Trump says US 'very close to making deal with India', trade talks with Pakistan next week
US President Donald Trump said on Friday representatives from Pakistan are going to the United States next week as the South Asian country seeks to make a deal on tariffs.
Pakistan faces a potential 29% tariff on its exports to the United States due to a $3 billion trade surplus with the world's biggest economy, under tariffs announced by Washington last month on countries around the world.
Trump said he would have no interest in making a deal with the South Asian country or its neighbor, India, if they were to engage in war with each other. The two nuclear-armed rivals used fighter jets, missiles, drones and artillery in four days of clashes this month, their worst fighting in decades.
"As you know, we're very close making a deal with India," Trump told reporters at Joint Base Andrews after departing Air Force One.
Indian Trade Minister Piyush Goyal visited Washington recently to advance trade talks, with both sides aiming to sign an interim agreement by early July.
India faces 26% tariffs on shipments to the US
Reuters reported last week that India is likely to allow US firms to bid for contracts worth over $50 billion, mainly from federal entities, as it negotiates a trade deal with Washington.
Hashtags

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


Gulf Today
4 hours ago
- Gulf Today
Trump's message to foreign students is alarming
Karishma Vaswani, Tribune News Service An Ivy League degree has long been central to the Asian Dream — a ticket to success and status. But President Donald Trump's message to international students is clear: Far fewer of you are welcome. The blunt statement and growing chaos across the university sector has left families wondering if sending their children to America is still worth it. The White House's immediate target is Chinese students allegedly connected to the Communist Party. On Wednesday, Secretary of State Marco Rubio said the US plans to start 'aggressively' revoking their visas. Students affected would include 'those with connections to the Chinese Communist Party or studying in critical fields.' The US will also enhance scrutiny 'of all future visa applications from the People's Republic of China and Hong Kong,' he added. It's unclear how these rules will be executed; the move follows a short period of improved ties between the superpowers after they agreed to a truce in the trade war. China's Foreign Ministry on Thursday expressed its dissatisfaction, saying it had lodged a protest with the US. The impact is wider than Washington and Beijing's geopolitical rivalry. The decision to ban Harvard from enrolling international students is focusing minds in Asia, even though a federal judge has temporarily blocked the policy. Many families are wondering if other universities will be next. The rhetoric coming out of the White House is hardly reassuring. 'We have people who want to go to Harvard and other schools; they can't get in because we have foreign students there,' Trump said on Wednesday. This attitude, combined with a directive ordering US embassies worldwide to stop scheduling interviews for student visas sends a chilling message to Asian students: The Ivy aspiration is no longer as accessible as it once was. The worries are pouring in on my parent chat groups. Many have already spent thousands of dollars preparing children for a future at a prestigious American university — hiring expensive college counsellors, visiting campuses, and investing countless hours navigating complex application processes. That's not to mention time spent on preparing for standardised tests and extracurricular activities, all in an effort to perfect the profile for a prospective candidate. There are also legitimate concerns about what happens to deposits and scholarships, all of which are up in the air as students and their families figure out what the new rules mean for them. It's no small cost. An average American degree can set an international student's family back approximately $100,000 over four years, excluding living costs. An Ivy League degree? It's more than triple that. Parents spend decades making sacrifices and putting aside the massive investment required to help their kids go to their dream university. The money is worth it, the thinking goes, because eventually their child will reap the rewards. The schools get something out of this, too. Foreign applicants are more likely to pay full tuition, essentially subsidising American students who receive aid. Over a million international students studied in American universities in the 2023-2024 school year, according to data from Open Doors, an information resource for foreign students studying or teaching in the US Asians made up a significant proportion, with Indians and Chinese citizens accounting for over half. America is not going to lose its appeal overnight. It's still a coveted place to study, both because of its world-class tertiary education and the potential to find lucrative employment after graduation. But other countries are becoming more attractive because of the Trump administration's crackdown. Some parents I've spoken to will simply go elsewhere. Canada and the UK, already popular alternatives, are poised to scoop up disillusioned applicants. Closer to home, Australia and New Zealand are also promoting their schools. Asian universities that offer top-tier programs will appeal to anxious Asian families. Schools such as the Hong Kong University of Science and Technology, the University of Tokyo, and Malaysia's Sunway University are offering credit transfers and other incentives to attract ambitious students and families looking for quality education without the uncertainties tied to American foreign policy. For many Asian students who have dreamt of studying and working in cities like New York or Los Angeles, the political gyrations affecting their futures are no doubt disappointing. But this is about more than visas and policies. It's about the hopes of a generation searching for a place to study, grow, and build their future. Trump has just made the U.S. seem like a far less inviting option.


Gulf Today
7 hours ago
- Gulf Today
Trump says will double steel and aluminium tariffs to 50 per cent
US President Donald Trump's announcement that he would double steel and aluminium import tariffs to 50 per cent from next week drew ire from the European Union Saturday in the latest salvo in his trade wars aimed at protecting domestic industries. The EU warned it was 'prepared' to retaliate against the latest tariffs, adding the sudden move 'undermines ongoing efforts to reach a negotiated solution' between the bloc and the United States. 'We're going to bring it from 25 per cent to 50 per cent, the tariffs on steel into the United States of America,' Trump said Friday while addressing workers at a US Steel plant in Pennsylvania. 'Nobody's going to get around that,' he added in the speech before blue-collar workers in the battleground state that helped deliver his election victory last year. Shortly after, Trump wrote in a Truth Social post that the elevated rate would also apply to aluminium, with the new tariffs 'effective Wednesday, June 4th.' Since returning to the presidency in January, Trump has imposed sweeping tariffs on allies and adversaries alike in moves that have rocked the world trade order and roiled financial markets. The tariffs had seen a brief legal setback earlier this week when a court ruled Trump had overstepped his authority, but an appellate court on Thursday said the tariffs could continue while the litigation moves forward. Trump has also issued sector-specific levies that affect goods such as automobiles. On Friday, he defended his trade policies, arguing that tariffs helped protect US industry. He added that the steel facility he was speaking in would not exist if he had not also imposed duties on metals imports during his first administration. On Friday, Trump touted a planned partnership between US Steel and Japan's Nippon Steel, but offered few new details on a deal that earlier faced bipartisan opposition. He stressed that despite a recently announced planned partnership between the American steelmaker and Nippon Steel, 'US Steel will continue to be controlled by the USA.' He added that there would be no layoffs or outsourcing of jobs by the company. Upon returning to Washington late Friday, Trump told reporters he had yet to approve the deal. 'I have to approve the final deal with Nippon, and we haven't seen that final deal yet, but they've made a very big commitment,' Trump said. Last week, Trump said that US Steel would remain in America with its headquarters to stay in Pittsburgh, adding that the arrangement with Nippon would create at least 70,000 jobs and add $14 billion to the US economy. Trump in Pennsylvania said that as part of its commitment, Nippon would invest $2.2 billion to boost steel production in the Mon Valley Works-Irvin plant where he was speaking. Another $7 billion would go towards modernizing steel mills, expanding ore mining and building facilities in places including Indiana and Minnesota. A proposed $14.9 billion sale of US Steel to Nippon Steel had previously drawn political opposition from both sides of the aisle. Former president Joe Biden blocked the deal on national security grounds shortly before leaving office. There remain lingering concerns over the new partnership. The United Steelworkers union (USW) which represents thousands of hourly workers at US Steel facilities said after Trump's speech that it had not participated in discussions involving Nippon Steel and the Trump administration, 'nor were we consulted.' 'We cannot speculate about the meaning of the 'planned partnership,'' said USW International President David McCall in a statement. 'Whatever the deal structure, our primary concern remains with the impact that this merger of US Steel into a foreign competitor will have on national security, our members and the communities where we live and work,' McCall said. 'The devil is always in the details,' he added. Trump had opposed Nippon Steel's takeover plan while on the election campaign trail. But since returning to the presidency, he signaled that he would be open to some form of investment after all. The European Commission said on Saturday that it 'strongly' regrets an announced increase of US tariffs on steel imports and that the EU is prepared to impose countermeasures. 'We strongly regret the announced increase of U.S. tariffs on steel imports from 25% to 50%,' a European Commission spokesperson said in an emailed statement. 'This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic,' the spokesperson said, adding that 'the tariff increase also undermines ongoing efforts to reach a negotiated solution'. Agencies

Khaleej Times
7 hours ago
- Khaleej Times
Wall St Week Ahead: Jobs data, tax bill, trade on tap for rebounding US stocks
Key US economic data, developments with federal tax-and-spending legislation and twists and turns on trade all are poised to influence equities in the coming week, with the US market closing in on record highs. The SP 500 ended on Friday with a weekly gain and less than 4% from its February all-time high. The benchmark index rose about 6.2% in May, while the Nasdaq Composite surged 9.6%, with both indexes tallying their biggest monthly increases since November 2023. Investors at the end of the week were grappling with implications from legal rulings involving efforts to block most of President Donald Trump's tariffs. Trump's trade war has whipsawed global markets for weeks on concerns about economic fallout. The coming week also brings a raft of economic and labor market data, headlined by the monthly U.S. employment report out on Friday. "Now that we're back up here not all that far from the record high, I think the hard data needs to hold in better than the market expects to really advance from here," said Scott Wren, senior global market strategist at the Wells Fargo Investment Institute. The employment report for May is expected to show an increase of 130,000 jobs, according to a Reuters poll of economists, which would be a step down from growth of 177,000 the prior month. Investors have been eager to learn how Trump's tariffs may be rippling through the economy, especially in the wake of his April 2 "Liberation Day" announcement of sweeping levies on imports. The May data represents a full month of "how businesses have been handling some of the tariff uncertainty and some of the pressures in the market," said Anthony Saglimbene, chief market strategist at Ameriprise Financial. Still, an overly strong employment report, such as growth of over 200,000 jobs, might be viewed warily by the market because it could delay interest rate cuts by the Federal Reserve, said Eric Kuby, chief investment officer at North Star Investment Management Corp. Investors have reduced bets in recent weeks on the amount of expected Fed easing this year, with about two rate cuts priced in by December, according to LSEG data. Minutes of their latest meeting released this week showed Fed officials acknowledged they could face "difficult tradeoffs" in coming months with rising inflation alongside rising unemployment. Fiscal legislation in Washington will also be in focus. The Senate will start considering a tax-and-spending bill passed earlier this month by the House of Representatives. Trump said this week he plans to negotiate aspects of the "big, beautiful" tax bill, a day after billionaire Elon Musk said the bill detracts from efforts to reduce the US budget deficit. The bill, which will add an estimated $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade, has focused attention on the impact of increasing deficits on the Treasury market. Rising bond yields have pressured stocks in recent weeks. The shifting tariff backdrop also appeared likely to influence asset prices. Equities rebounded in recent weeks after Trump eased his harshest tariffs, but the situation remains in flux as Washington negotiates with trading partners. On Thursday, for instance, stocks rose early the session after a U.S. trade court blocked many of Trump's tariffs, but gains faded during the session. Later, a federal appeals court reinstated the tariffs, further muddying the backdrop. "There's initial excitement and then the reality set in that this is just another step in this process and it really hasn't clarified very much," Kuby said.