Very close to a deal with India we're in negotiation, says Trump
The statement on trade deal with India came up while Trump was speaking to reporters during a bilateral meeting with Bahrain's Crown Prince Salman bin Hamad bin Isa Al Khalifa at Oval office.
He emphasised that August 1 would be a significant day, when a lot of money will come into his country.
"We've brought in over USD 100 billion. The tariffs haven't kicked in significantly, except for automobiles and steel. August 1 is when a very substantial money comes into our country. We've made deals with numerous places. We had one yesterday," Trump said.
"We have another one, coming up, maybe with India, we are in negotiations. When I send out a letter, that's a deal. The best deal we can make is to send out a letter, and the letter says that you'll pay 30 per cent, 35 per cent, 25 per cent, 20 per cent. We have some pretty good deals to announce. We're very close to a deal with India where they open it up," Trump added.
Yesterday, Trump announced a trade deal with Indonesia, under which Trump had cut down the 32 per cent tariff to just 19 per cent.
President Trump called a 'great deal for everybody,' as US exports to Indonesia would face no tariffs, while Indonesian goods would be charged a tariff of 19 per cent in the United States.
The announcement comes as the Trump administration is trying to close trade deals with several countries, and threatening to impose double-digit tariffs on the exports of two dozen nations as of August 1 if agreements are not clinched.
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Mint
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Why it has never been better to be a big company
For all the unwieldiness it entails, scale has always brought enormous benefits in business. Fixed costs are set against more revenue, raising profits and supporting investment. Heft brings greater bargaining power with suppliers and financiers. From the early 2000s, the advantages of scale became even more pronounced. Intangible assets, including software and intellectual property, gave the upper hand to companies that could afford to invest in them. Globalisation provided big companies with more room to grow, as well as access to larger—and cheaper—pools of labour. In America, the gap in profitability between big and small firms widened (see chart 1). Economists began to speak of 'superstar" firms racing ahead of the competition. Now size is conferring advantages in new ways. Artificial intelligence (AI) is reinforcing the dominance of big firms over small ones. So is the presidency of Donald Trump, which has raised the importance of resilience and political sway. 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Indian Express
21 minutes ago
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With Aug 1 deadline looming, India's faces a trade predicament: to accommodate Trump's hardball tactics while maintaining tariff advantage
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A firm commitment from India to purchasing American defence equipment, natural gas and nuclear reactors, alongside some kind of guidance on India cutting its purchases of fossil fuels from Russia could be part of the final offer from New Delhi. Trump needs to be convinced of a deal that he can hard sell as a victory to his base. The best case scenario for India would be to get a deal of some sort now, and then build on that in the future negotiations that could run into 2026. For Trump, another growing consideration could be the fact that higher tariffs are making it nearly certain that American households will pay higher prices for the everyday goods that are made overseas and imported into the US. Inflation is a looming reality. A Yale estimate from July 23 found that the tariffs will result in as much as $2,700 in 'lost annual income' per household, though the taxes collected would potentially help narrow the long-running federal deficit. The tariffs that have kicked in so far are bringing in some money into the US Treasury, with tariff revenue pegged at $27.2 billion in June and $22.8 billion in May, according to the Treasury Department's monthly statements, a sharp increase from earlier years. Anil Sasi is National Business Editor with the Indian Express and writes on business and finance issues. He has worked with The Hindu Business Line and Business Standard and is an alumnus of Delhi University. ... Read More
The Hindu
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