Of Trump's reciprocal tariffs and trade deals
India and Russia have agreed to encourage joint manufacturing of military hardware and spare parts in India, aiming to improve maintenance of Russian-origin defence equipment and boost overall bilateral defence cooperation.
The US remained India's largest trading partner for the fourth consecutive year in 2024-25 with bilateral trade valued at $131.84 billion, while the country's trade deficit with China widened to $99.2 billion during the same period, government data showed. In the last fiscal, India's exports to China contracted 14.5 per cent to $14.25 billion as against $16.66 billion in 2023-24. The imports, however, rose by 11.52 per cent in 2024-25 to $113.45 billion against $101.73 billion in 2023-24.
In a first, Indian oil public sector undertakings (PSUs) finalised a one-year contract to import around 2.2 million tonnes (mt) of liquefied petroleum gas (LPG) from the US. The LPG import deal comes at a time when negotiations for an India-US bilateral trade agreement (BTA) are gathering steam. Earlier in the month, US President Donald Trump had said Washington and New Delhi were "pretty close" to reaching a fair trade deal.
Prime Minister Narendra Modi is likely to address the UN General Assembly in September. The session will address global conflicts and trade negotiations between the US and India.
India's proposal to impose retaliatory import duty on certain US products in response to American tariffs on steel and aluminium could cast a shadow over ongoing negotiations for a trade agreement between the two countries, think tank GTRI said on Tuesday. The Global Trade Research Initiative (GTRI) said that if the US engages in consultations with India on the matter or withdraws tariffs, a resolution may be reached.
After recording negative growth for two consecutive months, India's merchandise exports to the US rose 22.61 per cent to $6.98 billion in November despite steep 50 per cent tariffs on domestic goods, according to commerce ministry data. Imports during the month grew 38.29 per cent to $5.25 billion, the data showed.
The Beijing summit may have reduced immediate diplomatic uncertainty, but it did not resolve the deeper structural contest between the United States and China. That contest appears likely to define the coming decade, notes Varun Arya.
Prime Minister Narendra Modi convened a roundtable with AI startup CEOs and held bilateral meetings with global leaders at the India AI Impact Summit, focusing on AI's potential across sectors and international cooperation.
The official also advised all the trade partners to abide by the trade deals. The new 10 percent global tariff is part of Trump's protectionist trade agenda, aimed at addressing balance-of-payments issues and unfair trade practices.
The US on Monday decided to delay imposing its "Liberation Day" reciprocal tariffs until August 1, allowing more time to iron out issues between New Delhi and Washington before finalising an interim trade deal. On April 2, US President Donald Trump announced reciprocal tariffs against a number of countries including India (26 per cent), but paused the implementation of these duties for 90 days, giving all trading partners the deadline till July 9 to reach a deal.
The impact of United States President Donald Trump's reciprocal tariffs is not yet known and New Delhi's strategy to deal with the situation is to firm up a bilateral trade pact with Washington, DC by fall of this year, External Affairs Minister S Jaishankar said on Wednesday.
US President Donald Trump has announced a 25 per cent plus tariff on India from Aug 1. Trump, describing India as a "friend", said the US has done relatively "little business" with the country because of its high tariffs.
Russia's First Deputy Prime Minister Denis Manturov met with Indian leaders to discuss strengthening bilateral ties in key sectors amidst the escalating conflict in West Asia.
The Congress MP said he had been "troubled" by the US tariff regime from the very beginning, adding that India was already at a disadvantage compared to its regional competitors.
'Given the lag in transmission, further softening of lending rates may happen in the coming months.'
The US is expected to push for sweeping changes in India's policies, ranging from tariff reductions to regulatory overhauls, that could benefit American firms and exporters, under the proposed bilateral trade agreement with India, think tank GTRI said on Sunday.
A Pakistani delegation, led by Army Chief Field Marshal Asim Munir, has arrived in Tehran to mediate the ongoing conflict between the US and Iran, following initial talks in Islamabad.
From the 30-share blue-chip pack, Adani Ports dropped over 4 per cent. UltraTech Cement, Sun Pharma, IndusInd Bank, NTPC and Tata Steel were also the among the laggards. Nestle, ICICI Bank, Infosys, Tata Consultancy Services and HCL Tech were among the gainers.
India and France have elevated their relationship to a 'special global strategic partnership,' with increased cooperation in defense, trade, and technology. The leaders also inaugurated a helicopter assembly line in Karnataka.
India and the United States on Wednesday agreed to fast-track technical negotiations for early conclusion of a Bilateral Investment Agreement during a meeting between Commerce and Industry Minister Anand Sharma and US Trade Representative Ron Kirk.
United States President Donald Trump on Wednesday (local time) hinted at reaching a new trade deal with India soon.
India and the US have finalised the terms of reference outlining the roadmap for negotiations of the proposed Bilateral Trade Agreement (BTA), according to a statement issued by the US. US Trade Representative (USTR) Jamieson Greer said that these ongoing talks will help achieve balance and reciprocity by opening new markets for American goods and addressing unfair practices that harm US workers.
Trump said California has been particularly "hard hit" because of this, blaming democrat Gavin Newsom, the Governor of California, for this loss, calling him "weak and incompetent."
India and Russia on Tuesday set a target of $100 billion in annual trade volume by 2030 and vowed to develop a robust bilateral payment settlement mechanism using national currencies. The two sides also inked a total of nine agreements to further broadbase cooperation in a range of areas including in the economic domain following summit talks between Prime Minister Narendra Modi and Russian President Vladimir Putin.
From labelling India the 'Tariff King' to slapping sweeping import duties, US President Donald Trump has steadily hardened his trade stance on India. These announcements are being seen as a pressure tactic to get New Delhi to agree to demands made by the US in the proposed Bilateral Trade Agreement (BTA).
India has firmly rejected Nepal's objection to the upcoming Kailash Mansarovar Yatra via the Lipulekh Pass in Uttarakhand, dismissing Kathmandu's territorial claims over the region.
'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.'
The meeting, expected on September 25 on the sidelines of the UN General Assembly, will also be attended by army chief Field Marshal Asim Munir.
Ahead of the visit, officials from key government departments held intense discussions to identify key trade-related proposals.
'When negotiators meet next, they may like to bring new issues to the table.'
Prime Minister Narendra Modi addressed the Israeli Parliament, reaffirming India's support for Israel in the face of terrorism and expressing support for the Gaza peace initiative.
United States President Donald Trump said a 'very big' trade deal is on cards with India, hinting at significant progress in the negotiation process of a long-awaited bilateral trade agreement between the two countries.
India and Israel have elevated their relationship to a special strategic partnership, focusing on enhanced cooperation in trade, technology, and defense, while also addressing regional peace initiatives.
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.
On the table are additional batches of S-400 surface-to-air missile systems from Russia, which India used with immense success during Operation Sindoor. India could buy at least two squadrons of Su-57 fighter jets plus joint production of S-500 air defence systems.
Amid the ongoing global tariff war, Commerce and Industry Minister Piyush Goyal on Wednesday asked exporters not to panic and assured them that India is working on the "right mix and right balance" in its proposed trade agreement with the US.
High US tariffs are expected to affect close to 8 per cent of India's overall auto component production, ratings firm Icra said on Wednesday. Indian auto component exporters are at a relative disadvantage compared to most other Asian exporting nations, highlighting the importance of concluding an India-US bilateral trade agreement, it added.
Trump announced that India and the US agreed to a trade deal under which Washington will charge a reduced reciprocal tariff on Delhi, lowering it from 25 per cent to 18 per cent.
India's exports to the US contracted 8.6 per cent to $6.3 billion in October, while imports rose 13.9 per cent to $4.5 billion leading to a trade surplus of $1.8 billion during the month.
