US defers trade talks with India scheduled for August
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NDTV
2 hours ago
- NDTV
50% US Tariff Casts Shadow Over India-US Bilateral Trade Agreement Talks
New Delhi: The sixth round of talks scheduled to finalise the outline of the proposed bilateral trade agreement (BTA) between India and the US has been postponed. Government sources said the American delegation was scheduled to come from August 25 to 29 to hold negotiations on the bilateral trade agreement. The decision by the US trade delegation comes at a time when the deadline to implement US President Donald Trump's decision to impose 50 per cent tariffs on India will come into effect (on August 27). Talks between Mr Trump and his Russian counterpart Vladimir Putin in Alaska have also yielded no concrete outcome. Earlier, India and the US failed to reach an agreement on a mini trade deal. One of the main reasons was the US' demand for lower duties on agricultural and dairy products, which India declined. India has made it clear that it cannot allow the import of genetically modified (GM) foods. During his address from the Red Fort on the 79th Independence Day on August 15, Prime Minister Narendra Modi had said India's farmers, cattle-rearers and fishermen are the government's top priority. "I stand as a wall against any harmful policy concerning them. India will never accept any compromise when it comes to the interests of farmers, cattle-rearers and fishermen," PM Modi said. A senior Commerce Ministry official told NDTV US officials verbally expressed their inability to visit India, so both countries have decided to reschedule the sixth round of talks soon. The India-US bilateral trade agreement began in March this year, with the aim of concluding its first phase by October-November this year. Several virtual meetings between the two sides have already taken place. India is currently reviewing the implications of the recent developments. The Ministry of Commerce and Industry is consulting all stakeholders to assess their feedback, sources said. India's major exports to the US include mobile phones, cut and polished gemstones, textiles, and pharmaceutical products. The imposition of the 50 per cent reciprocal tariffs is expected to impact these four sectors the most. Labor-intensive sectors like textiles are projected to suffer particularly. "Boosting the morale of stakeholders (exporters) is essential. Everyone passed a resolution expressing their full support for Prime Minister Narendra Modi. Exporters also stated that they will explore alternative markets," Union Textile Minister Giriraj Singh told NDTV on Wednesday after a long meeting with large textile exporters. The meeting discussed the strategies required to deal with the impact of the 50 per cent US tariffs. Textile exporters demanded financial assistance from the Union minister to cope with the tariffs and also suggested the introduction of a relief package.
Mint
8 hours ago
- Mint
India-US trade talks deferred? Negotiators cancel August trip to New Delhi amid rising tensions, says report
The proposed trade agreement between India and the United States has likely been delayed as a visit by US trade negotiators to New Delhi scheduled this month is called off amid rising tensions, Reuters reported citing sources. The visit was originally scheduled between August 25 to 29; and this development has now dashed hopes of a reprieve from the 50 per cent tariffs regime set to kick in from August 27, as per the report. The sources added that a new date for negotiations related to the bilateral trade agreement (BTA) is yet to be decided, it added. The report noted that the US embassy in New Delhi said it has no additional information on trade or tariff talks, adding that the matter is being handled by the United States Trade Representative (USTR); while the Union Trade Ministry did not immediately respond to queries. Earlier in August, US President Donald Trump imposed an additional 25 per cent tariff on Indian goods, claiming that it is 'punishment' for India's continued trade ties with Russia. He further stated that India buying Russian oil is contributing to Russian President Vladimir Putin's offensive in Ukraine. The new import tax, which will come into effect from August 27, will raise duties on some Indian exports to as high as 50 per cent — lining up India among the highest penalised trading partners of the US. After Donald Trump's hike duties, trade talks between India and the US collapsed despite five rounds of negotiations. The sticking point has been disagreement over on opening India's vast farm and dairy sectors and stopping Russian oil purchases. In a statement, the Foreign Ministry said that India is being unfairly singled out for buying Russian oil while the US and its ally, the European Union (EU), themselves continue to purchase goods from Russia. (With inputs from Reuters)
India Today
12 hours ago
- India Today
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2:37 The India-US trade deal talks face a potential roadblock as the US delegation may delay its August 25 visit to India. This postponement impacts scheduled negotiations that were crucial for preventing additional tariffs. A 50% tariff on Indian goods is set to take effect from August 27. Currently, a 25% tariff is already in place, impacting exporters. The deferment of the meeting does not signify cancellation, but rather a delay. Reasons for the delay could be operational or related to geopolitical outcomes. "A 50% tariff will be imposed on us from August 27 in totality." The BTA deal is anticipated by the end of September or October, with expectations for a meeting by the end of August, contingent on geopolitical developments.
