India says ready to make deal with US but national interest to be ‘supreme'
When asked if a deal could be reached by the July 9 deadline set by United States President Donald Trump for all countries to negotiate trade agreements, Goyal said on Friday that 'National interest will always be supreme. Keeping that in mind, if a good deal can be made, then India is always ready to make a deal with developed countries.'
'India never does any trade deal on the basis of deadline or timeframe … we will accept it only when it is completely finalised and in the national interest,' Goyal told reporters.
On April 2, Trump threatened a range of tariffs for all US imports. For India, that was set at 26 percent. On April 9, he paused those tariffs for 90 days and set in place a rate of 10 percent in the interim while countries worked out their respective trade deals with Washington, DC. That deadline is set to expire July 9.
'Free trade agreements are possible only when there is two-way benefit; it should be a win-win agreement,' Goyal said.
Indian officials returned from Washington this week after an extended visit to iron out lingering concerns on both sides. Trade talks between India and the US have hit roadblocks over disagreements on import duties for car components, steel, and farm goods.
India is resisting opening up its agriculture and dairy sectors while asking for a favourable tariff for its goods entering the US compared with the ones available for countries like Vietnam and China.
Separately, India has proposed retaliatory duties against the US at the World Trade Organization, saying Washington's 25 percent tariff on automobiles and some car parts would affect $2.89bn of India's exports, according to an official notification.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
35 minutes ago
- Yahoo
Amicus Therapeutics (FOLD) Announces Approval for Pombiliti + Opfolda by Japan's Ministry of Health, Labour and Welfare (MHLW)
Amicus Therapeutics, Inc. (NASDAQ:FOLD) is one of the 13 Best Pharma Stocks to Buy According to Wall Street Analysts. On June 25, Amicus Therapeutics, Inc. (NASDAQ:FOLD) announced that Japan's Ministry of Health, Labour and Welfare (MHLW) approved Pombiliti + Opfolda as a treatment of late-onset Pompe disease (LOPD) in adult patients. Doctors in a lab coat attending to a patient receiving enzyme replacement therapies. Pombiliti + Opfolda is a two-component therapy, comprising Pombiliti, a recombinant human GAA enzyme, and Opfolda, an enzyme stabilizer. The approval was based on clinical data from the Phase 3 pivotal study (PROPEL), which is the only trial in LOPD that studies real-world populations of both ERT-naïve and ERT-experienced participants in a controlled setting. With MHLW's approval, Pombiliti + Opfolda now holds approval in the US, UK, EU, Canada, Switzerland, Japan, and Australia. Amicus Therapeutics, Inc. (NASDAQ:FOLD) discovers, develops, and delivers medicines to treat metabolic diseases. Its product portfolio includes the first and only approved oral precision medicine to treat Fabry disease, a clinical-stage treatment paradigm for Pompe disease, and a rare disease gene therapy portfolio. While we acknowledge the potential of FOLD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
an hour ago
- Yahoo
Musk forms 'America Party' opposing Trump's tax bill
The dispute between US President Donald Trump and campaign financier Elon Musk has taken another fractious turn after the space and automotive billionaire announced the formation of a new political party, saying Trump's "big, beautiful" tax bill will bankrupt America. A day after asking his followers on his X platform whether a new US political party should be created, Musk declared in a post on Saturday that "Today, the America Party is formed to give you back your freedom." "By a factor of 2 to 1, you want a new political party and you shall have it!" he wrote. By a factor of 2 to 1, you want a new political party and you shall have it!When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a the America Party is formed to give you back your freedom. — Elon Musk (@elonmusk) July 5, 2025 The announcement from Musk comes after Republican President Trump signed his self-styled "big, beautiful" tax-cut and spending bill into law on Friday, which Musk fiercely opposed. Musk, who became the word's richest man thanks to his Tesla car company and his SpaceX satellite firm, spent hundreds of millions on Trump's re-election and led the Department of Government Efficiency from the start of the president's second term aimed at slashing government spending. The first sign of investor dissatisfaction with Musk's announcement followed later in the day. Investment firm Azoria Partners will postpone the listing of a Tesla exchange-traded fund, Azoria CEO James Fishback said in a post on X. Fishback, who has asked Tesla's board to clarify Musk's political ambitions, said the new party undermined the confidence shareholders had that he would focus more on the company after leaving government service in May. Elon has gone too investment firm (@InvestAzoria) has decided to postpone next week's public listing of our Azoria Tesla Convexity decision comes in direct response to @ElonMusk's announcement that he is launching a new national political party. This creates… — James Fishback (@j_fishback) July 6, 2025 Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill. Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government. Republicans have expressed concern that Musk's on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections. Asked on X what was the one thing that made him go from loving Trump to attacking him, Musk said: "Increasing the deficit from an already insane $US2T under Biden to $2.5T. This will bankrupt the country." There was no immediate comment from Trump or the White House on Musk's announcement. The feud with Trump, often described as one between the world's richest man and the world's most powerful, has led to several precipitous falls in Tesla's share price. The stock soared after Trump's November re-election and hit a high of more than $US488 ($A745) in December, before losing more than half of its value in April and closing at $315.35 on Friday. Despite Musk's deep pockets, breaking the Republican-Democratic duopoly will be a tall order, given that it has dominated American political life for more than 160 years and Trump's approval ratings in polls during his second term have generally held firm above 40 per cent, despite often divisive policies.
Bloomberg
an hour ago
- Bloomberg
South Korea Seeks US Trade Deadline Extension as Tariffs Loom
South Korean and US trade officials have discussed extending the July 9 deadline for trade deals in a last-minute bid to avert sweeping tariffs from President Donald Trump. South Korean Trade Minister Yeo Han-koo held talks with US Trade Representative Jamieson Greer on Saturday in Washington, where he proposed manufacturing partnerships and called for the elimination or reduction of tariffs on products such as automobiles and steel, Seoul's industry ministry said in a statement on Sunday.
