India proposes retaliatory duties at WTO against US tariffs on autos
"India reserves the right to suspend concessions or other obligations ... that are substantially equivalent to the adverse effects of the measure to India's trade," the statement said.
According to the notification, the duty collected by the US would amount to US$725 million, and New Delhi will impose an "equivalent amount of duty collected from products originating in the US".
India did not specify the tariff rate or which goods it would levy duties on.
India is trying to clinch a trade deal with Washington before a Jul 9 deadline set by US President Donald Trump, after which he has threatened to impose a 26 per cent tariff on all imported Indian goods.
India has signalled it is ready to slash its high tariff rates for the US but has not conceded on Washington's demands for opening up the agriculture and dairy sectors.
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Straits Times
an hour ago
- Straits Times
Hamas says it responds to Gaza ceasefire proposal in ‘a positive spirit'
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'The movement has delivered its response to the brotherly mediators, which was characterized by a positive spirit. Hamas is fully prepared, with all seriousness, to immediately enter a new round of negotiations on the mechanism for implementing this framework,' the statement said. In a sign of potential challenges still facing the sides, a Palestinian official of a militant group allied with Hamas said concerns remained over humanitarian aid, passage through the Rafah crossing to Egypt and clarity over a timetable of Israeli troop withdrawals. Mr Trump said on July 1 that Israel had agreed 'to the necessary conditions to finalise' a 60-day ceasefire, during which efforts would be made to end the US ally's war in the Palestinian enclave. Israeli Prime Minister Benjamin Netanyahu, who is due to meet Mr Trump in Washington on July 7, has yet to comment on Mr Trump's announcement, and in their public statements the two sides remain far apart. Top stories Swipe. Select. Stay informed. 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Israeli media cited an Israeli official as saying that Israel had received and was looking into Hamas' response to the ceasefire proposal. An Egyptian security official told Reuters that Egypt, which along with Qatar is mediating ceasefire efforts, had seen Hamas' response and said: 'It includes positive signs that an agreement is near, but there are some demands from Hamas that need to be worked on.' Mr Trump has said he would be 'very firm' with Mr Netanyahu on the need for a speedy Gaza ceasefire, while noting that the Israeli leader wants one as well. 'We hope it's going to happen. And we're looking forward to it happening sometime next week,' he told reporters earlier this week. 'We want to get the hostages out.' Attacks overnight Israeli attacks have killed at least 138 Palestinians in Gaza over the past 24 hours, local health officials said. Health officials at the Nasser Hospital in Khan Younis, southern Gaza, said the Israeli military had carried out an airstrike on a tent encampment west of the city around 2am, killing 15 Palestinians displaced by nearly two years of war. The Israeli military said troops operating in the Khan Younis area had eliminated militants, confiscated weapons and dismantled Hamas outposts in the last 24 hours, while striking 100 targets across Gaza, including military structures, weapons storage facilities and launchers. Later on July 4, Palestinians gathered to perform funeral prayers before burying those killed overnight. 'There should have been a ceasefire long ago before I lost my brother,' said 13-year-old Mayar Al Farr as she wept. Her brother, Mahmoud, was shot dead in another incident, she said. 'He went to get aid, so he can get a bag of flour for us to eat. He got a bullet in his neck,' she said. 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More than 57,000 Palestinians have been killed in nearly two years of fighting, most of them civilians, according to local health officials. REUTERS
Business Times
2 hours ago
- Business Times
Opec+ considers adding more than 411,000 barrels on Saturday
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Business Times
2 hours ago
- Business Times
Oil falls slightly ahead of expected Opec+ output increase
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