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Mint
2 hours ago
- Business
- Mint
US Commerce Secretary Lutnick signals at a India-US trade deal in ‘not-too-distant future', says ‘India is trying hard'
US Secretary of Commerce Howard Lutnick, while signalling towards a trade deal between India and the US, said that the two countries have 'found a place that works for both countries'. Speaking at the US-India Strategic Partnership Forum Annual Leadership Summit on Monday, Lutnick said that while trade deals usually took two-three years, the US is trying to close them within a month, which is 'not the ordinary DNA of trading relationships between countries'. 'Earlier countries get a better deal. That's the way it is. I think India is trying hard to be one of the earlier countries which I appreciate,' he said, adding, 'you should expect a deal between the United States and India in the not-too-distant future because I think we found a place that really works for both countries.' 'We have a great relationship between our countries. I'm optimistic for a trade deal soon that will benefit both nations,' Lutnick wrote in a post on X. 'I am a great fan of India, and even the people in the government know that that's true,' he said during the Summit. Reacting to Lutnick's announcement of expecting an India-US trade deal soon, Kumar Mangalam Birla, Chairperson of the Aditya Birla Group, said, 'I think he (US Secretary of Commerce Howard Lutnick) was very positive about the India-US equation, the future of the two countries together. He talked about how Prime Minister Modi and President Trump are great friends and that really helps in doing things together between the two nations.' 'He also said that the trade deal should be announced soon. I thought that he sounded really positive about the Indo-US future together,' Birla added. A US team will visit India on June 5-6 to discuss the Bilateral Trade Agreement (BTA), an ANI report said, quoting government sources. According to the sources, the bilateral trade talks between the two countries are progressing well. The report also said that India and the US are poised to sign the first tranche of the much-anticipated BTA before July. As part of ongoing discussions on the India-US BTA, representatives of India's Department of Commerce and the Office of the US Trade Representative met in Washington, DC, from April 23-25, 2025. According to the ANI report, the team had fruitful discussions on a wide range of subjects, including tariff and non-tariff matters, during the meetings in Washington, DC. As part of the BTA, leaders of both countries have set a bold new goal for bilateral trade – 'Mission 500' – aiming to more than double total bilateral trade to $500 billion by 2030. Quoting sources, the report said that the Indian government is in the process of reviewing the impact of the US court order that struck down the reciprocal trade tariffs announced by President Donald Trump. The India-US trade deal would mark a significant milestone in economic relations between the two nations, potentially opening new avenues for bilateral commerce and investment. In 2024-25, for the fourth consecutive year, the US was India's largest trading partner, with bilateral trade valued at $131.84 billion. India had a trade surplus of $41.18 billion in goods with the US in 2024-25, the ANI report added.
The Print
5 days ago
- Business
- The Print
US officials to visit India next week for talks on interim trade pact: Official
'The US team is coming on June 5 or June 6,' the official said. The visit gains importance as India and the US are likely to agree on an interim trade agreement by the end of June, with New Delhi pushing for full exemption from the 26 per cent reciprocal tariff on domestic goods. New Delhi, May 29 (PTI) A team of US officials is visiting India next week for discussions on the proposed interim trade agreement between the two countries, an official said on Thursday. India's chief negotiator, Special Secretary in the Department of Commerce Rajesh Agrawal, concluded his four-day visit to Washington last week. He held talks with his US counterpart on the proposed agreement. Commerce and Industry Minister Piyush Goyal was also in Washington last week to give an impetus to trade talks. He met with US Commerce Secretary Howard Lutnick twice during his visit. The US on April 2 imposed an additional 26 per cent reciprocal tariff on Indian goods, but later suspended it for 90 days till July 9. However, Indian goods still attract the 10 per cent baseline tariff imposed by America. Both countries have fixed a deadline to conclude the first phase of the proposed bilateral trade agreement pact by fall (September-October) of this year. According to sources, there is a possibility that both sides agree on an interim trade deal before the first tranche. The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion. The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade. With America, India had a trade surplus (the difference between imports and exports) of USD 41.18 billion in goods in 2024-25. It was USD 35.32 billion in 2023-24, USD 27.7 billion in 2022-23, USD 32.85 billion in 2021-22 and USD 22.73 billion in 2020-21. The US has raised concerns over this widening trade deficit. The two trading partners look to more than double bilateral trade to USD 500 billion by 2030. PTI RR SHW SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
5 days ago
- Business
- Time of India
US officials to visit India next week for talks on interim trade deal
India is assessing the impact of a US court ruling against Trump's tariffs. US trade officials will visit next week to discuss a potential trade agreement. Rajesh Agrawal recently visited Washington for talks. Both nations aim to finalize the initial phase of a trade pact by fall. Agrawal highlighted the need to insulate supply chains from weaponization. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India is reviewing the impact of a US trade court blocking most of President Donald Trump's tariffs in a ruling on May 28, an official said Thursday, adding that American trade officials will visit next week for discussions on the proposed interim trade agreement between the two countries.'We are in the process of reviewing the impact of the US court order,' said the Court of International Trade found the president overstepped his authority by imposing across-the-board duties on imports from US' trading order has come amid India and the US expected to agree on an interim trade agreement by the end of June, with New Delhi pushing for full exemption from the 26% reciprocal tariff on domestic goods.'The US team is coming on June 5 or June 6,' the official chief negotiator for the bilateral trade agreement (BTA) with the US, Rajesh Agrawal , concluded his four-day visit to Washington last week where held talks with his American counterpart on the proposed and industry minister Piyush Goyal was also in Washington last week to give an impetus to trade talks. He met with US Commerce Secretary Howard Lutnick twice during his in the day, Agrawal, who is Special Secretary in the Department of Commerce, said the talks are progressing well.'Hopefully, in this tough times also, we will be able to navigate and come out with good outcomes sooner than later. We should be able to work out a trade partnership where there are natural comparative advantages to our businesses on both sides,' he said at the Confederation of India Industry's (CII) Annual Business Summit, 2025.'There are only few areas where we compete. Most of the areas are where we can complement each other. If we can do a good trade deal, this can be a defining partnership in the trade arena and that's what is the intent behind approaching this bilateral trade agreement,' Agrawal said the overall discussion around tariffs and trade deficit is the narrative of the US and those are the challenges they have to meet.'But that, I think, should not come in the way of our trade partnership that we are trying to stitch together,' he US on April 2 imposed an additional 26% reciprocal tariff on Indian goods, but later suspended it for 90 days till July 9. However, Indian goods still attract the 10% baseline tariff. Both countries aim to conclude the first phase of the proposed bilateral trade agreement pact by fall this that the co-existence of some non-market functions in the global trading model is one wrong in the world trading order, Agrawal said: 'We have the WTO…it has failed to provide that oversight and control where the non-market economic functions could have been controlled in the global trade and trading order. In a pure market perspective, there has been a market failure in global trade'.He said there is unpredictability all around which is creating all challenges for businesses also.'That is why I think now geopolitics is also awakening and we are entering into a world where, interestingly, both markets and supply chains are being weaponized,' he said but cautioned that 'we also need to look at insulating our supply chains in a manner that we are not vulnerable to any weaponization of markets or supply chains in future'.He said businesses in multiple geographies have prospered based on state support, subsidies and lack of transparency.'If I am a big market, I am trying to wield my weight in the ecosystem…who controls supply chains. And that is a big challenge for the global trading order today,' he said, adding that other countries are looking at India for not only sending more of their goods here but also as a major investment the CII event, Agrawal also said that with a 1.4 billion people, India cannot afford to be completely import dependent and leverage state support wherever it is required.
Time of India
5 days ago
- Business
- Time of India
US team to visit India on June 5-6 for bilateral trade agreement talks
NEW DELHI: A high-level US delegation will visit India on June 5-6 to advance discussions on the proposed Bilateral Trade Agreement (BTA), government sources said. The visit follows a series of productive meetings between India's Department of Commerce and the Office of the US Trade Representative in Washington, DC, from April 23-25. Tired of too many ads? go ad free now Talks between the two countries are progressing well, with India expressing satisfaction over the pace and outcome of the negotiations. The commerce ministry had earlier described the April 29 discussions as 'positive' and 'fruitful.' On May 23, ANI reported, citing official sources, that India and the United States are poised to sign the first tranche of the long-anticipated trade deal before July. As part of the BTA framework, the two sides have launched 'Mission 500,' aiming to more than double bilateral trade to $500 billion by 2030. For the fourth consecutive year in 2024-25, the US was India's largest trading partner, with total trade valued at $131.84 billion. India registered a trade surplus of $41.18 billion in goods with the US during this period. Commenting on the broader trade agenda, Commerce Minister Piyush Goyal told PTI, 'We are on track in our bilateral trade agreement with the US and making fast progress with the EU.' Meanwhile, the Indian government is also reviewing the implications of a recent US court ruling that struck down reciprocal tariffs imposed during the Trump administration. Indian think tank Global Trade Research Initiative (GTRI) has advised caution in proceeding with the BTA in light of the ruling. 'India should resist any agreement shaped by threats or based on unlawful measures,' said Ajay Srivastava, founder of GTRI.
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First Post
5 days ago
- Business
- First Post
Semiconductor showdown: Trump blocks key US tech firms from serving China
Media reports say that the Department of Commerce sent out letters to leading providers of electronic design automation (EDA), including companies like Synopsys and Siemens EDA, last month, asking them to stop the supply of the technology to China read more A student measures the thickness of a wafer at the Inter-university Semiconductor Research Center at Seoul National University in Seoul on April 30, 2025. Representational image/AFP The US government has ordered tech companies to stop offering software designs used to manufacture semiconductors to China as the Trump administration ramps up its efforts to slow down Beijing's advanced chip production. Media reports say that the Department of Commerce sent out letters to leading providers of electronic design automation (EDA), including companies like Synopsys and Siemens EDA, last month, asking them to stop the supply of the technology to China. STORY CONTINUES BELOW THIS AD 'The Commerce Department is reviewing exports of strategic significance to China. In some cases, Commerce has suspended existing export licenses or imposed additional license requirements while the review is pending,' a source told Bloomberg. More from Tech A new doctrine? Trump lays out vision for US military and global role at West Point address The scope of the restrictions remains uncertain, but one source indicated they could amount to a de facto ban on conducting business in China. Synopsys derives approximately 16 per cent of its revenue from the Chinese market, while Cadence earns around 12 per cent from the region. Synopsys chief executive Sassine Ghazi said, 'We are aware of the reporting and speculation, but Synopsys has not received a notice from BIS. So, our guidance that we are reiterating for the full year reflects our current understanding of BIS export restrictions, as well as our expectations for a year-over-year decline in China [revenue].' At the same time, Cadence's shares dropped 10.7 per cent and Synopsys's 9.6 per cent after the news. How else has US curbed Chinese chip production Earlier this month, US President Donald Trump's administration warned that any company using Huawei-made artificial intelligence chips anywhere in the world could attract criminal penalties for potentially violating US export controls. Washington has adopted a steadily intensifying strategy to hinder Beijing's efforts to develop a domestic semiconductor industry. It began by restricting China's access to equipment needed for producing cutting-edge electronic components and has since progressively expanded the scope of these regulations. A report by FT says that the Trump administration plans to a number of Chinese chipmakers on blacklist to make it more difficult for US companies to provide them with American technologies. US-China trade deal A US federal court blocked most of Donald Trump's sweeping tariffs from going into effect, boosting markets on Thursday even as the White House appealed against the decision by 'unelected judges'. The opinion marks a significant setback to Trump as he bids to redraw the US trading relationship with the world by forcing governments to the negotiating table through tough new tariffs. STORY CONTINUES BELOW THIS AD Trump unveiled sweeping import duties on most trading partners on April 2, at a baseline 10 per cent, plus steeper levies on dozens of economies, including China and the European Union. With inputs from agencies
