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Bilateral trade talks stall as US demands low duties on GM crops threaten India's farmers
As the Donald Trump administration of the United States has stuck to its maximalist demands, the India-US trade talks have stalled. The disagreement primarily lies over agricultural products and dairy products. read more
The India-US trade talks have stalled as negotiators have made extractive demands but have not offered anything substantial in return.
The main areas of dispute are agriculture, dairy, pharmaceuticals, and digital services. Officials have described the US position as that of take-it-or-leave-it.
The news of trade talks hitting a hurdle has come at a time when US President Donald Trump's actions have soured the India-US relationship. Since last month, he has sought to intervene in the Kashmir conflict and consistently taken Pakistan's side in the India-Pakistan conflict and undermined India's position. He open embrace of jihadists and jihad sympathisers from West Asia to Central Asia has also compromised India's security interests.
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If a deal is not reached by July 8, India would be slapped with 26 per cent tariffs as the pause announced in 'reciprocal tariffs' would come to an end.
India-US trade talks stall over US demands
The Trump administration has demanded India to allow lower-duty imports of US agricultural products like maize and soybean and India is resisting the demand, according to The Times of India.
The government is concerned about the effect of such imports on farmers. There are also concerns about potential effects of genetically modified food on health.
Sources told the newspaper that India-US trade talks have hit a hurdle.
India had also expected to secure zero duty access to US markets for Indian textiles, leather goods, pharmaceuticals, and some engineering goods and automobile parts, but US negotiators have said that going down to zero tariffs immediately is not possible.
Separately, Bloomberg has reported that the Trump administration wants India to remove tariffs and ease price controls on medical devices. It has also demanded India to relax its data localisation requirements for digital services.
US following take-it-or-leave-it approach
As the Trump administration has persisted with maximalist demands, an Indian officials told Mint that its dealings came off as a 'take-it-or-leave-it offer'.
The newspaper further reported that India has made it clear to the Trump administration that unless it changes its animal feeding practices, such as the usage of non-vegetarian feed to cattle, US dairy products will not be allowed into India.
'The negotiations are not progressing as expected. The talks were meant to be two-way, as agreed. However, the US team's insistence on opening certain critical sectors comes across as a take-it-or-leave-it offer," a person familiar with the matter told the newspaper.
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Top 3 travel credit cards to earn free flights and hotel stays
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Transfers offer a higher reward rate at 1:2 transfer ratio for most partners, except Marriott Bonvoy at 2:1, translating to a 4-10% effective return versus 2-5% on revenue bookings. 'Atlas can serve as your primary travel card, especially for those who transfer miles to partners like Accor for up to a 10% reward rate," said Mandal of Technofino. However, a key limitation is the annual cap of 30,000 EMs for transfers to premium partners like Qatar Airways, Singapore Airlines, Accor, Marriott, United Airlines, and Wyndham. 'Once you hit the 30,000-point cap, typically after ₹7.5-8 lakh in spending, any additional EMs earned become unusable until the next year," Mandal added. Still, those 30,000 EMs can fetch up to 8-10 nights at Accor hotels in Europe, where 1 point is worth about ₹1.9. Also read | How this family packed food, fun, and Fuji into a ₹5.5 lakh Japan adventure 'In that sense, Atlas stands out as a rare card that delivers maximum value even for low spends of ₹7-8 lakh. However, the high reward rate at this spending level is limited to Accor as the transfer partner," said Ghongadi of The Points Code. After maxing out Atlas rewards, Ghongadi suggests considering the HSBC TravelOne or American Express Platinum Travel cards. With Amex currently not issuing new cards, HSBC TravelOne is a strong alternative. It offers 2% rewards on regular expenses, 4% on travel, and around 8% when transferring to Accor. TravelOne also offers a 15% instant discount on bookings via Yatra, Cleartrip, EaseMyTrip, and Paytm, with rewards earned on the discounted amount. For example, a ₹10,000 booking would be reduced to ₹8,500, which then earns 4% rewards. Both Atlas and TravelOne exclude utilities, jewellery, and tax payments from rewards. Additionally, Atlas excludes insurance, while TravelOne excludes education fees. Also read | How real estate helps Vijay Kedia invest in stocks Annual expenses over ₹15 lakh HDFC Bank's Infinia and Diners Club Black (DCB) Metal are among the most rewarding credit cards for high spenders. Both offer a strong base reward rate of 3.33%, access to the same transfer partners, and a 1 RP = ₹1 redemption value on HDFC's SmartBuy platform. Where these cards truly shine is with accelerated rewards on SmartBuy. Hotel bookings earn 10X points, while flight bookings get 5X rewards on both cards. Infinia also gives 5X rewards on gift voucher purchases. A key difference lies in monthly reward caps: DCB limits bonus RPs to 10,000, while Infinia allows up to 15,000. Both cards are ideal for users who are new to loyalty programmes and prefer revenue bookings over miles transfers since RPs redeem at 1 RP=Re 1 value on SmartBuy. In comparison, the points transfer ratio ranges from 1:0.5 to 1:1. Another strong contender in this segment is ICICI Emerald Private for those favouring straightforward revenue bookings. Also read | Diderot's Curse and the BNPL Trap: Why India's middle class may be walking into a debt crisis A better rewarding card for this category is Axis Magnus Burgundy. However, it is meant for the very rich, or ultra-high-net-worth individuals. With a steep annual fee of ₹35,400, eligibility requires a Total Relationship Value (TRV) of ₹30 lakh in fixed deposits and savings accounts, ₹10 lakh quarterly average balance, or a ₹3 lakh monthly salary in an Axis account. For those spending over ₹25 lakh annually, Magnus Burgundy's superior 5:4 miles transfer ratio can be highly rewarding. However, there's no need to hold all three cards. 'A combination like Atlas and DCB or Infinia is usually enough," said Ghongadi. 'Holding both Magnus and Atlas means overlapping exclusions—like jewellery spends are excluded on Axis cards but not on HDFC." Choosing between DCB and Infinia depends on an individual's spending pattern. 'If you consistently hit ₹4 lakh in quarterly spends, DCB's extra 10,000 RPs adds a 2.5% reward rate boost. On the other hand, for those heavily into gift vouchers, Infinia's 5X rate makes it more valuable," Ghongadi explained. Also read | Risk of narratives: When everyone saw it coming and still got it wrong How much spending will get you free flights, hotels Once you've chosen your credit cards, you need to assess how much you need to spend to earn free flights and hotel stays. According to Mandal, those with annual expenses up to ₹15 lakh can typically earn enough points for either free hotel stays or business class tickets, but not both. 'For example, a couple might earn enough for two flight tickets with ₹15 lakh in annual spending," he said. For a family of four aiming to cover both flights and hotel stays, the requirements are steeper. 'You'd need around 150,000 reward points, which typically means spending about ₹40 lakh annually, primarily on discretionary categories," Mandal explained. Ghongadi agreed. 'Quarterly spends of ₹10-12 lakh can generate enough points for a family of four to enjoy one holiday per year, covering both flights and hotels." That said, mid-range spenders should manage their expectations and avoid overspending just to chase rewards. 'Banks tend to offer higher rewards on discretionary spending because these categories increase the likelihood of overspending and default," Ghongadi cautioned. 'Cardholders must stay disciplined and not fall into that trap." Also read | Why wealth management shouldn't be reserved for the rich
