Latest news with #IndiaUSRelations
Reuters
08-07-2025
- Business
- Reuters
India ready for trade deals but not to meet deadlines, minister says
NEW DELHI, July 4 (Reuters) - India is ready to make trade deals in the national interest, but not just to meet deadlines, Trade Minister Piyush Goyal said on Friday when asked whether a deal could be reached with the U.S. in time for a July 9 deadline set by Washington. 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.
Yahoo
07-07-2025
- Business
- Yahoo
India Says US Deal in Trump's Hand Now as Farmers Warn of Risks
(Bloomberg) -- India has made its best offer to the US on trade and the fate of an interim deal now lies in the hands of President Donald Trump, officials familiar with the matter said. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Are Tourists Ruining Europe? How Locals Are Pushing Back Massachusetts to Follow NYC in Making Landlords Pay Broker Fees In California, Pro-Housing 'Abundance' Fans Rewrite an Environmental Landmark New Delhi has conveyed to the Trump administration the red lines it's unwilling to breach in finalizing an agreement, the people said, asking not to be identified because the discussions are private. These include allowing the US to export genetically modified crops to India, and opening up India's dairy and automobile sectors to the US, they said. Both sides have held intense talks over the months to finalize a deal before July 9, when higher US tariffs were set to kick in. However, Prime Minister Narendra Modi's government has recently taken a more cautious stance in its negotiations as it faces growing pressure to protect India's politically-sensitive farm sector. India's Commerce Minister Piyush Goyal said over the weekend that trade negotiations are guided by the country's 'national interests' and the government wouldn't be tied to any deadline. On Friday, New Delhi threatened new retaliatory duties on some US goods. India and the US have already signed a terms of reference for a bilateral trade deal and have been negotiating an interim agreement that New Delhi hoped would give it a reprieve from higher US import duties. Trump has said he'll announce trade deals or send tariff letters to countries on Monday, with higher tariffs set to kick in on Aug. 1. India faces a 26% tariff if it's unable to win a reprieve. A deal will now depend on agreement between Trump and Modi, officials familiar with the matter said. India's Ministry of Commerce and Industry didn't immediately respond to an email seeking further comment. The US is seeking access to India's market for its genetically-modified crops, such as corn and soybean, which is currently restricted by India. New Delhi has offered to allow some imports of GM animal feed, a concession that US officials have rejected, one of the people said. Opposition parties and farmer groups in India have warned the government against offering excessive concessions to the White House in order to finalize the deal. Millions of Indians depend on agriculture for their livelihoods and farmers form a key voting bloc for Modi's party, which faces a crucial state election in coming months. 'We are not going to allow the government to sacrifice the health of Indians at the altar of profit,' Avik Saha, a member of the Samyukt Kisan Morcha, a farmers' group, said on Monday. GM crops will 'hurt the economic prospects of farmers who are already reeling under severe economic strain,' he said. India's government doesn't allow cultivation of GM food crops, even though varieties can aid yields. The commercial release of GM mustard has been stalled due to a legal challenge in the country's top court, and in 2010, the government rejected a GM variety of brinjal, or eggplant. In the auto sector, the US wants concessions for component makers, one of the officials said, although New Delhi says this would adversely impact the domestic industry. The Indian National Congress, the country's main opposition party, was pessimistic about Modi's party being able to push back against the US's demands. 'Mark my words, Modi will meekly bow to the Trump tariff deadline,' Congress leader Rahul Gandhi said Saturday. The agriculture minister for the southern Indian state of Kerala told the Indian Express last week that millions of people will lose their livelihoods if India does not protect their interests. 'Agriculture is a state subject and states should have been consulted before negotiating the opening of the agriculture sector,' he said. --With assistance from Prateek Mazumdar. For Brazil's Criminals, Coffee Beans Are the Target Sperm Freezing Is a New Hot Market for Startups SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-07-2025
- Business
- Yahoo
India Says US Deal in Trump's Hand Now as Farmers Warn of Risks
(Bloomberg) -- India has made its best offer to the US on trade and the fate of an interim deal now lies in the hands of President Donald Trump, officials familiar with the matter said. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Are Tourists Ruining Europe? How Locals Are Pushing Back Massachusetts to Follow NYC in Making Landlords Pay Broker Fees In California, Pro-Housing 'Abundance' Fans Rewrite an Environmental Landmark New Delhi has conveyed to the Trump administration the red lines it's unwilling to breach in finalizing an agreement, the people said, asking not to be identified because the discussions are private. These include allowing the US to export genetically modified crops to India, and opening up India's dairy and automobile sectors to the US, they said. Both sides have held intense talks over the months to finalize a deal before July 9, when higher US tariffs were set to kick in. However, Prime Minister Narendra Modi's government has recently taken a more cautious stance in its negotiations as it faces growing pressure to protect India's politically-sensitive farm sector. India's Commerce Minister Piyush Goyal said over the weekend that trade negotiations are guided by the country's 'national interests' and the government wouldn't be tied to any deadline. On Friday, New Delhi threatened new retaliatory duties on some US goods. India and the US have already signed a terms of reference for a bilateral trade deal and have been negotiating an interim agreement that New Delhi hoped would give it a reprieve from higher US import duties. Trump has said he'll announce trade deals or send tariff letters to countries on Monday, with higher tariffs set to kick in on Aug. 1. India faces a 26% tariff if it's unable to win a reprieve. A deal will now depend on agreement between Trump and Modi, officials familiar with the matter said. India's Ministry of Commerce and Industry didn't immediately respond to an email seeking further comment. The US is seeking access to India's market for its genetically-modified crops, such as corn and soybean, which is currently restricted by India. New Delhi has offered to allow some imports of GM animal feed, a concession that US officials have rejected, one of the people said. Opposition parties and farmer groups in India have warned the government against offering excessive concessions to the White House in order to finalize the deal. Millions of Indians depend on agriculture for their livelihoods and farmers form a key voting bloc for Modi's party, which faces a crucial state election in coming months. 'We are not going to allow the government to sacrifice the health of Indians at the altar of profit,' Avik Saha, a member of the Samyukt Kisan Morcha, a farmers' group, said on Monday. GM crops will 'hurt the economic prospects of farmers who are already reeling under severe economic strain,' he said. India's government doesn't allow cultivation of GM food crops, even though varieties can aid yields. The commercial release of GM mustard has been stalled due to a legal challenge in the country's top court, and in 2010, the government rejected a GM variety of brinjal, or eggplant. In the auto sector, the US wants concessions for component makers, one of the officials said, although New Delhi says this would adversely impact the domestic industry. The Indian National Congress, the country's main opposition party, was pessimistic about Modi's party being able to push back against the US's demands. 'Mark my words, Modi will meekly bow to the Trump tariff deadline,' Congress leader Rahul Gandhi said Saturday. The agriculture minister for the southern Indian state of Kerala told the Indian Express last week that millions of people will lose their livelihoods if India does not protect their interests. 'Agriculture is a state subject and states should have been consulted before negotiating the opening of the agriculture sector,' he said. --With assistance from Prateek Mazumdar. For Brazil's Criminals, Coffee Beans Are the Target Sperm Freezing Is a New Hot Market for Startups SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Khaleej Times
06-07-2025
- Business
- Khaleej Times
India-US likely to take final decision on mini trade deal within 48 hours
India and the United States are likely to make a final decision on a mini trade deal in the next 24 to 48 hours, local Indian news channel CNBC-TV18 reported on Sunday, citing sources. Currently, talks have only been completed on the mini trade deal and negotiations on a larger deal will begin after July 9, the news channel said in a post on X. Average tariffs under the mini trade deal are expected to be 10%, the broadcaster said, citing unnamed sources.
Zawya
04-07-2025
- Business
- Zawya
India ready for trade deals but not to meet deadlines, minister says
India is ready to make trade deals in the national interest, but not just to meet deadlines, Trade Minister Piyush Goyal said on Friday when asked whether a deal could be reached with the U.S. in time for a July 9 deadline set by Washington. 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. (Reporting by Nikunj Ohri Writing by Sakshi Dayal Editing by Mark Heinrich and Peter Graff)
