&w=3840&q=100)
Trump says trade deal with India 'soon' as July 9 deadline approaches
New Delhi
US President Donald Trump on Tuesday (local time) said the US and India will soon finalise a trade deal with 'much lower tariffs,' which would enable fairer competition between the two countries. The deal, he said, would help American companies compete in the South Asian market, Reuters reported.
'I think we are going to have a deal with India, and it's going to be a different kind of deal,' Trump said. 'It will allow us to compete. Right now, India doesn't accept anybody in. But if that changes, we'll have a deal with much less tariffs.'
Trump further said he believed India was ready to lower trade barriers for US companies, a move that could pave the way for an agreement and avert the 26 per cent tariff he had announced on April 2, which is currently on hold until July 9.
#WATCH | On trade deals with India, US President Donald Trump says, "I think we are going to have a deal with India. And that is going to be a different kind of a deal. It is going to be a deal where we are able to go in and compete. Right now, India does not accept anybody in. I… pic.twitter.com/6c199NGm8B
— ANI (@ANI) July 1, 2025
Progress confirmed by US Treasury
Earlier, US Treasury Secretary Scott Bessent told Fox News that Washington and New Delhi are close to reaching a deal that would lower tariffs on American goods entering India and help the South Asian nation avoid steep tariff hikes due next week.
Talks intensify ahead of July 9 deadline
India and the US have been engaged in talks to finalise a Bilateral Trade Agreement (BTA) before the crucial July 9 deadline, which marks the end of a 90-day pause on proposed tariff escalations.
The Indian delegation, led by Chief Negotiator Rajesh Agrawal, has extended its stay in Washington, according to an ANI report. Talks were originally scheduled for Thursday and Friday but have been prolonged as both sides push to finalise an interim agreement.
Agriculture remains a sticking point
As negotiations reach a critical stage, India has taken a firmer stance on agricultural issues, reflecting the political and economic sensitivities surrounding the sector. With much of its farming community made up of small-scale subsistence farmers, India remains cautious about making concessions that could affect their livelihoods.
The US is pushing for lower import duties on a range of agricultural products, including apples, tree nuts, and genetically modified crops. In return, India is seeking greater market access for its labour-intensive exports such as textiles, garments, gems and jewellery, leather goods, and agricultural items like shrimp, oilseeds, grapes, and bananas. (With agency inputs)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


NDTV
28 minutes ago
- NDTV
Indian-Origin Entrepreneur Acquires Island Near Singapore To Build A New Country For Techies, Founders
Indian-American entrepreneur Balaji Srinivasan has taken a significant step towards realising his vision of a "Network State" by acquiring a private island near Singapore. Mr Srinivasan, co-founder of Counsyl Inc. and former CTO of Coinbase, aims to create a decentralised, digital-first nation for founders, technologists, and innovators. His concept, outlined in his book"The Network State," revolves around building online communities united by shared values, which would eventually acquire physical territory and seek global recognition as a sovereign entity, TechCrunch reported. Instagram user Nick Peterson, currently enrolled in the program, shared a virtual tour of the island, describing it as "an oasis for gym rats and startup founders." Students begin their day with gym sessions and take classes in AI, technology, and other subjects. "I've been living in this real-life experiment called the Network School, run by Balaji Srinivasan, where we are kind of testing what creating a new nation would feel like," he said. Watch the video here: View this post on Instagram A post shared by Nick Peterson (@nickpeterson17) The Network School Mr Srinivasan's Network School, launched in September 2024, serves as a living experiment and prototype for his Network State vision. Its purpose is to "revitalise democracy for the internet era" and to 'pursue truth, health, and wealth by levelling up our attendees personally, physically, and professionally." The three-month residential program brings together aspiring startup founders and fitness enthusiasts on a private island near Singapore. Notably, the entrepreneur's ultimate goal is to establish a "Network State," a decentralised, digital-first nation for technologists and innovators. On X, he wrote, "We got an island. That's right. Through the power of Bitcoin, we now have a beautiful island near Singapore where we're building the Network School." See the tweet here: THE NETWORK SCHOOL We got an island. That's right. Through the power of Bitcoin, we now have a beautiful island near Singapore where we're building the Network School. We're starting with a 90-day popup that runs from Sep 23 to Dec 23, right after the Network State Conference.… — Balaji (@balajis) August 16, 2024 At the school, participants engage in activities like: Physical Fitness: Gym sessions to promote holistic growth Cutting-Edge Topics: Classes on artificial intelligence, blockchain, and entrepreneurship Innovation and Entrepreneurship: Encouraging personal, physical, and professional development "We're seeking dark talent. We're seeking people who want to create win-and-help-win societies, focused on both individual and collective self-improvement. We're seeking remote workers, digital nomads, online creators, personal trainers, event planners, self-improvers and technologists of all stripes. And we're specifically seeking those who want to help our nascent community learn technology, earn cryptocurrency, burn calories, and have fun," Mr Srinivasan said. Who is Balaji S. Srinivasan? Balaji S. Srinivasan is an American entrepreneur, investor, and author known for his work in technology and cryptocurrency. Born May 24, 1980, to physician parents from Tamil Nadu, India, he grew up in Plainview, New York. He holds BS, MS, and PhD degrees in Electrical Engineering and an MS in Chemical Engineering from Stanford University. Mr Srinivasan co-founded Counsyl, a genetic testing company acquired by Myriad Genetics for $375 million in 2018, and 21 Inc. (later a Bitcoin-related startup acquired by Coinbase, where he served as CTO from 2018 to 2019. He was a general partner at Andreessen Horowitz from 2013 to 2018 and co-founded Teleport (acquired by Topia) and Coin Centre. He's an early investor in numerous tech and crypto ventures, including Bitcoin, Ethereum, Alchemy, and OpenSea. He authored The Network State: How to Start a New Country (2022), advocating for digital communities to form autonomous, tech-driven societies. In 2024, he launched The Network School in Malaysia to explore these ideas. He aims to establish Network Schools globally, with plans for locations in Dubai, Tokyo, and Miami. His views, including critiques of traditional governance and advocacy for decentralisation, have sparked debate, with some critics comparing his concepts to modern colonialism. Mr Srinivasan is active on platforms like X and Substack, where he shares his philosophy on technology, governance, and wealth creation.


Economic Times
28 minutes ago
- Economic Times
25 million Americans at risk? Trump's most shocking deportation call targets US citizens as he sets bizarre conditions
Amid his aggressive immigration crackdown, US President Donald Trump has again called for deportation of Americans days after US Department of Justice ordered prosecutors to prioritise denaturalisation of citizens. Trump said it would be his next job to deport US citizens. The Trump administration is prioritising the deportation of US citizens who have committed crimes or have illegally obtained citizenship. Tired of too many ads? Remove Ads Trump to deport US citizens? Tired of too many ads? Remove Ads Trump's proposals 'unconstitutional' Tired of too many ads? Remove Ads US President Donald Trump Tuesday paid a visit to the new Florida detention centre dubbed " Alligator Alcatraz ", where around 3,000 migrants are expected to be held as part of his crackdown on illegal immigration. While touring the facility in the Florida Everglades, Trump said it will soon hold the most "menacing migrants, some of the most vicious people on the planet".He again floated the idea of deporting US citizens who commit crimes, which legal experts say is "unconstitutional". Speaking to the press during a tour of a migrant detention center in the Florida Everglades, Trump repeated claims that there are many immigrants who are now citizens and have been committing serious US President called for the deportation of some US citizens who have committed crimes, like 'hitting people with a baseball bat.' "They're not new to our country. They're old to our country. Many of them were born in our country. I think we ought to get them the hell out of here, too, if you want to know the truth," he said. "So maybe that will be the next job."He said that people who kill others by wacking a baseball bat on their head or knifing needed to be thrown out of the US, even though they were citizens, and called it his administration's 'next job'.'I think we ought to get them the hell out of here, too, if you want to know the truth. So maybe that will be the next job,' Trump President also mentioned New York, adding that the city had seen many such incidents, which, he said, weren't accidents. 'Even if we forget about them, we've had some very bad accidents in New York. They were not accidents,' he acknowledged that he didn't know if deporting US citizens who are convicted of crimes is legal."We'll have to find that out legally. I'm just saying if we had the legal right to do it, I would do it in a heartbeat," he added. "I don't know if we do or not, we're looking at that right now."Trump's proposal came weeks after Assistant Attorney General Brett Shumate released a memo giving US attorneys wide discretion to decide when to pursue the denaturalization process to "advance the Administration's policy objectives", reported ABC News. Individuals who have engaged in torture, war crimes, human trafficking and human rights violations are some of the cases US attorney should pursue, the memo experts have flagged that Trump's proposals are unconstitutional claiming they violate the Eighth Amendment, which prohibits cruel and unusual punishment. The issue has not come before the courts Frost, a professor at the University of Virginia School of Law, told ABC News in April that the administration could try to target naturalized US citizens, who can lose their immigration status if they've committed treason or falsified information during their naturalization process. However, she said those instances are rare."If someone's a naturalized citizen, there could be an effort to denaturalize that person and deport them," Frost said. "But then it would have to be that they committed some sort of fraud or error in their naturalization process. An unrelated crime could not be the basis for denaturalizing and deporting somebody."Last month, the US Justice Department issued a memo stating it will revoke citizenship of certain people, including those who committed crimes, espionage, or concealed material facts by wilful misrepresentation. The report also stated that if implemented, the Donald Trump administration's move will impact as many as 25 million US citizens.'The citizenship of individuals will be revoked if they engage in the commission of war crimes, extrajudicial killings, or other serious human rights abuses; to remove naturalized criminals, gang members, or, indeed, any individuals convicted of crimes who pose an ongoing threat to the United States; and to prevent convicted terrorists from returning to US soil or traveling internationally on a US passport,' the memo read.
&w=3840&q=100)

Business Standard
30 minutes ago
- Business Standard
India to build three new strategic oil reserves to boost energy security
The Indian government is considering setting up three additional strategic oil reserves to increase its emergency stockpile and enhance energy security, according to a Reuters report on Wednesday. As the world's third-largest importer and consumer of oil, India overwhelmingly relies on overseas sources for over 80 per cent of its crude requirements. To reduce supply shocks from geopolitical tensions across the world, India continues to diversify its crude import sources. State-owned consultancy Engineers India Ltd is conducting feasibility studies for the new reserves, said L R Jain, chief executive officer of Indian Strategic Petroleum Reserve Ltd (ISPRL). 'In case of exigencies, we will be better prepared,' he told Reuters. Increasing its reserve capacity will also help India qualify for membership in the International Energy Agency, which requires members to maintain reserves equal to 90 days of oil consumption. Current and proposed storage facilities India already operates strategic reserves in Mangalore, Padur and Visakhapatnam in southern India, which together can hold around 5.33 million tonnes (MT) of crude oil. These reserves can be used to cushion the impact of any supply disruptions. Now, plans are in place to build new reserves at three more locations: A 5.2–5.3 MT facility in salt caverns at Bikaner, Rajasthan A 1.75 MT site at Mangalore, Karnataka A storage facility in Bina, Madhya Pradesh, whose capacity is yet to be determined However, the proposed projects will require approval from the Union Cabinet after the completion of feasibility assessments. In addition to the proposed sites, two new reserves have already been approved: A 2.5 MT expansion at Padur A 4 MT facility at Chandikhol in Odisha Private sector participation India has revised its strategic reserves policy in recent years to allow private companies to participate and even trade oil commercially. This is similar to models in countries such as Japan and South Korea, where major oil firms lease storage space and handle trading. 'We are looking for 90 days of reserves,' said Jain. 'And Indian fuel demand is also rising, so we need additional storage.' At present, India's total oil storage — covering company-owned facilities and oil in transit — can meet about 75 days of fuel demand.