Trump Says India Adopting a US-Indonesia Style Trade Approach
The pact will see goods from Indonesia entering the US market subject to a 19 per cent tariff, and those from the US to Indonesia will be exempt from duties, he told reporters in a briefing in Washington.
'India basically is working along that same line. We're going to have access into India,' he said.
Indian and US officials are racing to reach a US India Trade deal by an August 1 deadline set by the US President as the two sides seek to avert tariffs in the absence of a pact.
Countries, including the EU, have been warned of tariffs as high as 35 per cent from him and this message has been sent to India as well.
It was not clear if he was talking of a US Indonesia trade deal exactly the same as that with Indonesia — something that India could find difficult to accept — or a tweaked version with tariffs and concessions dialed down.
On those lines, if the US-India bilateral trade deal is similar to US-Indonesia pact, India's exports to the US could face a 19 per cent tariff while US products will come into India duty-free.
Donald Trump said he thinks there can be a peace agreement between Russia and Ukraine within 50 days of him negotiating the deal. If this comes to pass, it may help countries like India to escape the brunt of a proposed 100% tariff on energy imports from Russia.
Asked if the September 2 deadline was set in stone, he said, '50 days is not a lot of time, it may happen much sooner than that.'
Trump said on Tuesday that the US will take 'strong measures' against Russia after it refused to stop fighting in Ukraine.
One such move is to impose a 100 per cent secondary levy on countries that continue to import energy from Russia, which indirectly hurts non-combatant countries like India.
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Time of India
29 minutes ago
- Time of India
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Economic Times
29 minutes ago
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Traders are becoming less certain about Federal Reserve rate cuts : Only 56% now expect a cut in September , down from 66% last week (CME Group data) A rate hold at the upcoming Fed meeting is almost guaranteed : President Trump continues to pressure the Fed to cut rates, even as inflation creeps higher Dow Jones Industrial Average : Up by 88 points (+0.3%) : Up by (+0.3%) S&P 500 (SPY) : Trading around $622.48 , showing a slight uptick : Trading around , showing a slight uptick Nasdaq Composite (QQQ) : Currently at $554.90 , down by 0.3% : Currently at , down by 0.3% Russell 2000: Marginally higher, reflecting resilience in small-cap stocks Some investors believe the Federal Reserve may be gearing up to ease its monetary policy later this year. Despite the latest inflation figures showing stability, market players are still pricing in possible rate cuts, especially if global economic pressures persist. 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Economic Times
29 minutes ago
- Economic Times
CTC is Rs 40 LPA but cannot even afford a vacation: CA decodes a 32-year-old techie's financial reality
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