US cancels India trade talks scheduled for August
The current round of negotiations for the proposed bilateral trade agreement is now likely to be deferred to another date, the report said, dashing hopes of some relief before the Aug 27 deadline for the additional tariff on Indian goods kicks in.
Reuters could not immediately verify the report.
Earlier this month, US President Donald Trump imposed an additional 25 per cent tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations.
The new import tax, which will come into effect from Aug 27, will raise duties on some Indian exports to as high as 50 per cent - among the highest levied on any US trading partner.
Trade talks between New Delhi and Washington collapsed
after five rounds of negotiations over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases.
India's Foreign Ministry has said the country is being unfairly singled out for buying Russian oil while the United States and European Union continue to purchase goods from Russia.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
13 minutes ago
- The Star
Japan steel groups seek reforms to stop tariff evasion as China exports surge
FILE PHOTO: Workers load steel products for export to a cargo ship at a port in Lianyungang, Jiangsu province, China May 27, 2020. Japan has recently launched an anti-dumping investigation into hot-dip galvanised steel from China and South Korea. - China Daily via Reuters. TOKYO: Japanese steel lobby groups said on Monday (Aug 18) they have requested the early introduction of measures to prevent the evasion of anti-dumping tariffs aimed at protecting domestic industries from unfair imports. The move comes as record steel exports from China, the world's largest producer, have sparked a protectionist backlash globally, with almost 40 countries starting anti-dumping investigations since January last year. The Japan Iron and Steel Federation and four other industry groups said swift action is needed as countries such as China attempt to avoid anti-dumping tariffs by routing exports through third countries or conducting minimal processing to evade duties. Japan has recently launched an anti-dumping investigation into hot-dip galvanised steel from China and South Korea, following a similar probe, kicked in July, into nickel-based stainless cold-rolled steel sheets and strips imported from China and Taiwan. Even if anti-dumping measures are imposed, without steps to prevent circumvention, "their effectiveness will be significantly undermined," Takanari Yamashita, managing director of the steel federation, told reporters. He stressed that the aim is to strengthen the anti-dumping system and ensure fair competition, not to pursue protectionism. According to the federation, 18 of the Group of Twenty (G20) nations already have anti-circumvention systems in place, leaving only Japan and Indonesia without such measures. Currently, if Japan seeks to address circumvention, it must launch an entirely new anti-dumping investigation. For this reason, industry groups are urging the government to establish separate tax rules from existing anti-dumping tariffs under the tax reform planned for the next fiscal year starting April 1. They are also calling for more trade investigators and improvements to the probe system. - Reuters
The Star
43 minutes ago
- The Star
Asian equities, currencies have weather US tariffs well
The Merlion statue and buildings in Singapore, on Saturday, May 17, 2025. - Photographer: Bryan van der Beek/Bloomberg KUALA LUMPUR: BMI, a unit of Fitch Solutions, said Asian equities and currencies have weathered the United States (US) tariffs well so far, rising 18 per cent and three per cent respectively since the start of the year, shaking off the initial tariff shock. "Thailand stands out as an exception, with both its equities and the baht missing the rally since April. "In our view, that is largely due to domestic political instability and the ongoing border conflict with Cambodia,' it said in its Outlook Questions and Answers for Asia today. BMI said it has lowered growth forecasts by only 0.2-0.3 percentage points for most other major economies due to US tariffs. "We recently made a series of revisions to our 2026 GDP forecasts in response to the tariff deals reached in July and early-August. "Of these, the steepest downward revision we made was to Cambodia, on account of its relatively high dependence on the US as an export market,' it said. BMI opined that there are no specific policy measures rolled out to cushion the expected impact of the tariffs as of the time of writing on Aug 15. BMI said that for exports, available data show that Asian exports to markets outside of the US have mostly stayed on trend. "This does not rule out future adjustments in trade with the rest of the world. "The tariffs, in all likelihood, have yet to meaningfully feed through and we suspect deviations from the pre-Donald Trump trend will begin to show in the coming months. - Bernama
The Star
43 minutes ago
- The Star
German foreign minister urges more pressure on Russia before Trump–Zelenskiy meeting
German Foreign Minister Johann Wadephul meets Japanese Foreign Minister Takeshi Iwaya, in Tokyo, Japan, August 18, 2025. REUTERS/Kim Kyung-Hoon TOKYO (Reuters) -German Foreign Minister Johann Wadephul on Monday called for stepped-up pressure on Russia, including more aid for Ukraine, to push Moscow into concessions toward a "just and lasting peace." Wadephul spoke in Tokyo as U.S. President Donald Trump prepares to host Ukrainian President Volodymyr Zelenskiy and European leaders including German Chancellor Friedrich Merz. The gathering follows Trump's talks with Russian President Vladimir Putin in Alaska on Friday. "It is probably not an exaggeration to say the whole world is looking to Washington," he said at a press briefing alongside Japanese Foreign Minister Takeshi Iwaya. "Firm security guarantees are central" because "Ukraine must be able to defend itself effectively even after a ceasefire and peace agreement," he added. Merz, French President Emmanuel Macron, British Prime Minister Keir Starmer and other European leaders met Sunday to bolster Zelenskiy's hand ahead of the White House meeting. They welcomed U.S. talk of a security guarantee for Ukraine but said Kyiv must be included in any territorial talks and its remaining land protected. (Reporting by Tim Kelly and Fabian Hamacher; Editing by Lincoln Feast.)
