Latest news with #BilateralTradeAgreement
Time of India
18 hours ago
- Business
- Time of India
Donald Trump Predicts Major India-US Trade Deal With Lower Tariffs Before July 9 Deadline Ends
US President Donald Trump has signaled that a game-changing India-US trade agreement is imminent. The deal is expected to slash tariffs and open Indian markets, allowing American businesses greater access. Meanwhile, India is holding firm on its agricultural red lines, especially in dairy and genetically modified crops. As the July 9 deadline approaches—after which suspended 26% reciprocal tariffs could return—negotiators are racing against time. External Affairs Minister S Jaishankar confirmed that trade talks are in the advanced stage, while Chief Negotiator Rajesh Agrawal remains in Washington to wrap things up. This interim deal could pave the way for a full-scale Bilateral Trade Agreement by 2024, aiming to more than double the current $191 billion bilateral trade.#donaldtrump #unitedstates #pmmodi #india #ustariff #ustariffdeadline #indiaustradedeal #trumpindiaus #bilateraltradeagreement #moditrumpdeal #agriculturetradeindia #indianegotiationsus #tariffwar #trumpstatement #usindiatraderelations #rajeshagrawalnegotiation #indianeconomy2025 #textileexportsindia #modiforeignpolicy #shrimpbananatrade #usindiafarmersconflict #tariffescalation #dairyinindia #usappleexports #indousbta #500billiontradegoal #toi #toibharat #bharat #breakingnews #indianews
Hans India
18 hours ago
- Business
- Hans India
Trump Indicates Tariff Reductions May Lead to US-India Trade Agreement
Donald Trump on Tuesday (local time) said the upcoming US-India trade negotiations would be to target 'far, far lower tariffs' and have 'a structure in place' that will allow the two nations to compete fairly. 'This is going to be a very new type of opportunity—one where we can walk in and compete on a level playing field. Right now, India has not opened up its market, but I think they have not done that, but we will see. If they do that, we will probably make a deal with substantially lower tariffs,' Donald Trump was quoted as saying. India and the US have been negotiating over a Bilateral Trade Agreement (BTA) before the crucial July 9 deadline of the 90-day pause on India-US tariffs escalations. At the same time, India has hardened its stand on the agricultural sector as the high-stakes trade negotiations with the United States approached a make or break stage, government sources said on Monday. The Indian team led by Chief Negotiator Rajesh Agrawal had extended its stay in Washington. Two days of Trump on US-India Trade Talks were scheduled on Thursday and Friday but the two countries have decided to extend the dialogue as both sides were trying to rush through an interim trade agreement before the crucial July 9 deadline, a day ahead of the World Trade Organization's MC12 meeting, reported ANI. The decision to extend the US-India trade talks came as both India and the US are staring at the possibility of the resumption of 26% reciprocal tariffs on trade following expiry of the three-month window period. As part of a tit-for-tat tariff war, these punitive tariffs were announced on each other's imports during the Trump administration on April 2. The tariffs were put on hold for 90 days but will snap back into place if both countries fail to find a deal by July 9.
Times of Oman
19 hours ago
- Business
- Times of Oman
"We're going to have a deal": Trump on India-US trade talks, says "much less tariffs" will make both sides competitive
Washington DC: US President Donald Trump on Tuesday reaffirmed that India-US will soon strike a trade deal with "much less tariffs", allowing both countries to compete. "I think we are going to have a deal with India. And that is going to be a different kind of a deal. It is going to be a deal where we are able to go in and compete. Right now, India does not accept anybody in. I think India is going to do that, and if they do that, we are going to have a deal for much less tariffs," Donald Trump said. India and the US have been negotiating over a Bilateral Trade Agreement (BTA) before the critical July 9 deadline of the 90-day pause on tariff escalations. Meanwhile, India has adopted a firmer stance on agricultural matters as high-stakes trade negotiations with the United States reach a pivotal moment, government sources said on Monday. The Indian delegation, led by Chief Negotiator Rajesh Agrawal, has extended its stay in Washington, as reported by ANI earlier. The two negotiations were scheduled on Thursday and Friday, but have been extended as both nations work urgently to finalise an interim trade agreement before a crucial July 9 deadline. The extended negotiations come as both countries face the looming return of suspended 26% reciprocal tariffs. These punitive measures, imposed initially during the Trump administration on April 2, were temporarily suspended for 90 days but will automatically resume if no agreement is reached. "The failure of these trade discussions would trigger the immediate reimplementation of the 26% tariff structure," warned a senior official. India's hardened position reflects the politically sensitive nature of its agricultural sector. The country's farming landscape is dominated by small-scale subsistence farmers with limited land holdings, making agricultural concessions particularly challenging from both economic and political perspectives. Notably, India has never opened its dairy sector to foreign competition in any previous free trade agreement -- a precedent it appears reluctant to break even under US pressure. The United States is pushing for reduced duties on agricultural products, including apples, tree nuts, and genetically modified crops. Meanwhile, India seeks preferential access for its labour-intensive exports, such as textiles and garments, Gems and jewellery, Leather goods, and agricultural products like shrimp, oilseeds, grapes, and bananas. Beyond the immediate interim agreement, both nations are working toward a comprehensive bilateral trade agreement (BTA) with the first phase targeted for completion by fall 2024. The ultimate goal is ambitious: more than doubling bilateral trade from the current $191 billion to $500 billion by 2030.
NDTV
21 hours ago
- Business
- NDTV
"Will Have Deal For Much Less Tariffs If...": Trump On US-India Trade Talks
Washington DC: US President Donald Trump on Tuesday (local time) reaffirmed that India-US will soon strike a trade deal with "much less tariffs", allowing both countries to compete. "I think we are going to have a deal with India. And that is going to be a different kind of a deal. It is going to be a deal where we are able to go in and compete. Right now, India does not accept anybody in. I think India is going to do that, and if they do that, we are going to have a deal for much less tariffs," Donald Trump said. India and the US have been negotiating over a Bilateral Trade Agreement (BTA) before the critical July 9 deadline of the 90-day pause on tariff escalations. Meanwhile, India has adopted a firmer stance on agricultural matters as high-stakes trade negotiations with the United States reach a pivotal moment, government sources said on Monday. The Indian delegation, led by Chief Negotiator Rajesh Agrawal, has extended its stay in Washington, as reported by ANI earlier. The two negotiations were scheduled on Thursday and Friday, but have been extended as both nations work urgently to finalise an interim trade agreement before a crucial July 9 deadline. The extended negotiations come as both countries face the looming return of suspended 26% reciprocal tariffs. These punitive measures, imposed initially during the Trump administration on April 2, were temporarily suspended for 90 days but will automatically resume if no agreement is reached. "The failure of these trade discussions would trigger the immediate reimplementation of the 26% tariff structure," warned a senior official. India's hardened position reflects the politically sensitive nature of its agricultural sector. The country's farming landscape is dominated by small-scale subsistence farmers with limited land holdings, making agricultural concessions particularly challenging from both economic and political perspectives. Notably, India has never opened its dairy sector to foreign competition in any previous free trade agreement -- a precedent it appears reluctant to break even under US pressure. The United States is pushing for reduced duties on agricultural products, including apples, tree nuts, and genetically modified crops. Meanwhile, India seeks preferential access for its labour-intensive exports, such as textiles and garments, Gems and jewellery, Leather goods, and agricultural products like shrimp, oilseeds, grapes, and bananas. Beyond the immediate interim agreement, both nations are working toward a comprehensive bilateral trade agreement (BTA) with the first phase targeted for completion by fall 2024. The ultimate goal is ambitious: more than doubling bilateral trade from the current $191 billion to $500 billion by 2030.
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Business Standard
a day ago
- Business
- Business Standard
Trump says trade deal with India 'soon' as July 9 deadline approaches
Trump said he believed India was ready to lower trade barriers for US companies, a move that could pave the way for an agreement and avert the 26 per cent tariff he had announced on April 2 New Delhi US President Donald Trump on Tuesday (local time) said the US and India will soon finalise a trade deal with 'much lower tariffs,' which would enable fairer competition between the two countries. The deal, he said, would help American companies compete in the South Asian market, Reuters reported. 'I think we are going to have a deal with India, and it's going to be a different kind of deal,' Trump said. 'It will allow us to compete. Right now, India doesn't accept anybody in. But if that changes, we'll have a deal with much less tariffs.' Trump further said he believed India was ready to lower trade barriers for US companies, a move that could pave the way for an agreement and avert the 26 per cent tariff he had announced on April 2, which is currently on hold until July 9. #WATCH | On trade deals with India, US President Donald Trump says, "I think we are going to have a deal with India. And that is going to be a different kind of a deal. It is going to be a deal where we are able to go in and compete. Right now, India does not accept anybody in. I… — ANI (@ANI) July 1, 2025 Progress confirmed by US Treasury Earlier, US Treasury Secretary Scott Bessent told Fox News that Washington and New Delhi are close to reaching a deal that would lower tariffs on American goods entering India and help the South Asian nation avoid steep tariff hikes due next week. Talks intensify ahead of July 9 deadline India and the US have been engaged in talks to finalise a Bilateral Trade Agreement (BTA) before the crucial July 9 deadline, which marks the end of a 90-day pause on proposed tariff escalations. The Indian delegation, led by Chief Negotiator Rajesh Agrawal, has extended its stay in Washington, according to an ANI report. Talks were originally scheduled for Thursday and Friday but have been prolonged as both sides push to finalise an interim agreement. Agriculture remains a sticking point As negotiations reach a critical stage, India has taken a firmer stance on agricultural issues, reflecting the political and economic sensitivities surrounding the sector. With much of its farming community made up of small-scale subsistence farmers, India remains cautious about making concessions that could affect their livelihoods. The US is pushing for lower import duties on a range of agricultural products, including apples, tree nuts, and genetically modified crops. In return, India is seeking greater market access for its labour-intensive exports such as textiles, garments, gems and jewellery, leather goods, and agricultural items like shrimp, oilseeds, grapes, and bananas. (With agency inputs)
