Expect India-US trade deal in not too distant future: US Commerce Secretary Howard Lutnick
'When they put the right person in India, put the right person on the other side of the table, and we've managed (that), I think,' Lutnick said in his keynote address at the eighth edition of the US-India Strategic Partnership Forum (USISPF) here on Monday.
'You should expect a deal between the United States and India in the not too distant future because I think we found a place that really works for both countries,' he added.
USISPF also presented the 2025 Global Leadership Awards to IBM Chairman Arvind Krishna, Aditya Birla Group Chairman Kumar Mangalam Birla and Hitachi Executive Chairman Toshiaki Higashihara 'for their outstanding contributions in strengthening the US-India-Japan economic partnership.'
This is the first time that business leaders from the QUAD grouping of Australia, India, Japan and the US will be honoured at the USISPF summit.
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Business Standard
15 minutes ago
- Business Standard
Differences must not become disputes: S Jaishankar to China's Wang
India and China on Monday discussed economic and trade issues, including resumption of border trade and direct flights, with New Delhi again flagging its concerns over Beijing's curbs on the export of rare earth minerals. Chinese Foreign Minister Wang Yi landed in New Delhi on Monday evening for a two-day visit. He held talks with External Affairs Minister S Jaishankar. In his opening remarks during the discussion, Jaishankar said that 'the basis for any positive momentum' in India-China ties 'is the ability to jointly maintain peace and tranquillity in the border areas'. It is also essential that the de-escalation process move forward, he said. 'Having seen a difficult period in our relationship,' Jaishankar told Wang, 'our two nations now seek to move ahead'. This requires a candid and constructive approach from both sides, he said. Jaishankar said the two countries must be guided in this endeavour by the three mutual, 'mutual respect, mutual sensitivity and mutual interest.' 'Differences must not become disputes, nor competition conflict,' he said. Prime Minister Narendra Modi and Chinese President Xi Jinping's meeting on October 23, 2024, in the Russian city of Kazan, on the sidelines of the Brics Summit, paved the way for de-escalation in the border areas between the two countries after the friction in ties since the Galwan Valley clashes in June 2020. Jaishankar and Wang's discussion will also lay the groundwork for the Indian PM's visit to the northern Chinese city of Tianjin to attend the Shanghai Cooperation Organisation (SCO) Summit on August 31 and September 1, where he is slated to meet the Chinese President on the sidelines of the summit. Wang and India's National Security Adviser Ajit Doval will discuss the boundary issues under the auspices of the 24th round of the Special Representatives mechanism on Tuesday. Wang will also call on Prime Minister Modi on Tuesday evening. At the meeting of the two delegations on Monday, Jaishankar said they will also discuss river data sharing, people-to-people contacts, among other issues. 'I would like to follow up on some particular concerns that I had brought up with you when I visited China in July,' Jaishankar told Wang, alluding to India's request that China lifts restrictions on its export of rare earth minerals. The two sides discussed the international situation. 'We seek a fair, balanced and multi-polar world order, including a multi-polar Asia. Reformed multilateralism is also the call of the day,' Jaishankar said. 'In the current environment, there is clearly the imperative of maintaining and enhancing stability in the global economy as well,' he said. The fight against terrorism in all its forms and manifestations is another major priority, the EAM said. Wang's visit is the first by a Chinese minister since Modi and Xi's Kazan meeting in October, Jaishankar noted. 'Overall, it is our expectation that our discussions would contribute to building a stable, cooperative and forward-looking relationship between India and China, one that serves both our interests and addresses our concerns,' he said, wishing China a successful SCO Summit that it is hosting. In Beijing, China on Monday said Foreign Minister Wang's visit to India was aimed at working with New Delhi to deliver on important understandings reached between the leaders of the two sides and decisions taken during the previous round of border talks. Wang is slated to visit Pakistan later this week.
Mint
23 minutes ago
- Mint
Trump aide slams India for buying Russian oil, says Delhi needs to act like strategic partner of US
London, Aug 18 (PTI) President Donald Trump's trade adviser Peter Navarro has slammed India for what he dubbed as an "opportunistic" purchase of crude oil from Russia and said New Delhi needs to act like a strategic partner of the US. In a column for 'The Financial Times' on Monday, the White House counsellor for trade and manufacturing accused India of acting as a global clearinghouse for Russian oil by converting embargoed crude into high-value exports. "India's dependence on Russian crude is opportunistic and deeply corrosive of the world's efforts to isolate Putin's war economy,' writes Navarro. 'In effect, India acts as a global clearinghouse for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs,' he claims. Opening with the so-called 'mathematics' of Russia-India ties, Navarro claims American consumers buy Indian goods, and then those dollars are used to buy discounted Russian crude oil. "That Russian crude is refined and resold around the world by Indian profiteers in league with silent Russian partners — while Russia pockets hard currency to fund its war machine in Ukraine. As Russia continues to hammer Ukraine, helped by India's financial support, American (and European) taxpayers are then forced to spend tens of billions more to help Ukraine's defence. Meanwhile, India keeps slamming the door on American exports through high tariffs and trade barriers,' he writes. In his Op-Ed, Navarro goes on to attack India for imposing what he claims are some of the highest average tariffs in the world, along with a dense web of non-tariff barriers that 'punish' American workers and businesses. 'As a result, the US runs a massive trade deficit with India, nearing USD 50 billion annually. And here's the kicker: India is using those US trade dollars to buy Russian oil,' he states. According to the White House adviser, the surge in India's crude imports since February 2022 has not been driven by domestic oil consumption needs but by 'profiteering' of the country's 'Big Oil lobby'. 'Refining companies have turned India into a massive refining hub for discounted Russian crude. The refiners buy oil at a steep discount, process it, and then export refined fuels to Europe, Africa, and Asia — all the while shielding India from sanctions scrutiny under the pretence of neutrality,' he writes. While defending Trump's recent executive order hitting Delhi with exorbitant trade tariffs, his aide goes on to allege that India keeps slamming the door on American exports through barriers. Navarro claims that while Delhi has increasingly turned to the US, France and Israel to meet its defence needs, those deals often come with strings attached. He concludes: 'The Trump administration is confronting it. A recent executive order issued by the President will impose a 25 per cent national security tariff on Indian goods to address the threat posed by India's continued importation of Russian oil. This new tariff is in addition to the 25 per cent reciprocal tariff already in place. "This two-pronged policy will hit India where it hurts — its access to US markets — even as it seeks to cut off the financial lifeline it has extended to Russia's war effort. If India wants to be treated as a strategic partner of the US, it needs to start acting like one.' Trump has imposed tariffs totalling 50 per cent on India, including 25 per cent for Delhi's purchases of Russian oil that will come into effect from August 27. India, responding to the tariffs, said that the targeting of India is unjustified and unreasonable.
India Today
2 hours ago
- India Today
China's Wang Yi in India for border talks, countdown to resolve LAC issue begins
Amid India-US trade tensions following US President Donald Trump's 25 per cent tariffs on New Delhi, Chinese Foreign Minister Wang Yi arrived in India on a two-day visit after over three years. This is Wang's first visit to India following the 2020 Galwan Valley clash, which saw India-China ties landing in Delhi, Wang participated in talks with External Affairs Minister S Jaishankar on Monday. On Tuesday, the 24th round of the Special Representatives' (SR) talks will be held in which National Security Advisor Ajit Doval and Wang will be the SR talks, the Chinese Foreign Minister will meet Prime Minister Narendra Modi. The upcoming meeting comes at a time when border tensions between India and China have eased significantly since the BRICS Summit in Russia's Kazan last year. The meeting between PM Modi and Chinese President Xi Jinping at the summit took a decisive turn towards ending the his meeting with Wang on Monday, Jaishankar said that peace on the border was essential for improving India-China relations. He also told his Chinese counterpart that both countries had gone through a difficult period and needed to move forward with a clear and cooperative and China took a major decision ahead of the Kazan BRICS Summit to resolve the dispute that has been going on since 2020 in eastern Ladakh. Disengagement was completed in Demchok and Depsang, and the armies also withdrew from the four major disputed points, such as Pangong, Galwan, Gogra and Hot Springs. However, there is still no breakthrough in patrolling in these the meeting between PM Modi and Xi on October 21 last year, it was decided that talks would be held at the SR level to resolve the dispute. The first meeting was held in Beijing in December last year, with NSA Ajit Doval leading India. Now, the second meeting will be held in big faces played an important role in resolving the border dispute. PM Modi gave full freedom to the Indian Army to take immediate decisions on the ground. At the same time, economic pressure was also created on the other hand, Jaishankar consistently raised the issue in international forums and forked a diplomatic path to a solution. At the same time, Doval held direct talks with Wang to take the talks at the SR the dispute, the Army showed its strong position in eastern Ladakh. By occupying the peaks of South Pangong and rapidly deploying heavy weapons, it sent a message to China that India is no longer the India of 1962. The Army's strategy forced China to come to the negotiating situation along the LAC has been calm since the Kazan summit and the armies of both countries are patrolling in their respective areas. Now, with the SR meeting to be held in Delhi, it is expected that India and China will move forward towards finding a permanent solution to the eastern Ladakh dispute.- EndsMust Watch IN THIS STORY#India-China#Subrahmanyam Jaishankar#Narendra Modi
