India's gems & jewellery exports witnessed 30.6 per cent year-on-year (Y-o-Y) contraction in October to $2.17 million, amid the imposition of a steep 50 per cent tariff by the United States (US) on several Indian products.
India's crude oil imports from Russia strengthened in the first half of October, reversing a three-month slide in arrivals seen during July-September as refineries were back on full stream to meet festive demand, according to ship tracking data.
Equity investors would track global market trends, inflation data and trading activity of foreign investors for further cues this week, analysts said. Moreover, progress of monsoon and developments related to trade talks would also be monitored by investors, experts noted.
The deal fell through over unresolved disagreements over contentious issues, mainly on agriculture and automotive sector tariffs.
India's major imports from the US include crude oil and petroleum products, gold and jewellery, plastics, aircraft, and electrical machinery and components. The key exports to the US comprise pharmaceuticals and biologicals, telecom equipment, precious and semi-precious stones, petroleum products, gold and precious metal jewellery, and ready-made garments.
Trump on February 1 had announced tariffs on major US trading partners Canada, Mexico and China. He imposed a 25 per cent tariff on Canadian and Mexican imports and a 10 per cent on goods from China.
'You can't have a one-sided deal. If you have a lopsided deal then it won't be sustainable.'
Investors' wealth eroded by Rs 5.98 lakh crore on Thursday, tracking weak trends in equities where the BSE Sensex tumbled 1 per cent. Benchmark indices Sensex and Nifty declined 1 per cent in tandem with weak global market trends amid growing tensions in the Middle East.
A team of senior officials from India will again visit Washington this month to hold discussions with their US counterparts on the proposed bilateral trade agreement (BTA), government sources said on Thursday. To give impetus to the talks, India's chief negotiator Rajesh Agrawal, special secretary in the Department of Commerce, and Assistant US Trade Representative for South and Central Asia Brendan Lynch had last month held three-day talks in Washington.
With US President Donald Trump "temporarily suspending" country-specific reciprocal tariffs until July 9, India sees the three-month window as an opportunity to renew its push for a proposed bilateral trade agreement (BTA) with the US and expedite finalisation of the first tranche of the trade deal.
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.
Pakistan's Defence Minister Khawaja Asif has warned that Islamabad will enter into an 'open war' with Kabul if the ongoing peace talks in Istanbul fail, TOLO News reported.
'What we are willing to do is definitely going to depend on what the Indian government wants to do.'
This is the first case involving India and the US at the WTO after both sides decided to withdraw all seven pending cases at the WTO during the Biden administration.
Among Sensex firms, Bajaj Finserv, Tata Steel, Sun Pharma, Tech Mahindra, Bajaj Finance, NTPC, Nestle, Tata Motors, Hindustan Unilever and Mahindra & Mahindra were the biggest gainers. IndusInd Bank, Kotak Mahindra Bank, Power Grid and ITC were among the laggards.
Sharif waited for over 40 minutes, visibly impatient, before joining the meeting and staying for just 10 minutes.
Speaking to reporters aboard Air Force One, Trump stated, "We have a deal," referring to the trade pact which will be routinely extended. "Every year we'll renegotiate the deal, but I think the deal will go on for a long time, long beyond the year. We'll negotiate at the end of the year," he added.
This Delhi Crime series belongs to Huma Qureshi, who plays Badi Didi as a hateful woman. She also commands some admiration for the way she negotiates with venal men and even some degree of sympathy for making the best of whatever life throws at her, observes Deepa Gahlot.
India would neither succumb to the Americans on issues of national security, such as its defence ties with Russia, nor cede ground on its domestic interests in the agriculture and dairy sectors.
United States President Donald Trump on Sunday raised tariffs on Canada by 10 per cent, over and above the already-imposed tariffs, due to the 'fraudulent' advertisement featuring former President Ronald Reagan that was broadcast during the MLB World Series.
RBI's interest rate decision, macroeconomic data announcements and global trends are the key factors that would dictate the momentum in the equity market this week, analysts said.
The Congress party has criticized Prime Minister Narendra Modi's description of India and the US as 'natural partners,' citing President Trump's claims of using trade as leverage in India-Pakistan relations. The remarks come amid ongoing trade negotiations and fluctuating relations between the two countries.
US Ambassador-designate Sergio Gor emphasizes the importance of the India-US relationship after meeting with Prime Minister Narendra Modi, focusing on cooperation in defence, trade, and critical minerals.
Of Trump's reciprocal tariffs and trade deals
From the Sensex firms, Kotak Mahindra Bank, Titan, Axis Bank, Adani Ports, Mahindra & Mahindra, Reliance Industries, Tata Motors and HDFC Bank were among the major gainers. However, Eternal and Infosys were the laggards.
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.
With deposit growth remaining sluggish and the credit - deposit ratio of commercial banks crossing 80 per cent, banks have ramped up their borrowing in the certificate of deposit (CD) market. In the fortnight ended November 14, CD issuances climbed to nearly Rs 55,000 crore - double the borrowings of the preceding two fortnights and the highest since the September 19 fortnight.
The India-United States relationship is set to expand under the Donald Trump administration, but there could be some unease on issues like imports, tariffs and immigration, strategic affairs experts said after the Republican leader won the fiercely contested presidential election.
The White House trade advisor's remarks came on a day US President Donald Trump announced that India and the US are continuing negotiations to address the trade barriers.
Indian equity benchmarks rose nearly 2 per cent on Thursday, capping a truncated trading week with their strongest weekly performance in over four years. The rally was sparked by renewed risk-on sentiment following progress in trade negotiations and expanded tariff exemptions.
The Trump administration has told the US Supreme Court that it imposed tariffs against India for purchasing Russian energy products as part of its strategy to address the war in Ukraine.
The US sees an opportunity to expand its strategic relationship with Pakistan but assures that it will not come at the expense of its ties with India, according to US Secretary of State Marco Rubio.
'Things may get much worse before they get better,' predicts Ajay Chhibber.
'It will not happen that Dhoni is off the field and leaves someone like Sanju Samson to keep wickets.'
Modi's comments came hours after Trump said he feels certain that there will be "no difficulty" for the two countries to come to a successful conclusion in trade talks and he looks forward to speaking with his "very good friend" Modi in the coming weeks.
He said both sides agreed to hold a meeting of senior advisers next week, led on the US side by Secretary of State Marco Rubio, before a proposed leaders' meeting in Budapest, Hungary.
'We continue to view India as a standout within EM.'
Stock markets will be driven by RBI's interest rate decision, tariff-related developments, global trends and trading activity of foreign investors in this holiday-shortened week, analysts said.
Describing the India-United States relationship as 'very complicated', US Treasury Secretary Scott Bessent on Wednesday hoped that 'at the end of the day, we will come together.'
'There are times when India should stand up without hesitation and voice its indignation over the US' pressure tactic. This is one such moment,' asserts Ambassador M K Bhadrakumar.
