'Trump says India will buy over $500 billion of US goods.' 'At present, India's annual imports of goods and energy from the US are under $50 billion.' 'Reaching $500 billion would likely require more than 20 years, suggesting the figure refers to a long-term aspiration rather than a near-term commitment.'
'India has very strong tariffs on certain imports from the US. Like in the automobile sector, India charges 100 per cent'
Although India-US relations have strengthened significantly in recent years, partly because of the security situation in the region, the Indian policy establishment would have to be prepared to protect India's interests in a world that could get more unpredictable.
During his first term as the US president, Trump described India as a "tariff king" and in May 2019, terminated India's preferential market access.
India and the US on Thursday said they are looking forward to the reconvening of the India-US Trade Policy Forum later this year to further enhance trade relationship and identify new areas for engagement.
Congress chief spokesperson Randeep Surjewala wondered why Prime Minister Modi was 'silent' on his 'India First' policy as President Trump talked of 'America First'.
The US has ended duty-free status for gold necklaces from India as the product was found to be sufficiently competitive in American markets.
Indian jewellery exports will now attract 6.5 per cent duty in the US.
Several exporters in Surat said they are finding it tough to clear their stocks for Christmas as they are not in a position to contain the price rise caused by the GSP withdrawal and strengthening of rupee against dollar.
The move follows anticipation of lower sales in the US market in the wake of the termination of generalised system of preferences, the US incentive that helped domestic jewellers boost exports to that country.
With generalised system of preferences in US coming to an end in June 30 and the American market showing little scope for growth
According to exporters, withdrawal of incentives under GSP would impact India's export worth $5.6 billion to the US.
In a dispute pertaining to preferential treatment to some countries, a World Trade Organisation dispute settlement panel has ruled in India's favour against the European Commission.
In a major blow to China's exports, the European Union has announced that it is cancelling some of the advantages enjoyed by Chinese commodities under the generalised system of preferences (GSP) so that other developing countries can also benefit.
Federation of Indian Chambers of Commerce and Industry on Wednesday asked the US to restore the Generalised System of Preferences for Indian exports of chemicals and allied products.\n\n\n\n
India has asked the United States to bring 850 additional agricultural, chemical and pharmaceutical items within the purview of Generalised System of Preferences scheme which allows duty-free entry for specified products into US markets.\n\n\n\n
India on Thursday raised the contentious issue of higher GSP concessions to Pakistan with the visiting EU Trade Commissioner Pascal Lamy.\n\n\n\n
India on Wednesday said it had scored a significant gain at the World Trade Organisation in a dispute with European Community over tariff preferences extended by the latter.\n\n\n\n
India has expressed concerns at the loss of over $250 million annually in its textile trade due to the discriminatory concessions extended by the European Union to Pakistan under the revised GSP regime.
Trade tensions between India and the US have been rising with President Donald Trump complaining that tariffs imposed by New Delhi on American products were "no longer acceptable".
India's exports to the US in 2017-18 stood at $47.9 billion, while imports were $26.7 billion. The trade balance is in favour of India.
The event is the third meeting between the two leaders in three months, after the G-20 summit in Japan in June and the G-7 summit in France last month.
The trade deal, officials say, can lead to an effective trading bloc against the China-led Regional Comprehensive Economic Partnership.
India processes around 90% of the world's supply of rough diamonds.
India has demanded resumption of export benefits to certain domestic products under GSP, and greater market access for its products from sectors like agriculture, automobile, auto components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, data localisation, and import duties cut on some ICT products.
The commerce department has said that earnings through the new tax will equal the losses faced by Indian industry after the US tariffs on steel and aluminium.
India Inc enables the US' frostiness to India.
The simultaneous decline of several trade-related indicators should put policy makers on guard for a sharper slowdown.
'The US and India continue to use their deepening relationship to build new partnerships within and beyond the Indo-Pacific.'
Addressing the 'Namaste Trump' event at the Motera Stadium in Ahmedabad, Trump said that both the countries are in the early stages of discussion for an 'incredible' trade agreement to reduce barriers of investments.
Trump will pay a state visit to India on February 24 and 25 at the invitation of Prime Minister Narendra Modi, who on Wednesday said the US President's visit will be a 'very special one' and it will go a long way in further cementing India-USA friendship.
"I think very soon. We are doing very well. (US Trade Representative) Robert Lighthizer who is right here negotiating with India... I think, very soon we will have a trade deal," Trump told reporters when asked if there is any trade deal is expected between India and the US.
"As Prime Minister (Narendra) Modi said in his latest campaign, 'Modi hai to mumkin hai,' or 'Modi makes it possible', I'm looking forward to exploring what's possible between our people," Pompeo said in his major India policy speech at the India Ideas Summit of US-India Business Council on Wednesday.
Trump's visit symbolised heightened partisanship and a return to chemistry between leaders defining bilateral ties, notes Kashish Parpiani.
Gokhale and Pompeo expressed satisfaction over the significant progress and the quality of the India-US Strategic Partnership
'If we cannot conclude a trade deal, both sides are likely to take trade actions that will further impair our government-to-government ties.'
'There will be much for President Trump and Prime Minister Modi to discuss including growing Chinese military cooperation with Pakistan, which heralds a new attempt by China and Pakistan to neutralise India's influence in its Indian Ocean neighbourhood,' notes Ambassador G Parthasarathy.
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