Trump says US ‘very close' to trade deal with India
Trump also highlighted the previous lack of access to key foreign markets for US businesses and credited his administration's tariff policies with opening doors: 'You have to understand, we had no access into any of these countries and now we're getting access because of what we're doing with the tariffs.'India and the US have been negotiating a limited trade pact aimed at reducing tariffs, particularly keeping them below 20 per cent on certain goods and services.- EndsTune InMust Watch
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Indian Express
5 minutes ago
- Indian Express
Daily Briefing: The big questions in Operation Sindoor debate
Good morning, A 19-year-old Indian has just become a grandmaster, the highest ranking a chess player can achieve. Divya Deshmukh defeated some of the world's best at the FIDE Women's World Cup to land in the final, where she was set for an intergenerational clash with Koneru Humpy. Interestingly, Humpy was India's first woman grandmaster and the youngest to achieve the feat, which she accomplished at the age of just over 15. Now, Deshmukh is India's fourth woman grandmaster. She clinched the title automatically, since a FIDE World Cup win allows players to bypass the three norms needed to qualify as a grandmaster. As grandmaster N Srinath puts it, it's like capturing the 'golden snitch' in a Quidditch game from the Harry Potter universe instead of scoring goals through the quaffle. With this win, Deshmukh could be eyeing the World Championship crown next. On that note, let's get to today's edition. The 16-hour special debate on the Pahalgam attack and Operation Sindoor in Parliament saw the government clarifying the circumstances of the ceasefire, while the Opposition flagged security and intelligence failures. Though stances taken by both sides were along expected lines, here are some key highlights from the Lok Sabha discussion. 👉 The big question in all this was whether India lost fighter jets during Operation Sindoor. The Opposition has been seeking clarification on the matter ever since Chief of Defence Staff General Anil Chauhan admitted on June 1 that the Indian Air Force lost jets on May 7. Defence Minister Rajnath Singh, however, did not provide a specific answer, instead asking the Opposition to focus on the 'results'. 👉 The government also rebutted US President Donald Trump's claims that he brokered the ceasefire between India and the US using trade deals as leverage. Singh asserted that the fighting was stopped only because 'we had fulfilled our objectives'. External Affairs Minister S Jaishankar clarified that 'at no stage in any conversation with the US was there any linkage with trade and what was going on.' 👉 Leading the charge for the Opposition, Congress MP Gaurav Gogoi asked why the government did not aim for 'territorial gains'. 'When will we take PoK (Pakistan-occupied Kashmir?' he questioned. AIMIM leader Assaduddin Owaisi, meanwhile, wondered how the government could allow the national cricket team to play against Pakistan in the Asia Cup tournament in September if 'water and blood cannot flow together', as the government had claimed after the April 22 attack. Congress leader Deepender Singh Hooda targeted the government on Trump's claims, stating, 'Donald ko chup karao… ya phir Hindustan mein McDonald's ko band karao (Silence Donald or shut McDonald's in India)'. Notably, the Congress has kept out leaders who were part of the government's foreign tour of multi-party delegations from its speakers list. Shashi Tharoor is said to have declined on his own, since he 'has to be consistent', which may violate party line. Whereas Manish Tewari had wanted to speak, but the party chose not to field him. House of bids: Last week, Qatar confirmed the rumours and threw its hat into the ring to host the 2036 Olympics. With this, Qatar joined the growing list of challengers to India's bid to host the 100th anniversary of the 1936 Olympics: Turkey, Indonesia, Hungary and Germany, among others. As of now, the International Olympic Committee (IOC) has paused the host selection, and if you recall, it had told India to effectively get its house in order before preparing any master plan. Interestingly, though, Qatar and India's pitches are similar in their messages, underscoring inclusivity and regional aspirations. The former, however, may have a certain edge over the latter. Read my colleague Mihir Vasavda's explainer. Rebirth: The Noon river was once one of the forgotten rivers of Uttar Pradesh. Plagued by a jal kumbha (water hyacinth) infestation and construction debris, the Noon had all but disappeared. Today, the river flows nearly six feet wide at its origin point, Rampur Narua. Behind its second life was a herculean rejuvenation exercise, involving drone-mapping and satellite imagery. Job cuts: When India's largest IT company, Tata Consultancy Services, announced that it was laying off 2 per cent of its workforce, it sent ripples of fear across the Indian tech industry. For years, Indian IT firms boasted of stable growth and job security. Together, the top four IT companies — TCS, Infosys, Wipro, and HCL Technologies — employ around 13.70 lakh people. But with TCS pulling the trigger, will the rest of the industry follow suit? Are the Indian IT firms on the path to mimic the ruthless layoff culture of US tech giants? Read George Mathew's analysis. History lessons: Tensions between Cambodia and Thailand turned deadly last week, amid intense fighting over a century-old border dispute. On Monday, the two nations agreed to an 'immediate and unconditional ceasefire'. The dispute arises out of the 1907 drawing of the border between the two countries by France, the then-colonial power in Cambodia. However, deeper animosity is driven by the contested ownership of their shared culture and heritage. Know all about it. Goans have long faced the brunt of overtourism in the state. Recently, however, a new tourism crisis has taken shape in the state amid concerns over a shrinking foreign tourist footfall. Social media, too, has been rife with stories of territorial taxi drivers and overpriced stays. Goan tourism minister Rohan Khaunte, however, has accused 'paid' social media influencers of 'maligning' the state, while maintaining that there was 'no decline' in tourism. The latest grievance seems to be the 'unregistered homestays' being rented out to tourists, causing problems for residents. 'The issue is…that people from Delhi and other places who bought second homes here during Covid. Tourists come and stay in those homes and residential buildings. We have no details of these registrations,' Khaunte flagged. That's all for today, folks! Until tomorrow, Sonal Gupta Sonal Gupta is a senior sub-editor on the news desk. She writes feature stories and explainers on a wide range of topics from art and culture to international affairs. She also curates the Morning Expresso, a daily briefing of top stories of the day, which won gold in the 'best newsletter' category at the WAN-IFRA South Asian Digital Media Awards 2023. She also edits our newly-launched pop culture section, Fresh Take. ... Read More
Time of India
5 minutes ago
- Time of India
Sensex falls over 100 pts, Nifty below 24,700 amid US trade deal jitters
Indian equity benchmarks experienced a decline for the fourth consecutive session, influenced by uncertainties surrounding a delayed interim trade agreement with the U.S. and continuous foreign fund outflows. Weak corporate earnings further contributed to the downward pressure. Investor sentiment remains fragile amidst geopolitical and economic concerns, with specific stocks like Bharat Electronics and Infosys facing losses. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Experts View Global Markets Tired of too many ads? Remove Ads FII/DII Tracker Indian equity benchmarks opened lower for the fourth consecutive session on Tuesday, weighed down by uncertainty over a delayed interim trade deal with the United States, continued foreign fund outflows, and weak corporate 9:24 am, the BSE Sensex was down 117 points, or 0.15%, at 80,73, while the Nifty50 declined 36 points, or 0.15%, to 24, portfolio investors (FPIs) offloaded Indian equities worth Rs 6,081 crore ($700.92 million) on Monday, as per provisional data — their biggest single-day selling since May 30. The sharp outflow has heightened concerns about near-term market sentiment remains fragile ahead of the August 1 deadline set by U.S. President Donald Trump for progress on a trade agreement, with fears growing over potential geopolitical and economic repercussions from further early trade, Bharat Electronics (BEL), Eternal, Infosys, ICICI Bank, TCS, and HDFC Bank were among the top laggards on the Sensex, falling up to 2.5%. Meanwhile, Reliance Industries, Adani Ports, Tata Motors, and Power Grid opened in the the sectoral front, the Nifty IT index slipped 0.4%, weighed down by losses in Infosys, Wipro, and Coforge. In contrast, Nifty Metal, Realty, and Oil & Gas indices gained over 0.5%, offering some support to the the broader market, the Nifty Midcap 100 edged up 0.1%, while the Nifty Smallcap 100 declined 0.4%, reflecting mixed sentiment across individual stocks, Waaree Energies surged over 4% after the company reported an 89% YoY jump in consolidated net profit for Q1 FY26, coming in at Rs 745 crore compared to Rs 394 crore in the same period last year."There are more headwinds than tailwinds for the market now. The major issue weighing on markets is that the expected trade deal between India and the US has not happened so far and the probability of a deal before the August 1 deadline is becoming lower. President Trump's success in reaching deals with Japan and EU, which were advantageous for the US, may further make the US position harder on deal with India," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments."Sustained FII selling is impacting the market despite the DII buying. It is better to remain in a wait and watch mode," Vijayakumar Matalia, Derivative Analyst at Choice Broking, said, "After a negative opening, Nifty can find support at 24,600 followed by 24,500 and 24,300. On the higher side, 24,800 can be an immediate resistance, followed by 24,900 and 25,000."Asia shares eased on Tuesday while the euro nursed its losses as investors pondered the downside of the U.S.-EU trade deal and the reality that punishing tariffs were here to stay, with unwelcome implications for growth and Nikkei eased 0.8%, while Chinese blue chips fell 0.1%.European shares steadied after Monday's sell-off. EUROSTOXX 50 futures edged up 0.2%, while FTSE futures and DAX futures both added 0.1%. S&P 500 futures nudged up 0.1%, while Nasdaq futures added 0.2%.The selling from Foreign institutional investors (FIIs) extended for the sixth day as they sold equities worth Rs 6,082 crore on July 28, while Domestic institutional investors (DIIs) bought equities worth Rs 6,764 crore on the same day.
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Business Standard
5 minutes ago
- Business Standard
'Halted trade but play cricket': Owaisi questions govt over India-Pak match
All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief Asaduddin Owaisi on Monday questioned the government over the upcoming India-Pakistan cricket match in the 2025 Asia Cup, asking why the match is being allowed if the trade is halted with the hostile neighbour. The Hyderabad MP's remarks came during a Lok Sabha debate on the recent Pahalgam terror attack and Operation Sindoor. Referring to Operation Sindoor, Owaisi congratulated the armed forces for their 'supreme sacrifice and bravery", noting that they targeted nine terror camps and inflicted a strategic blow at Bahawalpur. However, he criticised the government for what he called a failure to 'capitalise on the unity' that followed. 'The Prime Minister said, 'Blood and water can't flow together' and 'Terrorism and dialogue cannot go hand in hand',' Owaisi said. 'Then how does your conscience allow trade with Pakistan to be halted, yet you play cricket matches with them?' 'Will you ask victims' families to watch India-Pakistan cricket match?' Asian Cricket Council chairman Mohsin Naqvi announced that the 2025 Asia Cup will be held in the UAE from September 9 to 28, with India and Pakistan placed in the same group and scheduled to play on September 14. 'My conscience doesn't permit me to watch that match,' Owaisi said. He asked whether the government could tell the victims' families that 'we avenged you in Operation Sindoor... now go watch the cricket match". Owaisi demands accountability for security lapses in Pahalgam also raised concerns over what he described as lapses in intelligence and security, demanding accountability for how the attack occurred despite the presence of significant military and paramilitary forces in the region. 'We have 7 lakh army and paramilitary forces. How did four terrorists sneak in and kill our citizens?' Owaisi said. 'If the Lieutenant Governor is accountable—remove him. If it's the Intelligence Bureau—take action.' 'How can a white man in the White House declare a ceasefire for us?' On foreign policy, the AIMIM leader criticised the government for allowing what he termed foreign interference in India's security decisions, referencing a ceasefire announcement made by US President Donald Trump through his social media platform Truth Social before Indian authorities. 'The Prime Minister didn't even make the announcement. A foreigner did. We're not America's adversary—we're friends with strategic relations. But how can a white man in the White House declare a ceasefire for us?' he asked. China and arms procurement Owaisi also criticised India's response to Chinese military actions and questioned ongoing arms procurement processes. 'China's Deputy Chief of Staff called our equipment a 'live lab.' Did you even question China about arming Pakistan?' he said. 'France denied us the source code, which compromised our aircraft. Will you ensure that future weapon purchases come with source code?' Referring to India's sanctioned air squadrons, Owaisi said, 'Our sanctioned squadrons are 42, but only 29 are operational even after 60 years. Pakistan has 25; China has over 50. You've ruled for 11 years—no submarines, no third aircraft carrier.' He also called for the Centre to push for international action against Pakistan through global forums, saying, 'If you're a vishwaguru, bring Pakistan back under FATF. Convince G7, GCC, and Uncle Sam to do it.'
