&w=3840&q=100)
Drop 10% universal tariff in bilateral trade agreement: India to US
Asit Ranjan Mishra New Delhi
Listen to This Article
India is seeking a binding commitment from the United States (US) on pre-April 2 tariff levels for labour-intensive sectors as part of an early tranche of the proposed bilateral trade agreement (BTA). This would involve doing away with the universal 10 per cent tariff imposed by the Donald Trump administration.
'Since our labour-intensive exports face an additional 10 per cent tariff after April 2, while original tariffs were largely in low single digits, a commitment by the US to revert to its original tariff schedule would give us a competitive edge over other countries,' said a government official, requesting anonymity.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
27 minutes ago
- Time of India
US market today: Stocks edge higher as Fed meet, China tariff talks weigh; JetBlue, SoFi jump while Merck, UnitedHealth drag
Wall Street inched up on Tuesday with the S&P 500 and Nasdaq hitting fresh record highs, but gains were capped as investors remained cautious ahead of the Federal Reserve's interest rate decision and the outcome of high-stakes US-China trade talks. The S&P 500 rose 0.2% in early trading, building on a six-day record streak, while the Nasdaq Composite added 0.5%. The Dow Jones Industrial Average traded flat, AP reported. JetBlue Airways surged 14.4% and SoFi Technologies jumped 16.2% after stronger-than-expected results, while Merck fell 7.8% and UnitedHealth Group dropped 5.1% following disappointing earnings and forecasts. UnitedHealth projected at least $16 per share in 2025 profit, well below analyst estimates of $20, according to FactSet. The Federal Reserve's two-day meeting kicked off amid mounting pressure from President Donald Trump for rate cuts. However, most analysts expect the central bank to remain on hold as it gauges the impact of recent tariff hikes. In Stockholm, US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng continued negotiations ahead of an August 12 deadline to avert a return to triple-digit tariffs. Additional tariffs on other countries are also set to take effect this Friday if deals aren't reached. Bond yields eased slightly, with the 10-year US Treasury yield dipping to 4.39% from 4.42%. The dollar index held firm ahead of key macroeconomic data releases later in the week. Japan's Nikkei slid 0.8%, but most Asian and European markets closed higher. In earnings, Beyond Inc. rose 3.4% after reporting a smaller-than-expected loss, while broader market sentiment remained sensitive to earnings surprises amid lofty valuations. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Economic Times
30 minutes ago
- Economic Times
BPCL, other OMC stocks in focus as Brent Crude surges past $70/barrel
Oil prices rallied on the back of upbeat geopolitical cues, driven by a fresh trade deal between the US and the EU, coupled with escalating tensions involving Russia. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Shares of oil marketing companies (OMCs) such as Indian Oil Corporation Bharat Petroleum , and Hindustan Petroleum are expected to be in focus on Tuesday after international crude oil prices rose over 2%, pushing Brent crude above the $70 per barrel rally in oil prices was triggered by positive developments on the geopolitical front, including a new trade agreement between the United States and the European Union, along with heightened tensions related to newly announced framework trade pact between the US and the EU includes a 15% U.S. import tariff on most EU goods. Additionally, former U.S. President Donald Trump indicated that the deal outlines $750 billion worth of EU purchases of U.S. energy over the coming years. The strategic energy commitment is seen as a key factor driving crude oil demand and supporting higher market sentiment was further lifted after Trump announced a shorter deadline for Russia to comply with U.S. demands, intensifying geopolitical risk in global energy prices have a direct impact on the share prices of OMCs. When crude oil prices rise, the cost of raw material for these companies increases, potentially squeezing their refining and marketing margins—especially if they are unable to fully pass on the higher costs to can hurt profitability, leading to a negative reaction in their share prices. Conversely, when crude prices fall, OMCs often benefit from lower input costs and improved margins, which can boost earnings and lead to a rise in their stock sudden spikes in oil prices can raise concerns over subsidy burdens or pricing controls, further weighing on investor sentiment.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
an hour ago
- Time of India
US Democrats, Republicans plan bills to pressure China as Trump pushes trade
US senators are set to introduce bills against China. The bills focus on treatment of minorities, dissidents, and Taiwan. This move highlights security and human rights issues. It comes as President Trump prioritizes trade with Beijing. The bills have bipartisan support. China opposes these bills, calling them interference. The US aims to balance trade with security concerns. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads US senators from both major parties plan to introduce bills this week targeting China over its treatment of minority groups, dissidents and Taiwan, emphasizing security and human rights as President Donald Trump focuses on trade with three bills, seen by Reuters ahead of their introduction, have Democratic and Republican sponsors, a departure from the fierce partisanship dividing Chinese Foreign Ministry on Tuesday expressed opposition to the bills, calling them "a gross interference in China's internal affairs" and demanded a halt to the "erroneous bills" advancement and push to reach economic agreements between the world's two biggest economies has strong support in the U.S. Congress, especially from his fellow Republicans, but has prompted some China hawks to worry that the U.S. government is de-emphasizing security issues."It does appear that President Trump is keen to negotiate some kind of deal with China, and gaps are opening between his approach to China and the approaches of some members of his team, as well as with Congress, which overall has been quite hawkish on China," said Bonnie Glaser, an Asia expert at the German Marshall Fund of the United desire for a hard line on China is one of the few truly bipartisan sentiments in the perennially divided Congress, even as many lawmakers support Trump's efforts to rebalance the bilateral trade relationship."The United States cannot afford to be weak in the face of the People's Republic of China and its aggression around the world," said Democrat Jeff Merkley of Oregon, a lead sponsor of all three bills."No matter who is in the White House, America's values of freedom and human rights must remain at the heart of a clear and principled vision that guides our leadership on the global stage," Merkley said in a administration officials have said that Trump remains fully committed to Asia-Pacific security issues as he pursues his trade agenda and a good personal relationship with Chinese President Xi for comment on Monday, White House Deputy Press Secretary Anna Kelly said administration officials do not get ahead of the president on pending legislation."President Trump has publicly discussed his desire for a constructive relationship with China. He is focused on advancing American interests, such as leveling the playing field for American industries and getting China to stop the flow of fentanyl into our country," she said via bill, co-sponsored by Republican John Cornyn of Texas, would deny entry into the United States of current or former Chinese government officials who were deemed to have engaged in the forced repatriation of members of China's Uyghur rights groups accuse China of widespread abuses of Uyghurs, a mainly Muslim ethnic minority numbering about 10 million in its northwestern region of Xinjiang. Beijing denies any bill, co-sponsored by Republican John Curtis of Utah, aims to help Taiwan as the island faces increasing pressure from China. It would support countries in Latin America and the Caribbean that maintain official diplomatic relations with Taiwan and would take other steps to deepen coordination with claims the democratically governed island as its own and has never renounced the use of force to bring Taiwan under its control. Beijing has stepped up military and political pressure against the island in recent years.A third bill, co-sponsored by Republican Dan Sullivan of Alaska, seeks to combat "transnational repression" - efforts by any foreign government to reach beyond its own borders to intimidate, harass or harm dissidents, journalists or foreign ministry, in a response to the bills, said on Tuesday that China has never engaged in so-called "transnational repression" and rejected U.S. accusations regarding Taiwan and Xinjiang."The related accusations are entirely fabricated and are malicious slander," the ministry said. It urged U.S. politicians to abide by the one-China principle and stop using human rights as a pretext to smear and attack Trump's August 12 deadline, top U.S. and Chinese economic officials are meeting in Stockholm on Monday to try to tackle their longstanding disputes, hoping to extend a truce by three months and keep sharply higher tariffs at "cares about opening foreign markets to American trade, and that's what he's always cared about. And that is going to run counter to a lot of national security imperatives," said Michael Sobolik, who specializes in U.S.-China relations at the Hudson and some of Trump's fellow Republicans raised concerns about the announcement this month that Nvidia will resume sales of its H20 artificial intelligence chips to China, days after its CEO met with Trump. This reversed an AI restriction imposed in April that was designed to keep the most advanced AI chips out of Chinese hands.
