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The Hindu
11 hours ago
- Business
- The Hindu
Congress flags concerns as India-U.S. negotiate trade deal
With an economic think tank stating that India should avoid rushing into a trade deal with the U.S., the Congress on Monday (July 14, 2025) warned against MASALA – Mutually Agreed Settlements Achieved through Leveraged Arm-twisting – deals, and said in 'our desire to curry favour, we have to be very careful'. Congress general secretary in-charge communications Jairam Ramesh said, 'Earlier there have been Masala Bonds issued by companies outside India but denominated in rupees. The International Finance Corporation did so in 2014 and 2015 and HDFC and NTPC followed a year later.' Now the New Delhi-based Global Trade Research Institute (GTRI) has sounded a warning on the trade deal being negotiated by India with the U.S., he said in a post on X. 'Given the totally arbitrary and frankly bizarre manner in which President Trump functions, GTRI has now drawn attention to what it calls MASALA (Mutually Agreed Settlements Achieved through Leveraged Arm-twisting) deals,' Mr. Ramesh said. 'Clearly the Prime Minister's 'acronym-itis bug' is proving infectious, but while it may be in colourful language, the warning cannot be ignored,' he said. 'In our desire to curry favour, we have to be very, very careful. President Trump has spoken 21 times since May 10th on how he used MASALA to get Operation Sindoor to abruptly stop,' Mr. Ramesh said. His remarks came after experts said India should avoid rushing into a trade deal with the U.S. that compromises core sectors like agriculture. They cautioned that Washington is not sparing even its key partners like the EU. The U.S. has shot off letters to 24 countries and the European Union (EU) imposing tariffs that are as high as 50% on Brazil. On its key trading partners like the EU and Mexico, 30% duties have been proposed from August 1. GTRI had said India must recognise that it is not alone in facing U.S. pressure. The U.S. is currently negotiating with over 20 countries and seeking concessions from more than 90. 'Yet most are resisting because they see these MASALA (Mutually Agreed Settlements Achieved through Leveraged Arm-twisting) deals for what they are politically driven, transactional demands offering no lasting trade certainty,' GTRI founder Ajay Srivastava said. He added that both the EU and Mexico are major trade partners of the U.S., and Washington can impose tariffs on them to pressure them into quick deals, India cannot expect a balanced deal. Another trade expert said India should tread cautiously while negotiating the trade pact with the U.S. 'From Japan and South Korea to the EU and Australia, countries are resisting Mr. Trump's trade deals that demand tariff cuts without reciprocal U.S. concessions, mandate guaranteed purchases of American goods and leave the door open for future tariffs even after a deal is signed,' the GTRI said. A team of Indian trade negotiators will soon visit Washington to further talks for the proposed Bilateral Trade Agreement (BTA). 'India should stay the course and avoid trading away core sectors like agriculture. A hasty deal under pressure could have irreversible consequences, especially when such agreements may not survive the next shift in U.S. politics,' Mr. Srivastava said.
New Indian Express
11 hours ago
- Business
- New Indian Express
Congress flags concerns as India-US negotiate trade deal
"Given the totally arbitrary and frankly bizarre manner in which President Trump functions, GTRI has now drawn attention to what it calls MASALA (Mutually Agreed Settlements Achieved through Leveraged Arm-twisting) deals," Ramesh said. Clearly the prime minister's "acronym-itis bug" is proving infectious but while it may be in a colourful language the warning cannot be ignored, he said. "In our desire to curry favour, we have to be very, very careful. President Trump has spoken 21 times since May 10th on how he used MASALA to get Operation Sindoor to abruptly stop," Ramesh said. His remarks came after experts said India should avoid rushing into a trade deal with the US that compromises core sectors like agriculture. They cautioned that Washington is not sparing even its key partners like the EU. The US has shot off letters to 24 countries and the European Union (EU) imposing tariffs that are as high as 50 per cent on Brazil. On its key trading partners like the EU and Mexico, 30 per cent duties have been proposed from August 1. GTRI had said India must recognise that it is not alone in facing US pressure. The US is currently negotiating with over 20 countries and seeking concessions from more than 90. "Yet most are resisting because they see these MASALA (Mutually Agreed Settlements Achieved through Leveraged Arm-twisting) deals for what they are politically driven, transactional demands offering no lasting trade certainty," GTRI founder Ajay Srivastava said. He added that both the EU and Mexico are major trade partners of the US, and Washington can impose tariffs on them to pressure them into quick deals, India cannot expect a balanced deal. Another trade expert said India should tread cautiously while negotiating the trade pact with the US. From Japan and South Korea to the EU and Australia, countries are resisting Trump's trade deals that demand tariff cuts without reciprocal US concessions, mandate guaranteed purchases of American goods, and leave the door open for future tariffs even after a deal is signed, the GTRI said. A team of Indian trade negotiators will soon visit Washington to further talks for the proposed Bilateral Trade Agreement (BTA). "India should stay the course and avoid trading away core sectors like agriculture. A hasty deal under pressure could have irreversible consequences, especially when such agreements may not survive the next shift in US politics," Srivastava said.
Time of India
11 hours ago
- Business
- Time of India
Congress flags concerns as India-US negotiate trade deal
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel With an economic think tank stating that India should avoid rushing into a trade deal with the US, the Congress on Monday warned against MASALA -- Mutually Agreed Settlements Achieved through Leveraged Arm-twisting -- deals, and said in "our desire to curry favour, we have to be very careful".Congress general secretary in-charge communications Jairam Ramesh said, "Earlier there have been Masala Bonds issued by companies outside India but denominated in rupees. The International Finance Corporation did so in 2014 and 2015 and HDFC and NTPC followed a year later."Now the New Delhi-based Global Trade Research Institute (GTRI) has sounded a warning on the trade deal being negotiated by India with the US, he said in a post on X."Given the totally arbitrary and frankly bizarre manner in which President Trump functions, GTRI has now drawn attention to what it calls MASALA (Mutually Agreed Settlements Achieved through Leveraged Arm-twisting) deals," Ramesh the prime minister's "acronym-itis bug" is proving infectious but while it may be in a colourful language the warning cannot be ignored, he said."In our desire to curry favour, we have to be very, very careful. President Trump has spoken 21 times since May 10th on how he used MASALA to get Operation Sindoor to abruptly stop," Ramesh remarks came after experts said India should avoid rushing into a trade deal with the US that compromises core sectors like agriculture. They cautioned that Washington is not sparing even its key partners like the US has shot off letters to 24 countries and the European Union (EU) imposing tariffs that are as high as 50 per cent on Brazil. On its key trading partners like the EU and Mexico, 30 per cent duties have been proposed from August had said India must recognise that it is not alone in facing US US is currently negotiating with over 20 countries and seeking concessions from more than 90."Yet most are resisting because they see these MASALA (Mutually Agreed Settlements Achieved through Leveraged Arm-twisting) deals for what they are politically driven, transactional demands offering no lasting trade certainty," GTRI founder Ajay Srivastava added that both the EU and Mexico are major trade partners of the US, and Washington can impose tariffs on them to pressure them into quick deals, India cannot expect a balanced trade expert said India should tread cautiously while negotiating the trade pact with the Japan and South Korea to the EU and Australia, countries are resisting Trump's trade deals that demand tariff cuts without reciprocal US concessions, mandate guaranteed purchases of American goods, and leave the door open for future tariffs even after a deal is signed, the GTRI said.A team of Indian trade negotiators will soon visit Washington to further talks for the proposed Bilateral Trade Agreement (BTA)."India should stay the course and avoid trading away core sectors like agriculture. A hasty deal under pressure could have irreversible consequences, especially when such agreements may not survive the next shift in US politics," Srivastava said.
Indian Express
12 hours ago
- Business
- Indian Express
Congress flags concerns over ‘Trump using MASALA deals' as India-US negotiate trade pact, cites think tank warning
With an economic think tank stating that India should avoid rushing into a trade deal with the US, the Congress on Monday warned against MASALA — Mutually Agreed Settlements Achieved through Leveraged Arm-twisting — deals, and said in 'our desire to curry favour, we have to be very careful'. Congress general secretary in-charge communications Jairam Ramesh said, 'Earlier there have been Masala Bonds issued by companies outside India but denominated in rupees. The International Finance Corporation did so in 2014 and 2015 and HDFC and NTPC followed a year later.' Now the New Delhi-based Global Trade Research Institute (GTRI) has sounded a warning on the trade deal being negotiated by India with the US, he said in a post on X. 'Given the totally arbitrary and frankly bizarre manner in which President Trump functions, GTRI has now drawn attention to what it calls MASALA (Mutually Agreed Settlements Achieved through Leveraged Arm-twisting) deals,' Ramesh said. Clearly the prime minister's 'acronym-itis bug' is proving infectious but while it may be in a colourful language the warning cannot be ignored, he said. Earlier there have been Masala Bonds issued by companies outside India but denominated in rupees. The International Finance Corporation did so in 2014 and 2015 and HDFC and NTPC followed a year later. Now the New Delhi-based Global Trade Research Institute has sounded a… — Jairam Ramesh (@Jairam_Ramesh) July 14, 2025 'In our desire to curry favour, we have to be very, very careful. President Trump has spoken 21 times since May 10th on how he used MASALA to get Operation Sindoor to abruptly stop,' Ramesh said. His remarks came after experts said India should avoid rushing into a trade deal with the US that compromises core sectors like agriculture. They cautioned that Washington is not sparing even its key partners like the EU. The US has shot off letters to 24 countries and the European Union (EU) imposing tariffs that are as high as 50 per cent on Brazil. On its key trading partners like the EU and Mexico, 30 per cent duties have been proposed from August 1. GTRI had said India must recognise that it is not alone in facing US pressure. The US is currently negotiating with over 20 countries and seeking concessions from more than 90. 'Yet most are resisting because they see these MASALA (Mutually Agreed Settlements Achieved through Leveraged Arm-twisting) deals for what they are politically driven, transactional demands offering no lasting trade certainty,' GTRI founder Ajay Srivastava said. He added that both the EU and Mexico are major trade partners of the US, and Washington can impose tariffs on them to pressure them into quick deals, India cannot expect a balanced deal. Another trade expert said India should tread cautiously while negotiating the trade pact with the US. From Japan and South Korea to the EU and Australia, countries are resisting Trump's trade deals that demand tariff cuts without reciprocal US concessions, mandate guaranteed purchases of American goods, and leave the door open for future tariffs even after a deal is signed, the GTRI said. A team of Indian trade negotiators will soon visit Washington to further talks for the proposed Bilateral Trade Agreement (BTA). 'India should stay the course and avoid trading away core sectors like agriculture. A hasty deal under pressure could have irreversible consequences, especially when such agreements may not survive the next shift in US politics,' Srivastava said.
India Gazette
14 hours ago
- Business
- India Gazette
India should avoid hasty trade deal under US pressure, as it may not survive next US political shift: GTRI
New Delhi [India], July 14 (ANI): India must stay firm and avoid trading away its core sectors, especially agriculture, despite increasing pressure from the United States under President Donald Trump's administration, according to a report by the Global Trade Research Initiative (GTRI). The report warned that entering into a trade agreement under duress could lead to 'irreversible consequences,' particularly when such deals may not survive a change in the US political landscape. 'India should stay the course and avoid trading away core sectors like agriculture. A hasty deal under pressure could have irreversible consequences, especially when such agreements may not survive the next shift in US politics,' the report stated. GTRI noted that Trump's aggressive trade threats are losing credibility. Despite over three months of sustained pressure, only two countries, the United Kingdom and Vietnam, have agreed to the US's 'one-sided trade terms.' Other nations, including Japan, South Korea, the European Union, and Australia, have resisted the demands. These demands are part of what GTRI described as MASALA deals, Mutually Agreed Settlements Achieved through Leveraged Arm-twisting. These agreements typically require other countries to cut tariffs without reciprocal concessions from the US, commit to guaranteed purchases of American goods, and still leave room for Washington to impose additional tariffs in the future, the report said. Due to limited success in pushing these terms, the Trump administration has adopted punitive measures. On July 7, it announced 25 per cent tariffs on imports from Japan and South Korea. Just days later, on July 12, it threatened 30 per cent tariffs on products from the EU and Mexico, even while talks are still ongoing with these nations. The GTRI report urged India to recognize that it is not the only country facing such pressure. The US is currently in trade negotiations with over 20 countries and seeking concessions from more than 90. However, most are pushing back, recognizing that these MASALA deals are politically driven and offer no lasting certainty in international trade. (ANI)
