American President Donald Trump has announced imposing reciprocal tariffs on its major trading partners including China that levy higher import duties on goods shipped from the United States. He has already announced a 25 per cent duty on steel and aluminium imports, which will come into effect from March 12.
US Secretary of State Marco Rubio claims President Donald Trump was instrumental in bringing about the cessation of hostilities between India and Pakistan, a claim India has consistently denied.
A meeting with Chinese President Xi Jinping on the sidelines of the SCO summit is being planned.
As a protege of Shinzo Abe, Takaichi is expected to scale bilateral ties much higher. Trade and investment shall grow. People-to-people contacts shall be scaled up, points out Dr Rajaram Panda.
Exports contracted by 2.6 per cent to $34.47 billion in September even as the country's merchandise trade deficit narrows to $19.37 billion during the month under review, according to the government data released on Friday. Easing commodity prices helped in cutting down the country's import bill by 15 per cent to $53.84 billion in September, the 10th consecutive month of decline. During April-September this fiscal, exports contracted by 8.77 per cent to $211.4 billion.
The United States announced a 25 per cent tariff on India as the White House released an expansive list of duties that Washington, DC will impose on exports from countries around the world.
He added that India sells to the US, its biggest "client", "massive" amounts of goods, "but we sell them very little - Until now a totally one sided relationship, and it has been for many decades."
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
During a special briefing in Tianjin, Misri confirmed that the prime minister will first address the SCO plenary session before meeting President Putin.
India has said it will take all steps to protect its national interests and ensure comprehensive national security in all domains after Pakistan and Saudi Arabia signed a strategic defence pact.
Senior Congress leader Shashi Tharoor says US tariffs are negatively impacting India, leading to job losses, and criticizes President Trump's diplomatic behavior.
New Delhi, while opting not to retaliate yet to the American tariffs, has in recent weeks sought to reinforce its friendship with Moscow, and recalibrate its ties with Beijing rather than surrender to Washington's diktats.
The fresh initiative by Commerce Minister Anand Sharma to meet ambassadors of the key members of the World Trade Organisation (WTO) in Geneva, in a bid to revive the deadlocked Doha round of trade negotiations, is well-timed though a positive outcome may be doubtful.
The latest decision of the Organisation of Petroleum Exporting Countries and its allies, commonly known as Opec+, to boost output is being seen as an attempt to regain market share lost to the US, Brazil, and other oil producers, who have been increasing production recently.
Chinese President Xi Jinping told Prime Minister Narendra Modi that India and China should approach their relations from a "strategic" and "long-term perspective" during their talks in Tianjin. Xi also emphasized upholding multilateralism and working towards a multipolar world.
Prime Minister Narendra Modi on Saturday 'deeply' appreciated United States President Donald Trump's 'positive assessment' of the India-US partnership after the American leader hailed the 'special' relationship between the two nations -- remarks seen as an attempt to check the downturn in the ties.
The Bloomberg report suggests that this backchannel communication from President Xi has laid the groundwork for a broader thaw in relations. This overture has since translated into a series of tangible diplomatic actions leading up to the upcoming Shanghai Cooperation Organisation (SCO) summit.
The United States Trade Representative Robert Zoellick has invited key trade ministers including India's and European Union's for a meeting in London this month end to find ways to move forward in the World Trade Organisation.
Prime Minister Narendra Modi on Saturday welcomed a host of world leaders, including United States President Joe Biden and United Kingdom Prime Minister Rishi Sunak, at the Bharat Mandapam, the venue of the G20 Summit.
'Things may get much worse before they get better,' predicts Ajay Chhibber.
With Donald Trump all set to become US president, Indian exporters may face high customs duties for goods like automobiles, textiles and pharmaceuticals if the new US administration decides to pursue the 'America First' agenda, opined trade experts. Experts also said that Trump could also tighten H-1B visa rules, impacting costs and growth for Indian IT firms. Over 80 per cent of India's IT export earnings come from the US, making it vulnerable to changes in visa policies.
'We have to be prepared for the larger disruption that is likely to take place.'
World Trade Organisation (WTO) states appeared to edge closer towards a crucial deal on cheaper medicines for poor countries to help them face emergencies such as AIDS, malaria and tuberculosis.
India on Tuesday said it was making a last ditch effort to revive the collapsed WTO talks but made it clear that it would not allow industrialised nations to trample developing countries' interest, especially in the sensitive farm sector.
A World Trade Organisation panel ruled against India on Friday in a row with the United States over textiles, handing Washington a victory after several high profile trade dispute defeats.\n\n\n\n
The defence minister also announced that India has taken up the challenge of developing a powerful indigenous aero-engine, adding that preparations for this critical project are now almost complete and the work will soon be visible.
The US wants India to recognise internationally accredited labs, harmonise labelling requirements and the validity period of test reports and certification with global practices, and eliminate retesting requirements.
China's ruling Communist Party is holding its annual leadership conclave to discuss the new five-year plan, the impact of US President Donald Trump's tariff war, and the ongoing anti-corruption crackdown in the military.
'While the President has been critical of India, he has gone out of his way to compliment PM Modi. They have an incredible relationship.'
In a bid to break the deadlock on multilateral trade issues after the collapse of WTO's Cancun Ministerial, G-20 developing countries on agriculture will hold a meeting with EU Trade Commissioner Pascal Lamy on December 12.
