India Expects Further Talks With US After Trump's 25% Tariff
The US team is scheduled to be in India on Aug. 25, the official told reporters on Friday, requesting anonymity to discuss the matter.
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But on Tuesday morning, Trump suggested that it would be an uphill climb and that a recent call with the country didn't go well because "they essentially pay no tariffs," even as talks are clearly set to continue there. As for India, any immediate offramp appears unlikely because of that nation's connections with Russia and Russian oil. A note Tuesday from Capital Economics suggested that India could, in theory, offer concessions to diversify its energy sources, "but we doubt that India would make a wholehearted effort to wean itself off Russian oil [as it could upset relations and] it would not play well to be seen caving to Trump's demands." At the same time, reports from Bloomberg and the Times of India revealed that two top aides to Indian Prime Minister Narendra Modi are traveling not to the US but to Russia in the coming days and weeks— even amid Trump's ever-escalating threats. Trump on Tuesday morning suggested talks are on ice for now and will be complicated when they resume, adding that "the sticking point with India is that tariffs are too high." This story has been updated with additional developments. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Sign in to access your portfolio
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By Fergal Smith (Reuters) -The Canadian dollar was barely changed against its U.S. counterpart on Tuesday as oil prices fell and data showed a widening of the Canadian trade deficit that was close to expectations. The loonie was trading nearly unchanged at 1.3775 per U.S. dollar, or 72.60 U.S. cents, after moving in a range of 1.3764 to 1.3810. Canada's merchandise trade deficit widened in June to C$5.9 billion ($4.24 billion) as imports grew faster than exports due to a one-time high-value oil equipment import. Analysts had predicted the deficit would increase to C$6.3 billion from a downwardly revised C$5.5 billion in May. "Despite the usual volatility, Canada's trade figures came in line with expectations for June," Shelly Kaushik, a senior economist at BMO Capital Markets, said in a note. "While trade flows have recovered a touch from the spring, normalization is unlikely until the Canada-U.S. relationship stabilizes." The U.S. has increased tariffs on Canadian goods to 35% from 25%, but products covered by the U.S.-Mexico-Canada Agreement are exempt from duties. About 90% of Canadian exports to the U.S. in May were exempt under that trade deal. The price of oil, one of Canada's major exports, fell 1.4% to $65.35 a barrel on rising OPEC+ supply and worries of weaker global demand, while the U.S. dollar steadied against a basket of major currencies. Canada's employment report for July, due on Friday, could offer further clues on the state of the domestic economy. A Reuters poll of economists expects a gain of 13,500 jobs. The Canadian 10-year yield was little changed at 3.382% after earlier touching its lowest level since July 7 at 3.360%. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
