US President Donald Trump announced a new global levy on imported items, resulting in a lower tariff rate for India, following a Supreme Court verdict against his previous sweeping tariffs.
The White House has revised a fact sheet on the interim trade deal between the United States and India, removing the reference to "pulses" from the list of American products on which India would eliminate or reduce tariffs. The revised sheet also changed "committed" to "intends" regarding India's purchase of American products.
Indian officials will visit the US to finalise the legal text for an interim trade agreement, expected to be signed in March, focusing on duty concessions and reciprocal tariffs.
US President Donald Trump claimed India will stop buying oil from Russia, while also stating China will cut back substantially. He also discussed the conflict between India and Pakistan, reiterating his claim of helping settle the conflict.
The deal shifts the US posture towards India from hostile to neutral, and that matters for growth, points out T T Ram Mohan.
US Treasury Secretary Scott Bessent indicated a potential pathway to remove tariffs imposed on India for purchasing Russian oil, citing a significant decrease in such purchases. He also criticized Europe's approach and accused India of profiting from discounted Russian oil.
US President Donald Trump claims India has significantly reduced and nearly stopped purchasing oil from Russia, citing de-escalation efforts. This follows previous tensions over tariffs and India's energy sourcing.
US Treasury Secretary Scott Bessent's remarks come ahead of a high-level summit where India and the European Union are expected to formally announce the conclusion of negotiations on a comprehensive free trade agreement.
India has completely protected the interests of its agriculture and dairy sector in the India-US trade agreement.
A 500 per cent tariff would effectively shut out India's goods and services exports to the US.
US President Donald Trump warned India about potential tariffs for continuing to purchase oil from Russia, claiming he received assurances from Prime Minister Narendra Modi that India would halt such purchases.
Commerce and Industry Minister Piyush Goyal announced that an interim trade agreement between India and the US is likely to be signed in March and operationalised in April, with chief negotiators meeting in Washington to finalize the details.
Several farmer organisations in India are protesting the proposed India-US trade deal, expressing concerns about its impact on the agriculture sector and demanding the resignation of the Commerce Minister.
Both countries commit to provide each other preferential market access in sectors of respective interest on a sustained basis
United States President Donald Trump on Wednesday said Prime Minister Narendra Modi had assured him that India would stop purchasing oil from Russia, describing it as "a big step" in efforts to increase global pressure on Moscow.
India has clarified its position on the proposed interim trade agreement with the US, stating that the joint statement remains the basis for mutual understanding. Amendments to a White House fact sheet reflect shared understandings, with both sides working towards finalizing the agreement.
New Delhi will substantially reduce tariffs on industrial and agricultural goods while continuing to protect sensitive sectors. Tariffs on some agricultural products that are not traditionally considered sensitive will be brought down to zero, while in the case of relatively sensitive items, duties will be reduced in a graded manner and quotas will be imposed.
'Based on the joint statement, a formal agreement will be drafted, which may take a month or month-and-a-half to finalise. We aim to sign the formal agreement by mid-March.'
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
The country's exports rose marginally by 0.61 per cent to $36.56 billion in January, while trade deficit widened to a three-month high of $34.68 billion, government data showed on Monday.
India and the US are expected to sign the first phase of a bilateral trade agreement by mid-March, which will result in the US lowering import duties on Indian goods. India will then begin reducing import duties on certain US goods.
India and the US are expected to sign the first phase of a bilateral trade agreement by mid-March, which will result in the US lowering import duties on Indian goods. India will then begin reducing import duties on certain US goods.
India's eight core infrastructure sectors experienced a slowdown in production growth, reaching a two-month low of 4% in January. Crude oil and natural gas output declined, while refinery products remained flat. Overall growth for the April-January period was also lower compared to the previous fiscal year.
The US said India will lower tariffs on a "vast array" of American industrial and agricultural goods, such as "fruits, vegetables", to zero per cent under the trade deal announced by President Donald Trump.
India has fully protected its sensitive sectors like dairy, rice, wheat, pulses, tea, genetically modified (GM) goods, and coffee by not granting any import duty concessions to the European Union (EU) under the bilateral free trade agreement, according to the Commerce Ministry.
The Sports Ministry is keen to bring Formula 1 back to the Buddh International Circuit in Noida in the near future.
TasteAtlas, the online global food guide, has just released its list of top stews. Many Indian dishes make it to this compilation.
A trade deal makes sense only if it is fair and reciprocal. If the cost is strategic dependence or loss of policy space, waiting is the wiser option, asserts Ajay Srivastava.
'We need to give Pakistan something serious to think about on its eastern front -- that is the only way to actually help Afghanistan right now.'
India and Israel share a deep historical bond, and Prime Minister Modi's visit to the Knesset marked a bold shift from past diplomatic hesitation to open strategic partnership.
Everything tastes better with a little mustard. But how does your body feel about mustard oil?
US and India will promptly implement this framework and work towards finalising the interim agreement with a view to concluding a mutually beneficial bilateral trade agreement.
The verdict marks a notable shift from a series of recent wins for Trump at the Supreme Court.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
The India-US ties witnessed a major downturn after President Trump slapped a whopping 50 per cent tariff on Indian goods, including a 25 per cent punitive levy over Russian oil purchases.
Prime Minister Narendra Modi inaugurated Micron Technology's semiconductor plant in Sanand, Gujarat, highlighting India's growing presence in the hardware sector and its strong partnership with the United States in AI and chip technologies.
US President Donald Trump greeted India on its 77th Republic Day, highlighting the historic bond between the two democracies amid ongoing trade tensions.
India will now face a lower reciprocal tariff of 10 per cent, down from 25 per cent, after US President Donald Trump announced a new global levy on items imported into America in the wake of the Supreme Court verdict against his sweeping duties on several nations.
Equity benchmark indices Sensex and Nifty rebounded sharply by nearly 1 per cent on Monday, driven by strong buying in power, banking, and financial stocks.
The ruling is expected to have wide-ranging consequences for global trade, businesses, consumers, inflation trends and household finances across the country.
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