Latest news with #India-US
Time of India
16 minutes ago
- Business
- Time of India
‘Going to have access into..': Donald Trump shares update on India-US trade deal after Indonesia tariff agreement; says 'working on same line...'
Trump administration is reportedly mulling a trade deal in which India will likely face tariffs of less than 20%. India-US trade deal: US President Donald Trump on Tuesday said that America is working on a deal with India which gives greater access to Indian markets. Trump's comments came on the back of a trade deal announcement with Indonesia, after which the latter will face a reduced tariff rate of 19%. Talking about the deal with Indonesia, Trump said the US is working on similar lines for an agreement with India. 'We made a deal with Indonesia. I spoke to their really great we made the deal. We have full access to Indonesia, everything. As you know, Indonesia is very strong on copper, but we have full access to everything. We will pay no tariffs. They are giving us access into Indonesia, which we never had. That's probably the biggest part of the is basically working along that same line.' Also Read | Trump tariff war: Deal or no deal - why it won't matter much for India 'We're going to have access into India. You have to understand, we had no access to any of these countries. Our people couldn't go in and now we're getting access because of what we're doing with the tariffs…,' Trump said. India-US trade deal: What's the latest? Trump's comments on increased access to Indian markets comes at a time when a team of India's commerce ministry officials are in the US for trade deal talks. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cardiologists Recommend: Eat 1 Teaspoon Tonight – Wake Up With a Flatter Stomach Hollywood News | USA Click Here Undo The officials arrived in the US on Monday and India's chief negotiator Rajesh Agarwal is expected to reach Washington later this week. Meanwhile, Commerce Minister Piyush Goyal has said that India-US trade deal talks are progressing at a 'fast pace'. "Negotiations are going on at a very fast pace and in the spirit of mutual cooperation so that we can come out with a win-win trade complementing agreement with the United States," Goyal said. Last week a Bloomberg report said that the Trump administration is mulling a trade deal in which India will likely face tariffs of less than 20%, down from the 26% announced by Trump in April this year. Also Read | India-US trade deal: Why Indian importers are delaying customs clearance of American dry fruit; 'opting to pay penalty because…' Donald Trump has set a fresh deadline of August 1, 2025 for reciprocal tariffs to be effective. Since last week he has been sending tariff letters to various US trading partners. Over 20 countries have received a tariff letter so far. India has not received any tariff letter from the US, possibly due to ongoing trade negotiations between the countries. Last week Trump had indicated that the US is nearing a trade deal with India. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 hours ago
- Business
- Time of India
Currency watch: Rupee rises 16 paise to 85.76 against dollar; crude oil slide & weak greenback lift sentiment
The rupee appreciated by 16 paise to settle at 85.76 against the US dollar on Tuesday, helped by a weaker greenback and softer crude oil prices globally. However, persistent foreign fund outflows and uncertainty surrounding the ongoing India-US trade negotiations limited the currency's upward movement, according to forex dealers. At the interbank foreign exchange market, the rupee opened at 85.97 and moved in a tight range between 85.75 and 85.97 during the session. It eventually ended the day at 85.76, recovering from its previous close of 85.92, PTI reported. "The Reserve Bank of India has been guarding the rupee at the 86.00 level and on Tuesday also ensured that the rupee opens a tad higher than 86," said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP. He added, "For tomorrow (Wednesday), we expect the rupee to be in the range of 85.50–86.10 with expectations of more flows." Dollar, crude prices ease The dollar index, which tracks the US currency against a basket of six peers, declined 0.11% to 97.97, supporting emerging market currencies. Brent crude, the global oil benchmark, was down 0.43% to $68.91 per barrel in futures trade, reducing pressure on India's import bill. Trade talks and equity flows in focus The gains in the rupee were tempered by ongoing concerns over the outcome of bilateral trade negotiations between India and the US. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Đây có thể là thời điểm tốt nhất để giao dịch vàng trong 5 năm qua IC Markets Tìm hiểu thêm Undo A team from India's commerce ministry is currently in Washington for the latest round of discussions on the proposed bilateral trade agreement. The four-day meeting began on Monday and is set to conclude on Thursday. M eanwhile, India's merchandise exports held steady at $35.14 billion in June, while the trade deficit narrowed to a four-month low of $18.78 billion, according to government data released Tuesday. On the domestic equities front, both benchmark indices ended in the green. The Sensex rose 317.45 points to close at 82,570.91, and the Nifty advanced 113.50 points to settle at 25,195.80. Foreign institutional investors (FIIs) were net buyers on the day, purchasing equities worth Rs 120.47 crore, according to stock exchange data. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Print
2 hours ago
- Business
- The Print
Rupee rises 16 paise against US dollar
An Indian commerce ministry team is in Washington for another round of talks on the proposed bilateral trade agreement (BTA). The four-day talks, which started on Monday, will conclude on Thursday. However, foreign fund outflows, along with uncertainties on the outcome of the ongoing India-US trade talks, capped sharper gains in the local unit, according to forex traders. Mumbai, Jul 15 (PTI) The rupee appreciated 16 paise to close at 85.76 against the US dollar, tracking a weak greenback in the overseas market and a decline in global crude oil prices. At the interbank foreign exchange, the rupee opened at 85.97 against the US dollar and traded in the range of 85.75-85.97 before settling at 85.76, up 16 paise from its previous close. The rupee depreciated 12 paise to close at 85.92 against the US dollar on Monday. 'The Reserve Bank of India has been guarding the rupee at the 86.00 level and on Tuesday also ensured that the rupee opens a tad higher than 86. For tomorrow (Wednesday), we expect the rupee to be in the range of 85.50-86.10 with expectations of more flows,' Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. Brent crude, the global oil benchmark, was down 0.43 per cent to USD 68.91 per barrel in futures trade. The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.11 per cent to 97.97. On the domestic equity market front, the Sensex climbed 317.45 points to settle at 82,570.91, while the Nifty gained 113.50 points to close at 25,195.80. India's exports remained unchanged at USD 35.14 billion in June, while the trade deficit stood at USD 18.78 billion during the month, the latest government data showed on Tuesday. Foreign institutional investors (FIIs) bought equities worth Rs 120.47 crore on a net basis on Tuesday, according to exchange data. PTI TRB BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
4 hours ago
- Business
- Time of India
Trump tariff war: Deal or no deal - why it won't matter much for India
SBI Research has said that India will be able to diversify its export horizons to counter any negative impact of a less than favourable deal with the US. India-US trade deal: As 'fast-paced' talks between India and the US on an interim trade deal continue, the tariff rate that the Donald Trump administration will finally choose to impose on India is the biggest focus point. In April this year, Trump had announced a 26% reciprocal tariff rate on India. He later suspended tariffs for all countries to 10%, giving them room to negotiate a trade deal. The latest deadline for tariffs is now August 1, 2025. So where does India stand in the trade war that Trump has unleashed globally? What tariff rate would be advantageous to India? And, importantly if the tariff rate is not less than or near 20%, will India really be at a major disadvantage? In its latest report SBI Research has said that India will be able to diversify its export horizons to counter any negative impact of a less than favourable deal with the US. Deal Or No Deal - India Has Enough Room & Comparative Advantage 'We believe that even if the India-US deal doesn't come up as desired and 10% additional tariffs are imposed on India, there are various avenues for India to diversify its exports,' SBI Research has said in its report. The report also highlights an important point: India's service exports continue to achieve unprecedented levels, projected to reach $387.5 billion in 2024-25, primarily supported by robust performance in IT, financial and business services sectors, suggesting minimal impact on overall export figures. The United States has imposed tariffs on over 20 countries, with Asian countries seeing steeper tariff rates compared to India. This situation creates export possibilities for India to enhance its shipments to the US, particularly in sectors where it possesses revealed comparative advantage, the SBI report says. Following its trade agreement with the US, Vietnam now faces a reduced tariff rate of 20%. The extent to which India can negotiate similar tariff reductions with the US remains uncertain. Scope in Chemicals & Pharma Exports: SBI's analysis indicates that out of the top five US imports, India currently has a relative advantage only in chemicals. China and Singapore currently maintain larger export shares to the US market in this category. But, with China now subject to high tariffs, India has the potential to expand its chemical and pharmaceutical exports to the United States, the report says. Should India manage to seal a trade deal with tariff reductions below 25% (currently applicable to Singapore), it could gain a portion of the market share. 'If India can capture 2% share from these countries in Chemicals exports, then it can add 0.2% to its GDP. Another 1% share can be seized from Japan, Malaysia and South Korea which now face higher tariff than India, thereby adding 0.1% to its GDP,' the SBI report adds. Apparel Exports: There exists potential to gain market share in apparel exports from Bangladesh, Cambodia and Indonesia. India presently holds 6% of US apparel imports, and securing an additional 5% from these nations could contribute 0.1% to GDP. Looking Beyond US: India is currently reviewing the ASEAN-India Free Trade Agreement to address tariff irregularities and strengthen the "rules of origin" provisions, which have enabled substantial Chinese imports through ASEAN nations. ASEAN is a major trading partner for India, with bilateral trade reaching $123 billion in 2024-25. The share of ASEAN in India's exports has reduced over the years, while the share of imports has remained stable. India can enhance its exports to ASEAN and prevent dumping of goods from China through ASEAN countries, says SBI Research. Furthermore, opportunities exist to enhance exports to Asian nations currently facing elevated US tariffs. India could increase its shipments of Chemicals, Agricultural goods, Livestock & its products, Waste and Scrap (particularly metal scrap) and specific Animal and Vegetable Processed Products to these markets. Donald Trump's Tariff Letters Since last week, Trump has been on a letter sending mission, with tariff updates sent to over 20 countries. India has so far not received any letter from the US President, possibly due to his own admission that the two countries are nearing a trade deal. Whilst 17 countries have received reduced tariffs compared to the April 2 announcement, six nations - Brazil, Canada, Japan, Brunei, Philippines and Malaysia - face increased tariff impositions. India-US Trade Deal: Where Do Things Stand? 'The final call on the India-US trade deal will be in the coming days, with the mini trade deal likely to be announced by mid-July. As per the latest information, India has already presented a final 'decent offer' from its side, which will be reviewed by those calling the shots at the Capitol. Basis indications, India's proposal covers goods trade worth around $150 billion to $200 billion between the two countries,' says the report. Last week while talking about sending tariff letters, Trump said, "We've spoken to everybody. ...it's all done. I told you we'll make some deals, but for the most part, we're going to send a letter…Now we've made a deal with United Kingdom. We've made a deal with China. We're close to making a deal with India.' Even as India has firmly said that it does not believe in working on 'deadlines' for trade agreements, a team of Commerce Ministry officials are currently in the US for another phase of negotiations. Commerce Minister Piyush Goyal has said that talks on a trade deal between India and the US are progressing at a 'fast pace'. India has hardened its stance on agriculture and dairy products and reports suggest that these two points of contention are likely to be left out of the interim trade deal. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Fibre2Fashion
6 hours ago
- Business
- Fibre2Fashion
Sentiments improve in south Indian cotton yarn trade as demand rises
Insights Rising cotton prices have lifted sentiment in south India's yarn trade, with improved demand in Mumbai and Tiruppur. Loom activity and reduced worker absenteeism have boosted consumption, while mills cut discounts to protect margins. Traders are optimistic about a potential India-US trade deal. Cotton prices in Gujarat have surged by * â€' * per cent, driven by higher CCI auction rates and limited stocks. To read the full story, become a PRIME member today. All Corporate Members and TexPro Subscribers are eligible to access F2F PRIME CONTENT using the same login credentials. Latest News Insights Latest News Insights Exclusive Industry Articles & Features Exclusive Industry Articles & Features Detailed Article Analytics & Insights Digital Edition of Fibre2Fashion Magazine Digital Edition of Fibre2Fashion Magazine Get notified in your mailbox
