"We Are Very Close With India": US On Trade Deal: Report
"We are very close with India," Bessent told Fox News in response to a question about progress on trade negotiations.
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Hindustan Times
8 minutes ago
- Hindustan Times
Trump says US could reach trade deal with India, casts doubt on deal with Japan
By Andrea Shalal and David Lawder Trump says US could reach trade deal with India, casts doubt on deal with Japan WASHINGTON -The United States could reach a trade deal with India that would help American companies compete in the South Asian country and leave it facing far lower tariffs, President Donald Trump said on Tuesday, while casting doubt on a possible deal with Japan. Trump told reporters aboard Air Force One that he believed India was ready to lower barriers for U.S. companies, which could pave the way for an agreement staving off the 26% rate he announced on April 2, before pausing it until July 9. "Right now, India doesn't accept anybody in. I think India is going to do that, if they do that, we're going to have a deal for less, much less tariffs," he said. Earlier, Treasury Secretary Scott Bessent told Fox News that the U.S. and India are nearing a deal that would lower tariffs on American imports to the South Asian country and help India avoid levies from rising sharply next week. "We are very close with India," Bessent told Fox News in response to a question about progress on trade negotiations. Indian officials extended a visit to Washington last week through Monday to try to reach agreement on a trade deal with President Donald Trump's administration and address lingering concerns on both sides, Indian government sources told Reuters. A White House official familiar with the talks said the Trump administration plans to prioritize securing trade deals with countries including India ahead of Japan in the days leading up to the July 9 deadline. India is one of more than a dozen countries actively negotiating with the Trump administration to try to avoid a steep spike in tariff rates on July 9, when a 90-day tariff pause ends. India could see its new "reciprocal" tariff rate rise to 27% from the current 10%. The U.S.-India talks have hit roadblocks over disagreements on import duties for auto components, steel, and farm goods, ahead of Trump's deadline to impose reciprocal tariffs. "We are in the middle hopefully more than the middle of a very intricate trade negotiation," Indian Foreign Minister Subrahmanyam Jaishankar told an event in New York on Monday. "Obviously, my hope would be that we bring it to a successful conclusion. I cannot guarantee it, because there's another party to that discussion," said Jaishankar, who is in the U.S. for a meeting of the China-focused Quad grouping. He added that there "will have to be give and take" and the two sides will have to find middle ground. TRUMP SUGGESTS HIGHER TARIFF FOR JAN Bessent told Fox News that different countries have different agendas for trade deals, including Japan, which Trump complained about on Monday and again on Tuesday. Trump said he was not thinking of extending the July 9 deadline and would simply send letters notifying countries of the tariff rate they would face. "We've dealt with Japan. I'm not sure we're going to make a deal. I doubt it," Trump told reporters aboard Air Force One as he returned to Washington from a trip to Florida. Trump suggested he could impose a tariff of 30% or 35% on imports from Japan - well above the 24% tariff rate he announced on April 2 and then paused until July 9. He said Japan was refusing to accept U.S.-grown rice, a demand made by Washington that he described as "an easy one," while selling millions of cars in the United States. "So what I'm going to do, is I'll write them a letter saying we thank you very much, and we know you can't do the kind of things that we need, and therefore you pay a 30%, 35% or whatever the numbers that we determine," he said. So far, only Britain has negotiated a limited trade deal with the Trump administration, accepting a 10% U.S. tariff on many goods, including autos, in exchange for special access for aircraft engines and British beef. This article was generated from an automated news agency feed without modifications to text.
Mint
18 minutes ago
- Mint
What's inside Donald Trump's ‘One Big Beautiful Bill': Tax cuts, medicaid & food aid slashed, no EV credits & more
Senate Republicans have passed on July 1 President Donald Trump's massive tax and spending bill after a voting marathon, clearing the way for a final showdown in the House before the July 4 deadline the president set to sign the legislation. Dubbed the One Big Beautiful Bill Act, the nearly 900-page package would extend Trump's 2017 tax cuts, create new benefits for workers and businesses, roll back clean energy incentives, and impose cuts to safety net programs including Medicaid and food assistance. State and Local Tax Deduction: Temporarily raises the SALT cap to $40,000 through 2029, phasing out for incomes above $500,000. Some GOP holdouts, like Rep. Nick LaLota (R-NY), still oppose the provision, arguing it should be extended for at least a decade. No Tax on Tips and Overtime: Exempts up to $25,000 in annual tips and $12,500 in overtime pay per individual through 2028, with phase-outs starting at $150,000 in income. Child Tax Credit: Increases to $2,200 per child and permanently adjusts for inflation. Trump Child Accounts: Allows up to $5,000 a year in tax-deferred contributions for children. Newborns between 2025 and 2028 would get a $1,000 federal contribution. Auto Loan Deduction: Creates a new deduction up to $10,000 for auto loan interest on U.S.-assembled vehicles. Business Tax Breaks: Makes three corporate deductions permanent, including 100% bonus depreciation, a move likely to benefit manufacturers and banks. Semiconductors: Expands the chip investment credit from 25% to 35%. Medicaid: Nearly $1 trillion in cuts over a decade. The Congressional Budget Office estimates 11.8 million Americans could lose coverage. Work Requirements: New mandates for Medicaid recipients who aren't elderly, disabled, or caring for young children. Food Stamps: Expands work requirements up to age 65 and shifts some costs to states. Alaska and Hawaii won partial waivers to secure support from Sen. Lisa Murkowski (R-AK). Clean Energy: Accelerates phase-out of wind and solar tax credits, requiring projects to be operational by end of 2027. Also eliminates an excise tax targeting Chinese components. Electric Vehicles: Ends the $7,500 EV tax credit by September 30, 2025. Border Security: Allocates $92 billion for border infrastructure and migrant detention, including new funding for Trump's wall. Remittance Tax: Imposes a 1% fee on money sent abroad, down from 3.5% in the House version. Rural Hospitals: Creates a $50 billion fund to cushion Medicaid cuts in rural communities. Consumer Financial Protection Bureau: Slashes its funding cap nearly in half. Endowment Tax: Raises rates on wealthy universities, with a top rate of 8% on large endowments.
Time of India
20 minutes ago
- Time of India
US stock market closing: S&P 500, Nasdaq fall, Dow Jones near all-time high
US stock market indexes on Tuesday have a mixed day. S&P 500 slipped 0.1 per cent Tuesday for its first loss in four days. The Dow Jones Industrial Average rose roughly 400 points, and the Nasdaq composite fell 0.8 per cent. Wall Street's momentum slowed after setting record highs in each of the last two days as Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured further. According to preliminary data, the S&P 500 lost 6.94 points, or 0.11 per cent, to end at 6,198.10 points, while the Nasdaq Composite lost 166.84 points, or 0.82 per cent, to 20,202.89. The Dow Jones Industrial Average rose 403.61 points, or 0.92 per cent, to 44,498.38. Tesla dropped more than 4 per cent after Trump threatened to cut off the billions of dollars in subsidies that Musk's companies get from the federal government. Musk had revived his criticism of Trump's wide-ranging tax cut and spending bill. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kenya: Bathroom Remodeling Trends in 2025 May Surprise You Bathroom Remodeling | Search Ads Search Now Undo The blue-chip Dow got a boost from healthcare stocks such as UnitedHealth and Amgen, and was just about 600 points away from its all-time high touched in December. Data showed U.S. job openings increased unexpectedly in May, suggesting labor market resilience despite trade and economic uncertainties. U.S. Treasuries fell in response, pushing the 2-year yield to a near one-week high. Live Events Earlier in the day, Federal Reserve Chair Jerome Powell reiterated the U.S. central bank plans to "wait and learn more" about the impact of tariffs on inflation before lowering rates, again setting aside Trump's demands for immediate and deep rate cuts. The Institute for Supply Management (ISM) said its manufacturing PMI nudged up to 49.0 last month from a six-month low of 48.5 in May, slightly above economists' forecast of 48.8. Market focus now shifts to Thursday's nonfarm payrolls report, which could help recalibrate bets for a rate cut as soon as July. Money markets are pricing in a 21.2 per cent likelihood for a July rate cut and see about 64 basis points worth of cuts by the end of this year, per LSEG data. Shares of U.S.-based casino operators rose after Macau reported a rise in June gambling revenue. Wynn Resorts, Las Vegas Sands and MGM Resorts International added more than 7% each. FAQs Q1. What are key indexes of US Stock Market? A1. Key indexes of US Stock Market are S&P 500, Dow Jones Industrial Average, Nasdaq. Q2. How is Dow Jones performing? A2. Dow Jones Industrial Average got a boost from healthcare stocks such as UnitedHealth and Amgen, and was just about 600 points away from its all-time high touched in December.
