Latest news with #IndiaEdition
Yahoo
15-05-2025
- Business
- Yahoo
Trump Says India Offered to Remove All Tariffs on US Goods
(Bloomberg) -- Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly. As Coastline Erodes, One California City Considers 'Retreat Now' How a Highway Became San Francisco's Newest Park Power-Hungry Data Centers Are Warming Homes in the Nordics A New Central Park Amenity, Tailored to Its East Harlem Neighbors Maryland's Credit Rating Gets Downgraded as Governor Blames Trump President Donald Trump said India has made an offer to drop tariffs on US goods, as the Asian nation negotiates a deal to avert higher import taxes. Speaking Thursday at an event with business leaders in Qatar, Trump said the Indian government has 'offered us a deal where basically they are willing to literally charge us no tariff.' Trump didn't provide further details of New Delhi's apparent offer and the Indian government didn't immediately respond to a request for comment. India was one of the first countries to begin trade negotiations with the US following Prime Minister Narendra Modi's visit to the White House in February, with both sides agreeing to finalize the first phase of a bilateral deal by the fall. India's trade minister is expected to meet Trump administration officials in the US from May 17-20 for further negotiations. Trump's comments came days after India threatened to impose retaliatory tariffs in response to higher US duties on steel and aluminum, a sign that New Delhi may be adopting a more assertive approach in its trade negotiations with the White House. The trade talks remain on track though, people familiar with the matter have said. Some analysts in New Delhi suggested that Trump's remarks could indicate either that India is close to finalizing a deal, or that the comments are a negotiating tactic by the White House. 'An India–US trade deal may be on the cards,' said Ajay Srivastava, founder of New Delhi-based think tank Global Trade Research Institute. 'But the deal must ensure strict reciprocity, with both sides eliminating tariffs equally.' Market reaction was relatively muted after Trump's comments with the rupee recouping some of its losses. The benchmark NSE Nifty 50 index was up 1.7% as of 2 p.m. local time. Zero Tariffs Since returning to the White House, Trump has been dialing up the pressure on the Indian government to address the trade imbalance between their two countries, running at about $47 billion last year. Having long complained that India's tariffs were too high and hurt US businesses, Trump has pledged to impose 'reciprocal' tariffs of 26% on India. Those tariffs are currently on hold until early July. India have made several moves to satisfy Trump's grievances this year, including overhauling its tariff regime to reduce import duties on prominent American goods like bourbon whiskey and high-end motorcycles made by Harley-Davidson Inc. As part of its trade negotiations, New Delhi has also proposed zero tariffs on some goods like auto components and pharmaceuticals on a reciprocal basis up to a certain quantity of imports, Bloomberg News reported earlier this month. While Modi and Trump share a strong personal rapport, there is growing frustration in New Delhi in recent days over the US president's insistence he used trade as a bargaining tool to secure a ceasefire between India and Pakistan after four days of military conflict. Indian officials have disputed that. The US president also said Thursday he spoke with Apple Inc. Chief Executive Officer Tim Cook to discourage him from expanding production in India. 'I said I don't want you building in India,' Trump said about a conversation he said he had with Cook. He added that he told Cook 'India can take care of themselves, they are doing very well.' As a result of their discussion, Trump said Apple will be 'upping their production in the United States.' --With assistance from Derek Wallbank, Diksha Madhok, Swati Gupta and Vrishti Beniwal. (Update with additional context) Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race Why Obesity Drugs Are Getting Cheaper — and Also More Expensive As Nuclear Power Makes a Comeback, South Korea Emerges a Winner Trump Has Already Ruined Christmas ©2025 Bloomberg L.P.
Bloomberg
15-05-2025
- Business
- Bloomberg
Indians Drop Turkey Travel Plans After Comments Backing Pakistan
Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly. Indians are backing out of trips to Turkey and Azerbaijan, data from travel websites show, after the two nations issued statements supporting Pakistan during heightened conflict between the South Asian rivals.
Yahoo
15-05-2025
- Business
- Yahoo
Trump Says India Offered to Remove All Tariffs on US Goods
(Bloomberg) -- Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly. As Coastline Erodes, One California City Considers 'Retreat Now' How a Highway Became San Francisco's Newest Park Power-Hungry Data Centers Are Warming Homes in the Nordics A New Central Park Amenity, Tailored to Its East Harlem Neighbors Maryland's Credit Rating Gets Downgraded as Governor Blames Trump President Donald Trump said India has made an offer to drop tariffs on US goods, as the Asian nation negotiates a deal to avert higher import taxes. Speaking Thursday at an event with business leaders in Qatar, Trump said the Indian government has 'offered us a deal where basically they are willing to literally charge us no tariff.' Trump didn't offer further details of New Delhi's apparent offer and the Indian government didn't immediately respond to a request for comment. India was one of the first countries to begin trade negotiations with the US following Prime Minister Narendra Modi's visit to the White House in February, with both sides agreeing to finalize the first phase of a bilateral deal by the fall. India's trade minister is expected to meet Trump administration officials in the US from May 17-20 for further negotiations. Trump's comments came amid growing frustration in New Delhi over the US president's announcement of a ceasefire between India and Pakistan after four days of fighting and his insistence he used trade as a bargaining chip to secure the truce. Indian officials have denied that trade had featured in the talks with US officials during the military conflict with its South Asian rival. The US president also said Thursday he spoke with Apple Inc. Chief Executive Officer Tim Cook to discourage him from expanding production in India. 'I said I don't want you building in India,' Trump said about a conversation he said he had with Cook. He added that he told Cook 'India can take care of themselves, they are doing very well.' As a result of their discussion, Trump said Apple will be 'upping their production in the United States.' Trump's comments came days after India threatened to impose retaliatory tariffs in response to higher US duties on steel and aluminum, a sign that New Delhi may be adopting a more assertive approach in its trade negotiations with the White House. The trade talks remain on track though, people familiar with the matter have said. --With assistance from Derek Wallbank, Diksha Madhok and Shruti Srivastava. (Update with additional comments from US leader.) Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race Why Obesity Drugs Are Getting Cheaper — and Also More Expensive As Nuclear Power Makes a Comeback, South Korea Emerges a Winner Trump Has Already Ruined Christmas ©2025 Bloomberg L.P.
Bloomberg
06-05-2025
- Business
- Bloomberg
Ambani's Jio Finance Plans Debut Rupee Bond Sale of $118 Million
Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly. Jio Finance Ltd., a shadow lender owned by Asia's richest businessman Mukesh Ambani, is planning to raise as much as 10 billion rupees ($118 million) in the onshore market through its first ever bond sale, according to people familiar with the matter.
Bloomberg
06-05-2025
- Business
- Bloomberg
Ex-ArcelorMittal Dealmaker Seeks $1 Billion for Latest Fund
Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly. Synergy Capital, founded by former ArcelorMittal SA executive Sudhir Maheshwari, is looking to raise $1 billion by next year for its latest fund that focuses on private credit in Asia, particularly in India.
