Govt in wait-and-watch mode on US tariff fallout

India is carefully observing potential tariff differences arising from US reciprocal tariffs, but comprehensive contingency planning awaits a full impact assessment. Negotiations for the bilateral trade agreement are ongoing in Washington, with the first phase targeted for completion by September. Officials emphasize the need to understand the final tariff spectrum before formulating backup plans, remaining […]

India’s June goods exports saw a slight dip, but reduced imports helped narrow the trade deficit. Exports to the US rose despite tariff increases. Overall, exports decreased in 14 key sectors, influenced by falling crude oil prices. The government is monitoring import surges and plans action against malpractices. India and the EU will continue FTA […]

Farmers’ organizations are requesting the government to exclude agriculture from the India-US trade agreement. They fear that allowing subsidized US agricultural products would harm Indian farmers. The organizations are concerned about the import of genetically modified crops. Bharatiya Kisan Union also voiced similar concerns. They believe it will impact self-reliant India.

NATO Secretary General Mark Rutte on Tuesday cautioned that secondary sanctions on Russia could significantly affect major economies such as India, China, and Brazil. His remarks, quoted by Reuters, underscore concerns about the global fallout from escalating measures aimed at curbing Russia’s economic ties amid the ongoing war in Ukraine.

India is adopting a wait-and-see approach regarding the impact of upcoming US tariffs. The government will assess the full effect of these duties, scheduled for August 1, before formulating a response. Negotiations for a bilateral trade agreement with the US are ongoing, with the fifth round of talks currently underway in Washington.

Indian dry fruit importers are delaying customs clearance for US nuts. They anticipate a significant reduction in import duties due to a potential India-US trade agreement. This hesitation could worsen existing supply disruptions caused by halted Afghan imports. The industry expects India to halve duties on walnuts and almonds.

India’s trade deficits with several FTA partners, including Asean, Japan, and South Korea, have widened since the agreements came into force. While new trade deals with the UAE and Australia show mixed results, older pacts reveal concerning trends.

India and the US are actively negotiating a trade agreement. Talks are progressing rapidly with mutual cooperation. Indian negotiators are in Washington for discussions. The goal is a win-win agreement for both nations. India aims to finalize the first phase by fall. Discussions with the EU are also underway. These FTAs are key to promoting […]

External affairs minister S Jaishankar on Monday met Chinese foreign minister Wang Yi in Beijing and flagged India’s concerns over trade restrictions and lack of progress in economic cooperation. The meeting came amid China’s curbs on rare earth magnet supplies to India.

Union Minister Sarbananda Sonowal envisions the BIMSTEC Maritime Transport Pact as a blueprint to transform the Bay of Bengal into a global trade and tourism hub. He inaugurated the second edition of the BIMSTEC Ports Conclave in Vishakhapatnam, emphasizing the importance of the Kaladan Multi-Modal Transit Transport Project. A BIMSTEC Sustainable Maritime Transport Centre will […]