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The Star
5 days ago
- Business
- The Star
Higher metals tariffs kick in as deadline for 'best' offers arrives
FILE PHOTO: Casted steel bars emerge from a casting machine inside a steel bar manufacturing factory at Viramgam, in the western Indian state Gujarat, India, April 7, 2025. REUTERS/Amit Dave/File Photo (Reuters) -The U.S. tariff rate on most imported steel and aluminum will double on Wednesday as President Donald Trump ratchets up a global trade war on the same day he expects trading partners to deliver their "best offer" in bids to avoid punishing import tax rates on other goods from taking effect in early July. Trump late Tuesday signed an executive proclamation that puts into effect from Wednesday his surprise announcement last week that he was taking the tariffs on steel and aluminum imports that had been in place since March to 50% from 25%. "We started at 25 and then after studying the data more, realized that it was a big help, but more help is needed. And so that is why the 50 is starting tomorrow," White House economic adviser Kevin Hassett said in explaining the move at a steel industry conference in Washington on Tuesday. The increase comes into effect at 12:01 am (0401 GMT). The increase applies to all trading partners except Britain, the only country so far that has struck a preliminary trade agreement with the U.S. during a 90-day pause on a wider array of Trump tariffs. The rate for steel and aluminum imports from the UK - which does not rank among the top exporters of either metal to the U.S. - will remain at 25% until at least July 9. About a quarter of all steel used in the U.S. is imported, and Census Bureau data shows the increased levies will hit the closest U.S. trading partners - Canada and Mexico - especially hard. They rank No. 1 and 3, respectively, in steel shipment volumes to the U.S. Canada is even more exposed to the aluminum levies as the top exporter to the U.S. by far at roughly twice the rest of the top 10 exporters' volumes combined. The U.S. gets about half of its aluminum from foreign sources. The unexpected increase in the levies jolted the market for both metals this week, especially for aluminum, which has seen price premiums more than double so far this year. With little current capacity to increase domestic production, import volumes are likely to be unaffected unless the price increases undercut demand. 'BEST OFFER' DUE DATE Wednesday is also when the White House would like trading partners to submit their proposals for deals that might help them avoid Trump's hefty "Liberation Day" tariffs from taking effect in five weeks. Administration officials have been in active talks with a number of countries since Trump announced a pause on those tariffs on April 9, but to date only the UK deal has come to fruition. Even that agreement, which provided the basis for the carve out from the metals tariffs, is more of a preliminary framework for more talks. With just weeks remaining, the Trump team is eager to bring more deals over the line. Reuters reported on Monday that the U.S. Trade Representative was asking countries to list their best proposals in a number of key areas, including tariff and quota offers for purchase of U.S. industrial and agricultural products and plans to remedy any non-tariff barriers. In turn, the letter promises answers "within days" with an indication of a "landing zone," including what tariff rates countries can be expected to be saddled with after a 90-day pause on the tariffs expires on July 8. At issue for most trading partners is whether they retain the current baseline rate of 10% on most exports to the U.S. after that date, or something sharply higher in many cases. White House spokeswoman Karoline Leavitt confirmed the report on Tuesday, saying: 'USTR sent this letter to all of our trading partners just to give them a friendly reminder that the deadline is coming up." Other items requested by the Trump administration include any commitments on digital trade and economic security, along with country-specific commitments, according to the letter. (Additional reporting by Alexandra Alper in Washington; Writing by Dan Burns; Editing by Lincoln Feast.)
The Star
20-05-2025
- Sport
- The Star
Cricket-Ahmedabad to host IPL final on June 3
FILE PHOTO: Cricket - Indian Premier League - IPL - Gujarat Titans v Mumbai Indians - Narendra Modi Stadium, Ahmedabad, India - March 29, 2025 Gujarat Titans fans celebrate six runs scored by Jos Buttler REUTERS/Amit Dave/File Photo (Reuters) -Ahmedabad will host the Indian Premier League (IPL) final on June 3, organisers said on Tuesday in their revised schedule for the tournament which was briefly suspended due to armed conflict between India and Pakistan. The IPL was halted on May 9 and resumed on Saturday following a ceasefire. However, the restart match between Royal Challengers Bengaluru (RCB) and Kolkata Knight Riders was abandoned due to rain without a ball being bowled. Ahmedabad will host the final at the Narendra Modi Stadium after staging qualifier two on June 1. The first qualifier (May 29) and the eliminator (May 30) will be held at the New PCA Stadium, New Chandigarh. The playoffs, initially slated for Hyderabad and Kolkata, have been relocated due to adverse weather conditions in the southern part of India. RCB's final home fixture against Sunrisers Hyderabad (SRH) has been moved to Lucknow where they will also play their final away game against Lucknow Super Giants. (Reporting by Suramya Kaushik in Bengaluru, editing by Ed Osmond)
Straits Times
20-05-2025
- Business
- Straits Times
India's trade minister to lead delegation to US for trade talks, say sources
FILE PHOTO: A labourer unloads TMT steel bars from a crane inside a steel bar manufacturing factory at Viramgam, in the western Indian state Gujarat, India, April 7, 2025. REUTERS/Amit Dave/File Photo FILE PHOTO: Indian Commerce Minister Piyush Goyal speaks in the final hours of negotiations at the World Trade Organization (WTO) biennial gathering of ministers, in Abu Dhabi, United Arab Emirates, March 1, 2024. REUTERS/Emma Farge/File Photo India's trade minister to lead delegation to US for trade talks, say sources NEW DELHI - India's trade minister Piyush Goyal will lead a trade delegation to the United States starting May 16 to advance trade negotiations, two government officials said on Tuesday, as both countries push for a bilateral trade pact. Goyal's visit follows U.S. Vice President JD Vance's trip to New Delhi last month and amid renewed efforts to secure a deal aimed at avoiding U.S. tariffs and to court President Donald Trump's administration. India's trade ministry did not immediately respond to an e-mailed request for comment. New Delhi is seeking to clinch a trade deal with the U.S. within the 90-day pause on tariff hikes announced by Trump on April 9 for major trading partners, including a 26% tariff on India. A 10% base tariff continues to apply to India and many other nations during the pause. The United States is India's largest trading partner, with bilateral trade totalling some $129 billion in 2024. The trade balance is currently in favour of India, which runs a $45.7 billion surplus with the U.S. India's chief negotiator for the bilateral trade talks with the U.S., Rajesh Agrawal, will also accompany the minister along with other senior officials, one of the government officials said. The sources spoke on the condition of anonymity as they were not authorised to speak to the media. During Prime Minister Narendra Modi's visit to the U.S. in February, both nations agreed to work on the first segment of a trade deal by the fall of 2025, aiming for bilateral trade worth $500 billion by 2030. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
29-04-2025
- Business
- Straits Times
India prepared to 'future-proof' trade deal as sweetener in US talks, sources say
FILE PHOTO: Cargo ship Beluga A loaded with sugar for export to Libya stands at the Deendayal Port in Kandla, in the western state of Gujarat, India, April 5, 2025. REUTERS/Amit Dave/File photo NEW DELHI -New Delhi is prepared to include a sweetener in trade talks with Washington that would "future-proof" a deal by ensuring no other trade partners could have superior terms, as it pushes for a quick agreement with the Trump administration, Indian government officials said. The "forward most-favoured-nation" clause, rarely granted by India in previous trade negotiations, would automatically apply to the U.S. any more-favourable tariff arrangements that might be agreed with other countries, two officials with direct knowledge of the matter told Reuters. "This clause, in a sense, future-proofs the U.S. deal and is the only way to do so," one of the officials said. The officials declined to be identified because of the private and sensitive nature of the negotiations. India's trade ministry, which is leading talks, did not respond to an e-mailed request for comment. India has already made a number of offers and pre-emptive concessions to the U.S. on trade, showing itself more eager than several other big U.S. trading partners including China, Canada and the European Union. U.S. Treasury Secretary Scott Bessent said on Monday that India could be one of the first to sign a trade deal with the U.S., possibly as soon as this week or next, although he gave no further details. Statements from the Trump administration have said the two sides already agreed on a roadmap for trade discussions. India would be keen to avoid or at least lighten President Donald Trump's proposed 26% reciprocal tariff and other restrictions on India, said Ajay Srivastava, founder of Global Trade Research Initiative, a Delhi-based trade policy think tank, and a former trade negotiator. Trump's team has said it wants to sign deals with India and other trading partners before a 90-day pause on the proposed reciprocal tariffs lapses in July, although some analysts and former officials say it will face steep challenges. India is willing to offer the U.S. a significantly better deal than what it may offer to Britain or the European Union, said the second government official familiar with trade discussions. New Delhi would, however, need assurances that it could become a major supplier to the U.S. market in areas vacated by the Chinese, the official added. In talks earlier this year on an India-EU free trade agreement, the EU made a request for forward most-favoured nation status similar to what is now planned for the U.S., but New Delhi has not yet committed one way or the other, a third government official aware of the talks said. India has rarely offered such status in previous negotiations, the first official said. According to the Global Trade Research Initiative's Srivastava, India offered a narrowly construed version for Australian wines under the India-Australia bilateral trade agreement concluded in 2022. After weeks of talks with the U.S., the Indian government has shown it is willing to offer more and to include politically sensitive sectors such as agriculture. India said its chief negotiator last week met U.S. trade officials in Washington and made progress towards the first tranche of an agreement. Out of 24 categories of goods traded between the two countries, 19 have been selected for fast-track discussions, a fourth government official said. The remaining five categories, mainly contentious farm products such as soybeans and corn, as well as military equipment, could be discussed in a second phase of talks. India has proposed reducing duties to 0% to 5% on U.S. frozen meat and a variety of agricultural products, including fish, poultry and a number of fruits and juices, the official said. Those products are currently assessed at 30% to 100%. "India is in a position to offer tariff concessions on nearly 90% of tariff lines immediately out of about 12,000 tariff lines," said the official, who like the others asked not to be named. "Tariff concessions on remaining items could be offered in a phased manner," he said. In return, New Delhi has asked for favourable tariff treatment for labour-intensive sectors such as textiles, toys, leather goods, furniture, gems and jewellery, and automotive components, the official said. New Delhi has also sought a long-term commitment from Washington on preferential treatment for pharmaceuticals and engineering goods such as industrial equipment and components, aiming to become a trusted partner in the supply chains of major U.S. companies. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Reuters
28-04-2025
- Business
- Reuters
India's Adani Green says independent review on US indictment found no irregularities
The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, November 21, 2024. REUTERS/Amit Dave Purchase Licensing Rights, opens new tab April 28 (Reuters) - India's Adani Green ( opens new tab on Monday said that its independent review of the U.S. indictment of founder Gautam Adani and top Adani Green executives, who were accused of paying $265 million in bribes for power contracts, did not identify any non-compliance or irregularities. In November, U.S. authorities indicted Gautam Adani, his nephew and Executive Director Sagar Adani and Managing Director Vneet S. Jaain, alleging that they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raises. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. The Adani Group has denied the charges, calling them "baseless." The company appointed independent law firms in January to review the U.S. indictment. Based on this review, the management of the holding company concluded that it, along with its subsidiaries, complied with applicable laws and regulations, Adani Green said in an exchange filing. The company added it does not expect the U.S. proceedings to have material consequences for the group. The U.S. Securities and Exchange Commission asked Indian authorities for assistance in February with its investigation. Meanwhile, the company reappointed Vneet Jaain as its managing director for another five years, effective July 10, despite the U.S. indictment. Throughout his 15-year tenure, Jaain has been "spearheaded on group's strategy for its energy and infrastructure business and has been instrumental in growing various businesses from conceptualisation to operation," Adani Green said in a statement. Reporting by Sethuraman NR in Bengaluru; Editing by Tasim Zahid Our Standards: The Thomson Reuters Trust Principles., opens new tab
