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India Today
19 minutes ago
- India Today
Trump frustrated with India trade talks, sees 25% tariff as remedy: White House aide
US President Donald Trump is 'frustrated' with the progress of trade deal talks with India and believes that imposing a 25 per cent tariff will 'remedy' the situation. The tariff on Indian goods is set to take effect on August 1, after Washington and New Delhi failed to finalise an interim trade agreement before Trump's self-imposed August 1 deadline.'Well, India has had a market that's been pretty much closed to American products, and we've been wide open to theirs. And I think President Trump is frustrated with the progress we've made with India, but feels that a 25 per cent tariff will address and remedy the situation in a way that's good for the American people,' said White House economic adviser Kevin also announced an additional penalty, criticising India for its continued purchases of oil and military equipment from Russia. In a post on Truth Social, he wrote: 'Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country. Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!'The decision comes after the failure to reach an interim trade deal, with Trump reportedly dissatisfied with the outcomes secured by his negotiators. 'What's going to happen is that India is going to cut their prices to the US in order to maintain their market share,' Hassett added. 'Then they might reconsider their practices, which have led to this higher rate. And over time, I would guess the Indian firms will be onshoring production in the US, and Indians might even open their markets more to us, so that we reconsider a future trade deal.'INDIA'S RESPONSE TO TRUMP'S 25% TARIFFIn response, India's Ministry of Commerce and Industry stated that it is assessing the impact of the US move, but emphasised that national interest remains paramount. "The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs. The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements, including the latest Comprehensive Economic and Trade Agreement with the UK,' the ministry reiterated its commitment to working toward a 'reciprocally advantageous trade agreement,' but with Trump escalating pressure tactics, the path forward remains uncertain.- Ends
Time of India
19 minutes ago
- Time of India
‘Won't let anyone attack the dollar': Trump says US in talks with India after 25% tariff bombshell
US President Donald Trump said that the United States is negotiating with India after announcing a sweeping 25% tariff on Indian imports starting August 1. Speaking to reporters, Trump said India has 'one of the highest tariffs in the world,' but signalled that New Delhi may be willing to 'substantially reduce tariffs' as talks continue. Show more Show less
The Hindu
19 minutes ago
- The Hindu
Slum demolitions in Delhi: Cong. MP raises issue in Lok Sabha
Congress MP Manickam Tagore on Wednesday criticised the Delhi government, raising concern over the slum demolitions in the Capital during the Zero Hour of the Lok Sabha. This comes days after the Leader of the Opposition in the Lok Sabha, Rahul Gandhi, visited areas where demolitions had taken place. Alleging that thousands of families were rendered homeless by the demolition of slums, he said it was being done in violation of existing policies of rehabilitation. 'Before elections, the ruling party [BJP] spent nights in the same slums, and they made assurances 'jahan jhuggi, wahan makaan (A home where the slum stands), but now after the elections, it has become 'jahan jhuggi, wahan bulldozer (A bulldozer where the slum stands)'. This is not governance, it is abandonment. It is time for this House to take notice, because how we treat the poorest amongst us is not a side issue, but it is the very soul of our Constitution,' Mr. Tagore said. Meanwhile, Delhi Congress chief Devender Yadav on Wednesday said that after Mr. Gandhi visited the demolished slum areas of the Capital, the Congress moved two adjournment motions in Parliament. 'Although BJP allowed the adjournment motion in the Lok Sabha today, nobody from the government gave a reply on the JJ Cluster demolition issue raised by LoP Rahul Gandhi, which raises the question of why BJP allowed the said adjournment motion when it did not want to answer the issues raised by Mr. Gandhi,' he said. Mr. Yadav said that all seven BJP Lok Sabha MPs from the Capital seemed to be unconcerned about the plight of the slum dwellers, or else, they would have spoken in favour of the slum dwellers in the House. 'The BJP government has destroyed more than 3000 slum clusters in its five months in power by breaking the promise of providing 3.5 lakh in-situ flats with all the basic civic services and ownership rights to the poor,' Mr. Yadav said. He added that the Delhi Congress will launch a campaign to get justice for the slum dwellers in every respect, including alternate accommodation for the displaced, who have played a major role in the development of Delhi. On Sunday, Delhi Chief Minister Rekha Gupta assured that her government will ensure proper rehabilitation of 'eligible' slum dwellers displaced due to development projects.
