more than 14 years' jail Singapore Escape, discover, connect: Where new memories are made When asked about the penalty at the White House, he said it was partly due to trade issues and partly because of India's involvement in the Brics group of developing nations, which he described as hostile to the US. Mr Trump in July said the US will impose an additional 10 per cent tariff on any countries aligning themselves with the 'Anti-American policies' of the Brics. The India announcement came as countries face an Aug 1 deadline to reach deals on reciprocal tariffs or have a Trump-imposed tariff slapped on them. Mr Trump on July 30 signed a proclamation ordering 50 per cent tariffs on certain copper imports, citing national security, the White House said. Early warning The White House had previously warned India about its high average applied tariffs - nearly 39 per cent on agricultural products - with rates climbing to 45 per cent on vegetable oils and around 50 per cent on apples and corn. 'While India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country,' Mr Trump wrote in a Truth Social post. 'They have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE – ALL THINGS NOT GOOD!' In response to his Truth Social post, the Indian government said it was studying the implications of Mr Trump's announcements and remained dedicated to securing a fair trade deal with the US. '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,' it said. Russia continued to be the top oil supplier to India during the first six months of 2025, making up 35 per cent of overall supplies. The United States, the world's largest economy, currently has a US$45.7 billion (S$59.2 billion) trade deficit with India, the fifth largest. White House economic adviser Kevin Hassett said Mr Trump has been frustrated with the progress of trade talks with India and believed the 25 per cent tariff announcement would help the situation. The new US tax on imports from India would be higher than on many other countries that struck deals with the Trump administration recently. Vietnam's tariff is set at 20 per cent and Indonesia's at 19 per cent, while the levy for Japan and the European Union is 15 per cent. 'This is a major setback for Indian exporters, especially in sectors like textiles, footwear, and furniture, as the 25 per cent tariff will render them uncompetitive against rivals from Vietnam and China,' said Mr S.C. Ralhan, president of the Federation of Indian Export Organisation. Contentious issues US and Indian negotiators have held multiple rounds of discussions to resolve contentious issues, particularly over market access into India for US agricultural and dairy products. In its latest statement, India said it attached the utmost importance to protecting and promoting the welfare of its farmers, entrepreneurs, and small businesses. 'The government will take all steps necessary to secure our national interest, as has been the case with other trade agreements,' it said. The setback comes despite earlier commitments by Prime Minister Narendra Modi and Mr Trump to conclude the first phase of a trade deal by autumn and expand bilateral trade to US$500 billion by 2030, from US$191 billion in 2024. Since India's short but deadly conflict with arch South Asian rival Pakistan, New Delhi has been unhappy about Mr Trump's closeness with Islamabad and has protested, which cast a shadow over trade talks. 'Politically, the relationship is in its toughest spot since the mid-1990s,' said Mr Ashok Malik, partner at advisory firm The Asia Group. 'Trust has diminished. President Trump's messaging has damaged many years of careful, bipartisan nurturing of the US-India partnership in both capitals.' Besides farm products access, the US had flagged concerns over India's increasingly burdensome import-quality requirements, among its many non-tariff barriers to foreign trade, in a report released in March. The new tariffs will impact Indian goods exports to the US, estimated at around US$87 billion in 2024, including labour-intensive products such as garments, pharmaceuticals, gems and jewelry, and petrochemicals. REUTERS
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Business Standard
2 days ago
- Business
- Business Standard
Trump says US, India still negotiating after 25% US tariff threat
President Donald Trump said on Wednesday the United States is still negotiating with India on trade after announcing earlier in the day the US will impose a 25 per cent tariff on goods imported from the country starting on Friday. The 25 per cent tariff, as well as an unspecified penalty announced by Trump in a morning social media post, would strain relations with the world's most populous democracy. Later at the White House, the Republican president indicated there was wiggle room. "They have one of the highest tariffs in the world now, they're willing to cut it very substantially," Trump told reporters. "We're talking to India now - we'll see what happens ... You'll know by the end of this week." The 25 per cent figure would single out India more severely than other major trading partners, and threaten to unravel months of talks between the two countries, undermining a strategic partner of Washington's and a counterbalance to China. What the penalty would be was not clear. Trump indicated initially it was for India buying Russian arms and oil and its non-monetary trade barriers. When asked about the penalty at the White House, he said it was partly due to trade issues and partly because of India's involvement in the BRICS group of developing nations, which he described as hostile to the US Trump in July said the US will impose an additional 10 per cent tariff on any countries aligning themselves with the "Anti-American policies" of the BRICS. The India announcement came as countries face a Friday deadline to reach deals on reciprocal tariffs or have a Trump-imposed tariff slapped on them. Trump on Wednesday signed a proclamation ordering 50 per cent tariffs on certain copper imports, citing national security, the White House said. The White House had previously warned India about its high average applied tariffs - nearly 39 per cent on agricultural products - with rates climbing to 45 per cent on vegetable oils and around 50 per cent on apples and corn. "While India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump wrote in a Truth Social post. "They have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE - ALL THINGS NOT GOOD!" In response to his Truth Social post, the Indian government said it was studying the implications of Trump's announcements and remained dedicated to securing a fair trade deal with the US "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," it said. Russia continued to be the top oil supplier to India during the first six months of 2025, making up 35 per cent of overall supplies. The United States, the world's largest economy, currently has a $45.7 billion trade deficit with India, the fifth largest. White House economic adviser Kevin Hassett said Trump has been frustrated with the progress of trade talks with India and believed the 25 per cent tariff announcement would help the situation. The new US tax on imports from India would be higher than on many other countries that struck deals with the Trump administration recently. Vietnam's tariff is set at 20 per cent and Indonesia's at 19 per cent, while the levy for Japan and the European Union is 15 per cent. "This is a major setback for Indian exporters, especially in sectors like textiles, footwear, and furniture, as the 25 per cent tariff will render them uncompetitive against rivals from Vietnam and China," said S.C. Ralhan, president of the Federation of Indian Export Organisation. US and Indian negotiators have held multiple rounds of discussions to resolve contentious issues, particularly over market access into India for US agricultural and dairy products. In its latest statement, India said it attached the utmost importance to protecting and promoting the welfare of its farmers, entrepreneurs, and small businesses. "The government will take all steps necessary to secure our national interest, as has been the case with other trade agreements," it said. The setback comes despite earlier commitments by Prime Minister Narendra Modi and Trump to conclude the first phase of a trade deal by autumn and expand bilateral trade to $500 billion by 2030, from $191 billion in 2024. Since India's short but deadly conflict with arch South Asian rival Pakistan, New Delhi has been unhappy about Trump's closeness with Islamabad and has protested, which cast a shadow over trade talks. "Politically, the relationship is in its toughest spot since the mid-1990s," said Ashok Malik, partner at advisory firm The Asia Group. "Trust has diminished. President Trump's messaging has damaged many years of careful, bipartisan nurturing of the US-India partnership in both capitals." Besides farm products access, the US had flagged concerns over India's increasingly burdensome import-quality requirements, among its many non-tariff barriers to foreign trade, in a report released in March. The new tariffs will impact Indian goods exports to the US, estimated at around $87 billion in 2024, including labour-intensive products such as garments, pharmaceuticals, gems and jewelry, and petrochemicals. (Reporting by Susan Heavey, Katharine Jackson in Washington, Manoj Kumar and Aftab Ahmed in New Delhi; editing by Doina Chiacu, Bernadette Baum, Mark Heinrich, Rod Nickel) (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.)
IOL News
2 days ago
- Business
- IOL News
Trump Tariffs: SA throws blueberries into the US trade deal basket as time runs out
In a July 7 statement announcing the latest trade tariff deadline, the White House said, 'Trump is the best trade negotiator in history.' Image: Peter Zay / AFP Overnight, hopes of a trade deal between South Africa and the US were further dashed, as many commentators have already written off any chance of lowering the pending 30% export duty set to take effect on Friday. Speaking on CNBC's Squawk Box late yesterday South African time, US Commerce Secretary Howard Lutnick confirmed that US President Donald Trump's August 1 deadline to impose major tariffs on several trading partners would not be delayed. Lutnick said Trump 'holds all the cards' and has no reason to back down. 'So now the price of a deal with the United States of America is black and white, completely open markets,' he told CNBC. 'He wants to make sure that Americans can sell their goods overseas'. 'So, are there deals on the table for him to consider? Yes,' Lutnick told the news station, adding that Trump 'knows that he can just set the rate and set the price and move on'. This came as Trade, Industry and Competition Minister Parks Tau reiterated late yesterday that South Africa was still working to secure a deal. 'Our view is that negotiations remain the best tool to deal with the issues that are on the table,' Tau said in a statement. Most commentators, however, do not expect a deal to be signed before Friday. Tau said the Department has been engaged in 'intense negotiations' with the US. 'We have signed a condition precedent document and have readied our inputs for entry into the template which is to follow from the US,' he said. Among South Africa's concessions is 'open market access' for blueberries. Yet, Tau conceded that a 'reset' in South Africa's already strained relationship with the US is inevitable. 'The intersection of geopolitical, domestic and trade issues best defines the current impasse between the US and South Africa, and a reset is unavoidable,' he said. Earlier this month, dozens of countries received letters from the US President's Office stating that Trump was imposing tariffs to protect America's sovereignty and because of what he described as massive trade deficits. South Africa, however, has disputed his calculations. Trump has also threatened an additional 10% tariff on any country aligning with BRICS nations' policies. 'Any country aligning themselves with the Anti-American policies of BRICS will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,' he wrote on his Truth Social platform. South Africa has 'no intention of decoupling from the United States,' Tau said, adding that the country had decided not to retaliate. Trump, however, has warned that any retaliation would trigger even higher tariffs. In a July 7 statement announcing the latest deadline, the White House said, 'Trump is the best trade negotiator in history.' IOL Business
