India nearing US trade deal as Trump's tariff clock ticks, but caution urged: GTRI
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
India could soon finalise a bilateral trade deal with Washington as US President Donald Trump intensifies pressure on countries by issuing formal tariff notices, reported PTI, citing think tank Global Trade Research Initiative ( GTRI ) as saying, on Tuesday.'Trump's model isn't a free trade agreement, it's a YATRA — Yielding to American Tariff Retaliation Agreement,' PTI quoted GTRI statement, referring to the US President's hardline approach.The US has now pushed the deadline for finalising trade agreements from July 9 to August 1, offering countries a three-week extension before sweeping country-specific tariffs come into effect.The broader trade move began on April 2, when Trump announced that around 60 countries would face new tariffs unless they reached fresh agreements aligned with US trade goals.Only the UK and Vietnam have finalised deals so far, while a temporary ceasefire is in place with China.'Now, Trump is escalating the pressure. On July 7, he signed formal letters to 14 countries, outlining the tariffs they will face from August 1 if they fail to conclude a deal,' GTRI founder Ajay Srivastava said.According to the new list, the US will impose 25% tariffs on Japan, South Korea, Kazakhstan, Malaysia, and Tunisia; 30% on South Africa and Bosnia and Herzegovina; 32% on Indonesia; 35% on Bangladesh and Serbia; 36% on Cambodia and Thailand; and 40% on Laos and Myanmar.'These warnings, described by the White House as 'final notices', leave countries with a stark choice: accept US terms or face higher duties,' Srivastava added.He cautioned that the tariff escalation could disrupt global trade flows, inflate consumer prices in the US, and cause supply chain complications.US imports from China reportedly dropped by 35% in May 2025 over the previous year.'With the clock ticking, India is seen as a top candidate for a deal announcement in the coming days,' Srivastava said, while warning that 'New Delhi must tread carefully.'Given the US administration's recent unilateral actions — including warnings to BRICS members — GTRI said India must assess the long-term strategic implications of any trade pact that could tilt heavily in Washington's favour.(With inputs from PTI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
31 minutes ago
- Time of India
India won't bow down to anybody, says Piyush Goyal
NEW DELHI: Asserting that "India will not bow down to anybody", commerce and industry minister Piyush Goyal said on Friday that countries will restructure their trade routes and partners. "The world keeps evolving, international trade keeps finding new pathways. What we are seeing today is possibly a churn that is bound to happen every few years - new countries come up, some go down. This is India's time," he said at a Business Today event. The minister said India's exports during the current fiscal year will be higher than last year. In 2024-25, India's exports reached a record $825 billion, with goods shipments valued at over $437 billion, around the same level as the previous year. Asked about the impact of Trump tariffs, he retorted by saying that India finds opportunities in crisis. "The nation's morale is high... There is a lot of strength in the Indian economy... India will emerge as the winner," he said. Trump's tariffs have induced uncertainty, especially with Indian exports to the US going to attract 50% duty from Aug 27. The minister was, however, confident of the Indian economy doing well and hit out at the American president's comments of India being a "dead economy. "Samajhne wale samajh gaye, jo na samjhe who anari hain (those who are wise have understood, but the naive haven't). It's so sad, the whole world is looking up to India, whole world recognises us as the fastest growing large economy... Today, the world recognises the strength of India, recognises our demographic advantage, recognises what 1.4 billion aspirational Indians bring to the table as demand. India is a huge market: Why do you think India is queuing up to trade or have better market access?" he said.
Time of India
an hour ago
- Time of India
'Not really focused...': JD Vance about 2028 election after Trump calls him GOP frontrunner
'Not really focused...': JD Vance about 2028 election after Trump calls him GOP frontrunner 'MAGA heir': Trump touts JD Vance as 'likely' GOP 2028 presidential favourite 'MAGA heir': Trump touts JD Vance as 'likely' GOP 2028 presidential favourite JD Vance confirmed for 2028? Trump sparks frenzy, President names VP as 'most likely' MAGA successor JD Vance confirmed for 2028? Trump sparks frenzy, President names VP as 'most likely' MAGA successor 'Why didn't you answer…': Vance again deflects question on Trump's 2020 presidential election loss 'Our future president': Elon Musk hails JD Vance as 'best Vice President ever'; Social media erupts 'I'll shove it up their a**': Trump blasts rigged 2020 election, reveals fiery 2024 motivation
Mint
an hour ago
- Mint
Trump Rattles Latin America by Weighing Using Military Force
The US under President Donald Trump is crafting a confrontational approach toward Latin America that signals a willingness to use military force against drug cartels, discarding the Biden administration's preference for carrots over sticks to coax countries into alignment with US interests. The New York Times reported Friday that the president ordered the Defense Department to prepare options to take military action against Latin American drug cartels. A US agreement with Mexico to expand security cooperation, expected to be signed in the coming weeks, would facilitate joint monitoring of criminal organizations by security forces and coordination on the border. But the pending agreement won't provide legal grounds for direct US military action on Mexican territory, officials have said. Any such intervention would risk inflaming anti-US sentiments already whipped up by the Trump administration's wave of tariffs. 'This could call into question the security agreement that was drawn up, which is based on a great deal of trust,' said Victoria Dittmar, a researcher at Insight Crime who specializes in Mexico. Trump, asked about the possibility of using military force Friday at the White House, said he would have 'more to say about that soon.' 'Latin America has got a lot of cartels. They've got a lot of drugs flowing. So, you know, we want to protect our country,' Trump said. A Pentagon spokesperson declined to comment. The emerging plans to deal with cartels build on the Trump administration's already more aggressive presence in a region that is deeply integrated into the US economy, from cross-border gas pipelines to maritime logistics. Secretary of State Marco Rubio visited Central America on his first overseas trip, pushing for concessions on US military use of the Panama Canal. The administration has engaged in a war of words with Colombia's leftist president Gustavo Petro and may be preparing to decertify that country's efforts against narcotics. Officials have also stepped up allegations against Venezuelan President Nicolas Maduro as a drug lord, doubling a reward for information leading to his arrest to $50 million this week. The hardening of US policy toward Latin America has been met with varying responses in the region, from open arms to strident opposition. In Ecuador, the pro-US government is preparing a referendum that would allow foreign military installations in national territory, a move seen as clearning the way for the US to reactivate the use of a base in the violence-torn country. But in Mexico, President Claudia Sheinbaum has responded defiantly to any suggestion that American soldiers would take a combat role in her country. Any agreement with the Trump administration must respect the nation's sovereignty, she reiterated Friday at her daily news conference. 'The United States is not going to come to Mexico with the military,' she said Friday. 'We cooperate, we collaborate, but there will be no invasion. That is out of the question, absolutely out of the question. What has been stated in all the calls is that it is not permitted, nor is it part of any agreement, much less.' The security deal in the works rests on the idea that the US won't intervene in Mexico, said Dittmar of Insight Crime. 'If that were to be broken, it would indeed break the relationship of trust and would require a rethinking of joint security strategies,' she said. The Trump administration's approach risks inviting a broader backlash in a region still scarred by decades of Cold War-era intervention from Guatemala to Chile. 'This will strengthen autocratic regimes like the ones in Venezuela or Nicaragua, and the anti-American sentiment in Mexico, Guatemala and even in Colombia,' said Jorge Restrepo, an economics professor who directs CERAC, a Bogota-based research institution that monitors the nation's civil conflict. 'Just the announcement will have the unintended effect of strengthening governments which are not cooperating as much as they could with the United States,' Restrepo said. US interests in the region could become soft targets for criminal organizations, said James Bosworth, founder of political risk firm Hxagon, in a phone interview. The cartels have the ability to take the fight to US territory in a way that al-Qaeda 'could only dream of,' according to Bosworth. While Venezuela, Colombia and Honduras are all potential targets, Mexico is the country that is most vulnerable, especially since Trump officials are much more worried about fentanyl then they are about cocaine, Bosworth said. Trump made a promise to fight trafficking of fentanyl, originating in China and responsible for tens of thousands of US deaths, a key point of his 2024 campaign. Despite stepped-up rhetoric from Washington, Venezuela could be shielded from intervention by US oil interests and concerns about disrupting a steady flow of reverse migration, said Geoff Ramsey, who tracks Venezuela at the Atlantic Council. 'This is an instance in which Trump is seeking to project strength but ultimately understands that any kind of military action in Venezuela would run completely contrary to US interests,' said Ramsey. 'Unfortunately, Maduro knows that this is a bluff. But the opposition doesn't. And I think this is going to fuel a lot of counterproductive daydreaming from the opposition. And my fear is that this is only going to lead them down the path of magical thinking.' The US posturing also risks playing into Venezuela's siege narrative. The country's armed forces on Friday vowed 'to confront, combat, and neutralize any action that threatens the stability and peace of our citizens, as well as the safeguarding of our national territory.' And on state television, Defense Minister Vladimir Padrino Lopez reiterated denials that Venezuela hosts organized crime groups. 'There are no criminal gangs operating here, they have taken the story of the Tren de Aragua, they have been completely dismantled, they do not exist, nor do cartels or bosses exist,' Padrino said. Ramsey said US military action in Venezuela 'would risk destabilizing the entire country, and potentially the region itself.' With assistance from Scott Squires. This article was generated from an automated news agency feed without modifications to text.
