Unthinkable, but...: Trump wants full removal of trade barriers in India deal
US President Donald Trump, who earlier hinted that a "very big" trade deal with India would come soon, said on Friday that his country was looking to get all the trade barriers removed, which, he said, was "unthinkable".Addressing a press conference at the White House, Trump said the US would reach a deal with India, "where we have the right to go and do trade". His remarks came ahead of his July 9 deadline to impose reciprocal tariffs.advertisement"...India, I think we are going to reach a deal where we have the right to go and do trade. Right now, it's restricted. You can walk in there and you can't even think about it. We are looking to get a full trade barrier dropping, which is unthinkable. I am not sure that that is going to happen. But, as of this moment, we agree to go to India and trade...," he said.
Trump said he planned to send out a letter over the next week and a half telling countries what US tariff rate they will have to pay. He also said that his July 9 trade deadline was not a fixed date."We can do whatever we want. We could extend it. We could make it shorter. I'd like to make it shorter. I'd like to just send letters out to everybody: Congratulations, you're paying 25 per cent," he said.advertisementTrump reiterated that the US had made a deal with China amid a tariff war between the world's two largest economies.INDIA-US TRADE TALKS SEE IMPASSEThe US President's remarks came as trade talks between India and the US hit a roadblock over disagreements on import duties for auto components, steel and farm goods, news agency Reuters reported, citing sources.India is pushing for a rollback of the proposed 26 per cent reciprocal tariff set to take effect on July 9, along with concessions on existing US tariffs on steel and auto parts. But US negotiators have not yet agreed to the demands, three Indian government officials told Reuters.On April 2, Trump announced reciprocal tariffs on all countries and dependencies and said the measures would come into effect from April 9. The tariffs had a baseline of 10 per cent, with the highest rate at 49 per cent. However, on April 10, Trump announced a 90-day pause after global markets crashed to record lows.Sources told Reuters that India has offered tariff cuts on almonds, pistachios and walnuts and was willing to extend preferential treatment for American imports in sectors like energy, autos and defence.Despite the impasse, Indian officials stressed their long-term commitment to the US as a trusted economic partner, while maintaining policy independence.advertisementPrime Minister Narendra Modi and Trump agreed in February to conclude the first phase of a bilateral trade agreement by autumn 2025 and to expand trade to USD 500 billion by 2030, from about USD 191 billion in 2024.- Ends
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
21 minutes ago
- Mint
Bolivia crypto transactions up over 530% amid currency woes
(Reuters) -Bolivia's central bank on Friday reiterated a dramatic uptick in transactions of digital assets, following a Reuters report that showed how more Bolivians were turning to crypto exchanges like Binance and stablecoins like Tether as a hedge against the depreciation of the local boliviano currency. According to new figures published on Friday by the Bolivian central bank, transactions using Electronic Payment Channels and Instruments for Virtual Assets (VA) soared more than 530%, from $46.5 million in the first half of 2024, to $294 million in the same period of 2025. New figures showed monthly transactions at a record $68 million in May. "These tools have facilitated access to foreign currency transactions, including remittances, small purchases and payments, benefiting micro and small business owners across various sectors, as well as families nationwide," the bank said in a statement. Cryptocurrencies were outlawed in Bolivia until June last year. Since the ban was lifted, transaction volumes reached $430 million across more than 10,000 individual operations, the bank said. The Bolivian government was working on a "comprehensive regulatory framework for financial technology companies," that aligns with international standards set by the Financial Action Task Force of Latin America (GAFILAT), the bank added. Bolivians are facing an acute economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The South American country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by government intervention. That has meant more Bolivians are looking for alternatives to protect their savings and make transactions. Crypto proponents have pushed blockchain-based tokens as an answer, though economists warn that these digital offerings come with risks. "This (crypto uptick) isn't a sign of stability," said former central bank head Jose Gabriel Espinoza. "It's more a reflection of the deteriorating purchasing power of households."
Time of India
22 minutes ago
- Time of India
Kempegowda reason B'luru enjoys global recognition: Minister
Mysuru/Mandya: Nadaprabhu Kempegowda is the reason Bengaluru enjoys global recognition today, said agriculture minister and Mandya district minister N Cheluvarayaswamy. He was speaking at the inauguration of the 516th Kempegowda Jayanti celebrations held at Nalwadi Krishnaraja Wadiyar Kalamandira in Mandya. The event was jointly organised by the district administration and the department of Kannada and culture. Cheluvarayaswamy emphasised that Kempegowda, with remarkable foresight, constructed lakes and temples in Bengaluru over 500 years ago. "His vision laid the foundation for the development of not just Bengaluru but the entire Old Mysuru region," he stated, while also crediting Mysuru Maharaja Nalwadi Krishnaraja Wadiyar for his significant contributions. Highlighting the historical significance of the moment, the minister said, "In the last 100 years, the Krishna Raja Sagar (KRS) reservoir has never recorded such high-water levels in the month of June." The reservoir, he said, is currently supplying water to Mandya, Bengaluru, and the wider Old Mysuru region. He also lauded the contributions of Nalwadi Krishnaraja Wadiyar in the areas of education, healthcare, and social justice, particularly in Mandya and the Old Mysuru region. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like ¡No me lo pierdo! Orange Undo "We are working to preserve and build upon his legacy," he said, announcing a Rs 100-crore plan to develop Agricultural University at Shivalli and a Rs 25-crore proposal for reviving the MySugar Factory, which is awaiting the CM's approval. Mandya MLA P Ravikumar was present. During the celebration, UPSC top rank holders MR Nikhil of Modachakanahalli and Manoj HP of Haleboodanur were felicitated, along with other achievers from various fields. Kempegowda made invaluable contribution: GTD Former minister and Chamundeshwari MLA GT Devegowda, emphasised that Kempegowda's name is eternally inscribed in Indian history for his visionary leadership and invaluable contributions to Kannadigas, especially in founding Bengaluru. Speaking at the Kempegowda Jayanti celebrations in Mysuru, organised by the district administration, department of Kannada and culture, and the Sri Kempegowda Jayanti Celebration Committee, the event honoured Kempegowda's multifaceted legacy. He lauded Kempegowda's pioneering urban vision, citing his establishment of five domed mantapas for civic administration and construction of vital lakes like Kempambudhi and Karanji to ensure sustainable water supply. Chamaraja MLA K Harish Gowda, who presided over the event, noted Kempegowda's 15th-century vision laid the foundation for the globally renowned, well-planned city of Bengaluru. Someshwaranatha Swami of Adichunchanagiri Mutt, in his address, highlighted Kempegowda's inclusive ideals and said Bengaluru, now a tech hub, reflects his dream of communal harmony and progress.
Hindustan Times
25 minutes ago
- Hindustan Times
Israeli military orders war crime probe into Gaza shootings, says report
Israel's Military Advocate General has ordered an investigation into possible war crimes over allegations that Israeli forces deliberately fired at Palestinian civilians near Gaza aid distribution sites, Haaretz newspaper reported on Friday. Palestinians walk past the rubble and destroyed vehicles in the Al-Bureij camp in the central Gaza Strip after a house was targeted by an Israeli strike, on June 27, 2025.(AFP) Hundreds of Palestinians have been killed over the past month in the vicinity of areas where food was being handed out, local hospitals and officials have said. Haaretz, a left-leaning Israeli newspaper, quoted unnamed Israeli soldiers as saying they were told to fire at the crowds to keep them back, using unnecessary lethal force against people who appeared to pose no threat. The military told Reuters that the Israel Defense Forces had not instructed soldiers to deliberately shoot at civilians. It added that it was looking to improve "the operational response" in the aid areas and had recently installed new fencing and signs, and opened additional routes to reach the handout zones. Haaretz quoted unnamed sources as saying that the army unit established to review incidents that may involve breaches of international law had been tasked with examining soldiers' actions near aid locations over the past month. The military told Reuters that some incidents were being reviewed by relevant authorities. It added: "Any allegation of a deviation from the law or IDF directives will be thoroughly examined, and further action will be taken as necessary." There is an acute shortage of food and other basic supplies after the nearly two-year-old military campaign by Israel against Hamas militants in Gaza that has reduced much of the enclave to rubble and displaced most of its two million inhabitants. Thousands of people gather around distribution centres desperately awaiting the next deliveries, but there have been near daily reports of shootings and killings on the approach routes. Medics said six people were killed by gunfire on Friday as they sought to get food in the southern Gaza Strip. MORE THAN 500 HAVE DIED, GAZA AUTHORITIES SAY In all, more than 500 people have died near aid centres operated by the US-backed Gaza Humanitarian Foundation (GHF) or in areas where UN food trucks were set to pass since late May, the Gaza health authorities have said. The unnamed Israeli soldiers told Haaretz that military commanders had ordered troops to shoot at the crowds of Palestinians to disperse them and clear the area. During a closed-door meeting with senior Military Advocate General officials this week, legal representatives rejected IDF claims that the incidents were isolated cases, Haaretz reported. There has been widespread confusion about access to the aid, with the army imposing for a time a 6 p.m. to 6 a.m. curfew on approach routes to GHF sites. But locals often have to set out well before dawn to have any chance of retrieving food. In a statement late on Friday, a GHF spokesperson said there had been no incidents or fatalities to date at or in the immediate vicinity of its distribution sites. The statement said the IDF is tasked with providing safe passage for aid-seekers to all humanitarian organizations operating in Gaza, including GHF. "GHF is not aware of any of these incidents but these allegations are too grave to ignore and we therefore call on Israel to investigate them and transparently publish the results in a timely manner,' the spokesperson said. The Gaza war began when Hamas launched a surprise attack on Israel on October 7, 2023, killing nearly 1,200 people, mostly civilians, and taking 251 others hostage into the enclave. In response, Israel launched a military campaign that has killed more than 56,000 Palestinians, the majority of them civilians, according to local health authorities in Gaza. The Gaza health ministry said on Friday that at least 72 people were killed and more than 170 wounded by Israeli fire across Gaza Strip in the past 24 hours.
