Latest news with #US-UK
New York Post
10 hours ago
- Business
- New York Post
Treasury chief predicts 10 more tariff deals by Labor Day — as EU reportedly nears new pact, too
WASHINGTON — Treasury Secretary Scott Bessent predicted Friday that the US could secure 10 more tariff deals with other countries before Labor Day — as the European Union is reportedly edging toward a new trade pact, too. Bessent said the trade deals would give the US economy a major boost, as would the proposed tax cuts and deregulatory provisions in President Trump's 'big beautiful bill.' 3 'If we can ink 10 or 12 of the important 18″ [proposed tariff deals], I think we could have trade wrapped up by Labor Day,' Treasury Secretary Scott Bessent told Fox Business' Maria Bartiromo in an interview Friday. FOX Business Advertisement 'If we can ink 10 or 12 of the important 18 [tentative tariff deals], I think we could have trade wrapped up by Labor Day,' the Treasury chief told Fox Business' Maria Bartiromo in an interview. 'We will have taxes and trade, which I think will provide great stimulus from the economy, and then there's the deregulatory impact,' he said. It's not clear which countries Bessent was talking about, but a pre-existing trade agreement with Canada and Mexico from Trump's first term has expedited tariff discussions between those nations. Meanwhile, other talks involving Japan, South Korea and Vietnam are making progress, Wall Street sources told The Post. Advertisement European Commission President Ursula von der Leyen also recently told officials she expected the EU could reach an agreement before mid-July, according to Bloomberg News. Commerce Secretary Howard Lutnick hinted at the extra trade deals Thursday as the Trump administration recently secured tariff agreements with the UK and China — while the July 8 deadline looms for so-called 'reciprocal' duties on products imported to the US. The US-UK agreement aligns with Trump's 10% global baseline tariff rate on all products including up to 100,000 imported cars annually. As part of the pact, Downing Street will scrap its 19% ethanol fuel tariff and the US is nixing all duties on British-made airplane parts. 3 Bessent (second from left) and US Trade Representative Jamieson Greer (left) meet with Chinese officials over trade last month. via REUTERS Advertisement The US will place 55% duties on goods from Beijing, too, while China will keep 10% tariffs on American products, Trump previously announced. 'Now our tariffs are 30[%] on them. We're at 10[%]. We're collecting a substantial tariff income,' Bessent noted Friday. There are still details to be worked out regarding Chinese magnets and rare-earth minerals, while the US has pledged to walk back visa revocations for students coming from China to learn at US universities and colleges. Trump first announced new 10% US 'Liberation Day' tariffs April 2 and promised much higher 'reciprocal' rates to reduce trade imbalances with the US that have consistently been postponed to allow for negotiations such as those conducted with the UK and China. Advertisement As some of his planned higher rates have fallen through, Wall Street traders coined the term 'TACO' — for 'Trump Always Chickens Out.' 3 Bessent's positive statements preceded the S&P 500 hitting a record high and stock futures surging Friday. AFP via Getty Images Lower courts had initially blocked some of the new tariffs, but a federal appellate court paused that decision until a July 31 hearing. Trump had previously set a goal for his administration to broker 90 trade deals in 90 days between April 9 and July 8. The president has also set a July 4 deadline for Republicans in Congress to pass a massive tax-and-spending bill that makes items from Trump's 2017 Tax Cuts and Jobs Act permanent while also eliminating taxes on tips and overtime. Bessent's positive statements preceded the S&P 500 hitting a record high and stock futures surging Friday. 'In the first 100 days, we set the table for the peace deals, the trade deals and the tax deals,' the Treasury secretary said. 'And now, in these 100 days, we're bringing them all home.'
India Gazette
17 hours ago
- Business
- India Gazette
India and US race against time to finalize trade deal before July 8: GTRI
New Delhi [India], June 27 (ANI): India and the United States are in the final stretch of critical trade negotiations, with just days remaining before the July 8 deadline that could shape the future of bilateral economic ties, according to Global Trade and Research Initiative (GTRI). India's top trade negotiator is currently in Washington, and both sides are working to secure a limited agreement -- often referred to as a 'mini-deal' -- before the clock runs out. The deadline is tied to President Trump's 90-day suspension of special country-specific tariffs, announced on April 2. If no agreement is reached by July 8, India could face renewed tariff pressures, although experts say a return to steep duties is unlikely. The most likely outcome appears to be a scaled-down trade agreement modelled after the US-UK mini deal signed in May. Under this plan, India would reduce Most Favoured Nation (MFN) tariffs on several industrial items, including automobiles -- a long-standing demand from Washington. In the agriculture sector, India may allow limited access for U.S. products like ethanol, almonds, apples, avocados, wine, and spirits through modest tariff cuts and tariff-rate quotas. However, India is expected to protect its most sensitive sectors, such as dairy, rice, and wheat, which directly impact rural livelihoods and food security for millions. The deal may also include strategic commitments such as large-scale purchases of U.S. oil, liquefied natural gas (LNG), civilian aircraft, and nuclear energy equipment. Additionally, India may face pressure to ease restrictions in multi-brand retail and import rules for remanufactured goods, potentially opening the door for companies like Amazon and Walmart. In exchange, the U.S. would not re-impose the harsher 26 per cent tariffs announced earlier this year. Instead, a baseline 10 per cent tariff would apply to most Indian exports. However, the U.S. is not offering to reduce its own MFN tariffs on Indian goods, raising concerns over fairness and lack of reciprocity in the deal. On the other hand, the talks could fail if the U.S. continues to push for deeper access to India's core agriculture sector or insists on allowing genetically modified (GMO) products. India has firmly stated that such demands threaten food security and the livelihoods of over 700 million people in the country's agrarian economy. While agriculture makes up a small portion of U.S. exports to India, Washington is pushing aggressively for market access. Indian experts fear that any compromise could lead to future demands that weaken India's public procurement system and minimum support price (MSP) structure, critical parts of its farm policy. If negotiations break down, it is uncertain whether President Trump will reintroduce the earlier 26 per cent tariffs. Trade analysts believe this is unlikely, as India was not among the most heavily targeted countries in the original tariff order. However, given Trump's unpredictable policy moves, nothing can be ruled out. Regardless of the outcome, trade experts caution that India must hold its ground and insist on a reciprocal, balanced, and transparent agreement. GTRI underscores 'Any trade deal with the U.S. must not be politically driven or one-sided; it must protect our farmers, our digital ecosystem, and our sovereign regulatory space.' Earlier today, President Donald Trump hinted big trade deal with India soon. 'We're not going to make deals with everybody. Some we are just going to send them a letter, say thank you very much. You are to pay 25, 35, 45 per cent. That's the easy way to do it, and my people don't want to do it that way. They want to do some of it, but they want to make more deals than I would do,' he said.' 'But we're having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India, in the China deal, we're starting to open up China. Things that never really could have happened, and the relationship with every country has been very good' he added. (ANI)
Time of India
19 hours ago
- Business
- Time of India
India-US trade talks: GTRI warns against one-sided deal; says farmers, digital space must be protected
Representative image India must ensure that any trade agreement with the United States is balanced, not politically driven, and protects critical sectors like agriculture, digital infrastructure, and regulatory sovereignty, the Global Trade Research Initiative (GTRI) cautioned on Friday. With talks entering a crucial phase in Washington, the clock is ticking toward the July 9 deadline, the end of US President Donald Trump's 90-day suspension of country-specific tariffs, announced on April 2. 'The more likely outcome is a limited trade pact, styled after the US-UK mini trade deal announced on May 8,' said GTRI founder Ajay Srivastava as cited by PTI. 'Any trade deal with the US must not be politically driven or one-sided. It must protect our farmers, our digital ecosystem, and our sovereign regulatory space,' he emphasised. India's chief trade negotiator is currently in Washington, with both sides racing to finalise an interim agreement that would help avert steeper tariffs. According to news agency ANI , if no deal is reached, India risks facing baseline duties of 10% on exports, a less severe scenario than the original 26% tariff threat, though concerns over lack of reciprocity remain. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Pelajari Undo As per GTRI, under the mini-deal framework, India may agree to reduce tariffs on a wide range of industrial goods, including automobiles, a long-pending demand from Washington. In agriculture, limited market access may be extended via tariff-rate quotas (TRQs) and duty reductions on items like ethanol, apples, walnuts, almonds, raisins, avocados, olive oil, spirits, and wine. However, GTRI and other trade experts argue that India must draw red lines. Key sectors such as rice, wheat, and dairy, which are vital to rural livelihoods and national food security, must remain insulated from external pressure. India fears any concession here could set a precedent, potentially undermining the minimum support price (MSP) system and the public procurement model in the future. Beyond tariffs, the US is likely to push for large-scale commercial orders, including purchases of oil, LNG, aircraft from Boeing, helicopters, and nuclear reactors. Washington may also seek greater foreign direct investment (FDI) access in multi-brand retail, benefiting players like Walmart and Amazon and demand liberalised rules on remanufactured goods. While US President Trump recently hinted at a 'very big' trade deal with India, he also said that not every country will get one and some may instead receive a tariff notification. 'We have one coming up, maybe with India. Very big one... We're going to open up India,' he said during a speech. Despite the urgency, GTRI warned that India should not rush into a deal that lacks transparency or undermines long-term policy autonomy. 'India must hold its ground and insist on a reciprocal, balanced, and transparent agreement,' the think tank said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
&w=3840&q=100)
Business Standard
20 hours ago
- Business
- Business Standard
India must protect farmers, digital ecosystem in trade pact with US: GTRI
Any trade agreement with the US must not be politically driven or one-sided and India should protect its farmers, digital ecosystem, and policy space, economic think tank GTRI said on Friday. With India's chief trade negotiator in Washington DC and the clock ticking, the next few days could determine whether India and the US settle for a limited mini-deal or walk away from the negotiating table - at least for now, the Global Trade Research Initiative (GTRI) said. The two sides are looking at finalising an interim trade pact before July 9, as it marks the end of US President Donald Trump's 90-day suspension of the country-specific tariffs, originally announced on April 2. "The more likely outcome is a limited trade pact - styled after the US-UK mini trade deal announced on May 8," GTRI Founder Ajay Srivastava said, adding, "any trade deal with the US must not be politically driven or one-sided, it must protect our farmers, our digital ecosystem, and our sovereign regulatory space." Under a mini or interim deal, according to the think tank, India is expected to cut tariffs on a wide range of industrial goods, including automobiles, a persistent demand from Washington. In agriculture, India may offer limited market access through tariff reductions and tariff-rate quotas (TRQs) on select US products such as ethanol, almonds, walnuts, apples, raisins, avocados, olive oil, spirits, and wine, it added. Beyond tariffs, the US is expected to press India for large-scale commercial purchases, including oil and LNG, civilian and military aircraft from Boeing, helicopters, and nuclear reactors, it said. "There may also be pressure on India to ease FDI restrictions in multi-brand retail, potentially benefiting firms like Amazon and Walmart and to liberalise rules on remanufactured goods, currently subject to stringent import norms," Srivastava said. Agricultural goods account for less than 5 per cent of US exports to India. (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.)
Time of India
20 hours ago
- Business
- Time of India
India must protect its farmers, digital ecosystem, policy space in trade pact with US: GTRI
Any trade agreement with the US must not be politically driven or one-sided and India should protect its farmers, digital ecosystem, and policy space, economic think tank GTRI said on Friday. With India's chief trade negotiator in Washington DC and the clock ticking, the next few days could determine whether India and the US settle for a limited mini-deal or walk away from the negotiating table - at least for now, the Global Trade Research Initiative (GTRI) said. The two sides are looking at finalising an interim trade pact before July 9, as it marks the end of US President Donald Trump's 90-day suspension of the country-specific tariffs, originally announced on April 2. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cara Membantu Orang Terkasih Menghadapi Limfoma Limfoma Pelajari Undo "The more likely outcome is a limited trade pact - styled after the US-UK mini trade deal announced on May 8," GTRI Founder Ajay Srivastava said, adding, "any trade deal with the US must not be politically driven or one-sided, it must protect our farmers, our digital ecosystem, and our sovereign regulatory space." Under a mini or interim deal, according to the think tank, India is expected to cut tariffs on a wide range of industrial goods, including automobiles, a persistent demand from Washington. Live Events In agriculture, India may offer limited market access through tariff reductions and tariff-rate quotas (TRQs) on select US products such as ethanol, almonds, walnuts, apples, raisins, avocados, olive oil, spirits, and wine, it added. Beyond tariffs, the US is expected to press India for large-scale commercial purchases, including oil and LNG, civilian and military aircraft from Boeing, helicopters, and nuclear reactors, it said. "There may also be pressure on India to ease FDI restrictions in multi-brand retail, potentially benefiting firms like Amazon and Walmart and to liberalise rules on remanufactured goods, currently subject to stringent import norms," Srivastava said. Agricultural goods account for less than 5 per cent of US exports to India. PTI
