Latest news with #US-Indonesia
New Indian Express
8 minutes ago
- Business
- New Indian Express
Don at it again on India deal
NEW DELHI: US President Donald Trump on Wednesday said a trade deal with India would soon be sealed under which American firms would get greater access to Indian markets. According to Trump, the trade pact with India will be on the lines of the US-Indonesia deal announced early in the day. 'They are going to pay 19% and we are going to pay nothing … we will have full access into Indonesia, and we have a couple of those deals that are going to be announced,' Trump said, adding that the deal with India will be on the same line. India has not formally reacted to Trump's claims, but officials say that the US president has the habit of making tall claims in public, which are far from reality. They cite the example of the Vietnam deal; Trump had claimed the South East Asian country had agreed to a 20% tariff, but Hanoi rejected the claim.
Time of India
9 hours ago
- Business
- Time of India
We have another deal coming up 'maybe' with India, says Trump
US President Donald Trump speaks during a meeting with Bahrain's Crown Prince Salman bin Hamad Al Khalifa in the Oval Office of the White House, Wednesday, July 16, 2025, in Washington. Donald Trump suggests a potential trade agreement with India. This statement occurred during a meeting with Bahrain's Crown Prince and Prime Minister at the White House. Trump mentioned the possibility of another deal with India. Discussions are underway, signaling a positive outlook for economic cooperation. This development could strengthen ties between the two nations. Further details are awaited. Tired of too many ads? Remove Ads India deal may mirror US-Indonesia template: Trump Tired of too many ads? Remove Ads Concerns over 'lopsided' trade framework Tired of too many ads? Remove Ads US President Donald Trump on Wednesday hinted at the announcement of a possible trade agreement with India, saying 'maybe' another deal was on the made the remarks during a bilateral meeting with the Crown Prince and Prime Minister of Bahrain at the White House."We have another deal coming up maybe with India," Trump was quoted as statement comes even as a fifth round of talks between Indian and US trade officials is underway in Washington, with the two sides working toward a proposed bilateral trade agreement (BTA).Earlier this week, Trump had indicated that the India pact may follow the contours of the recently finalised trade agreement with Indonesia. Under that deal, the Southeast Asian country will offer complete market access to US goods, while its own exports will face a 19% duty in the addition, Indonesia has committed to purchasing USD 15 billion in US energy, USD 4.5 billion in American agricultural products, and 50 Boeing to reporters, Trump added, 'India is basically working along that same line. We are 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 are getting access because of what we are doing with the tariffs…'The US has been pressing India to reduce duties on a range of products, including dairy, automobiles (especially electric vehicles), wines, apples, and genetically modified crops. In return, India is seeking duty relief on key export items like textiles, gems and jewellery, leather goods, chemicals, and experts have warned that any agreement modelled too closely on the Indonesia deal could harm India's domestic sectors. The Global Trade Research Initiative (GTRI) raised concerns over the lack of reciprocity in the proposed terms.'A bad deal, especially one that removes India's tariffs without reciprocal benefits, could be worse than no deal at all,' said GTRI founder Ajay Srivastava. He added that India must 'negotiate transparently, guard against one-sided outcomes, and not succumb to pressure for quick, symbolic agreements that compromise long-term economic interests.'India has so far resisted giving tariff concessions in sensitive sectors such as dairy, which it has never opened to any FTA partner. It is also pushing the US to remove or reduce the additional 26% tariffs it has imposed, along with duties on steel (50%) and autos (25%). Washington, in turn, has postponed the imposition of new tariffs on India until August two nations are targeting an interim agreement in the coming months, with the aim to finalise the first tranche of the BTA by September– trade between the two countries has remained robust, with India's merchandise exports to the US rising 21.78% to USD 17.25 billion in April-May this fiscal, while imports increased by 25.8% to USD 8.87 billion.
Time of India
12 hours ago
- Business
- Time of India
Trump hints at Indonesia-style trade pact with India; experts warn of one-sided terms
US President Donald Trump has said that the proposed trade deal with India would be on the lines of what America has finalised with Indonesia on Tuesday. Under the US-Indonesia trade pact, the Southeast Asian nation will provide complete access to its market to US products, while Indonesian goods would attract a 19 per cent duty in America. Explore courses from Top Institutes in Select a Course Category Artificial Intelligence Degree Project Management Cybersecurity Data Science MCA PGDM Technology Public Policy others Data Analytics Healthcare Others MBA Digital Marketing Operations Management Product Management Leadership Design Thinking Data Science healthcare Management CXO Finance Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details In addition, Indonesia has committed to purchasing USD 15 billion in US energy, USD 4.5 billion in American Agricultural Products, and 50 Boeing jets. Later, while talking to reporters, Trump said: "India is basically working along that same line. We are 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 are getting access because of what we are doing with the tariffs…' The Indian team is in Washington for the fifth round of negotiations for the proposed bilateral trade agreement (BTA). Live Events Commenting on Trump's remarks, economic think tank GTRI said if India were to accept such a "lopsided" arrangement, it could expose its domestic sectors, especially dairy and agriculture, to duty-free US goods while gaining little in return. "A bad deal, especially one that removes India's tariffs without reciprocal benefits, could be worse than no deal at all," GTRI Founder Ajay Srivastava said, adding India must therefore negotiate transparently, guard against one-sided outcomes, and not succumb to pressure for quick, symbolic agreements that compromise long-term economic interests. The visit of Indian commerce ministry team to Washington is important as both sides have to iron out issues in sectors, like agriculture and automobiles. It is also important as the US has further postponed the imposition of additional tariffs on several countries, including India, until August 1. India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. India is seeking the removal of this additional tariff (26 per cent). It is also seeking the easing of tariffs on steel and aluminium (50 per cent) and the auto (25 per cent) sectors. Against these, India has reserved its right under the WTO (World Trade Organization) norms to impose retaliatory duties. US President Donald Trump announced heavy tariffs on a number of countries, including India, on April 2. However, the imposition was postponed for 90 days until July 9 and later to August 1. The US wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, and agri goods, like dairy items, apples, tree nuts, and genetically modified crops. On the other hand, India is seeking duty concessions for labour-intensive sectors, such as textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas in the proposed trade pact. The two countries are looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. Before that, they are looking for an interim trade pact. India's merchandise exports to the US rose 21.78 per cent to USD 17.25 billion in April-May this fiscal year, while imports rose 25.8 per cent to USD 8.87 billion.
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Business Standard
13 hours ago
- Business
- Business Standard
US will have Indonesia-type trade deal with India: Donald Trump
US President Donald Trump has said that the proposed trade deal with India would be on the lines of what America has finalised with Indonesia on Tuesday. Under the US-Indonesia trade pact, the Southeast Asian nation will provide complete access to its market to US products, while Indonesian goods would attract a 19 per cent duty in America. In addition, Indonesia has committed to purchasing $15 billion in US energy, $4.5 billion in American Agricultural Products, and 50 Boeing jets. Later, while talking to reporters, Trump said: "India is basically working along that same line. We are 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 are getting access because of what we are doing with the tariffs The Indian team is in Washington for the fifth round of negotiations for the proposed bilateral trade agreement (BTA). Commenting on Trump's remarks, economic think tank GTRI said if India were to accept such a "lopsided" arrangement, it could expose its domestic sectors, especially dairy and agriculture, to duty-free US goods while gaining little in return. "A bad deal, especially one that removes India's tariffs without reciprocal benefits, could be worse than no deal at all," GTRI Founder Ajay Srivastava said, adding India must therefore negotiate transparently, guard against one-sided outcomes, and not succumb to pressure for quick, symbolic agreements that compromise long-term economic interests. The visit of Indian commerce ministry team to Washington is important as both sides have to iron out issues in sectors, like agriculture and automobiles. It is also important as the US has further postponed the imposition of additional tariffs on several countries, including India, until August 1. India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. India is seeking the removal of this additional tariff (26 per cent). It is also seeking the easing of tariffs on steel and aluminium (50 per cent) and the auto (25 per cent) sectors. Against these, India has reserved its right under the WTO (World Trade Organization) norms to impose retaliatory duties. US President Donald Trump announced heavy tariffs on a number of countries, including India, on April 2. However, the imposition was postponed for 90 days until July 9 and later to August 1. The US wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, and agri goods, like dairy items, apples, tree nuts, and genetically modified crops. On the other hand, India is seeking duty concessions for labour-intensive sectors, such as textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas in the proposed trade pact. The two countries are looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. Before that, they are looking for an interim trade pact. India's merchandise exports to the US rose 21.78 per cent to $17.25 billion in April-May this fiscal year, while imports rose 25.8 per cent to $8.87 billion.
India.com
15 hours ago
- Business
- India.com
Bad news for this friend of India as US president Trump imposes 19% tariff, the country is....
US President Donald Trump US-Indonesia trade deal: In a significant announcement for the global economy and most specifically the economy of Asia, the United States of America, under the leadership of President Donald Trump has announced a new trade deal with Indonesia. As a part of the trade deal between US President Donald Trump and Indonesian President Prabowo Subianto, the tariffs on Indonesian imports to USA will be reduced to 19 per cent. Notably, the tariffs have been reduced on the country from the previously proposed 32 per cent as a part of the new deal. In addition to this, it has also been reportedly announced that there will be no tax will be imposed on the exports from the United States to Indonesia from now on. What Donald Trump said on US-Indonesia deal? 'As part of the agreement, Indonesia will buy 50 Boeing jets, many of them 777s, along with $15 billion worth of US energy and $4.5 billion in American farm products,' US President Trump said on his social media platform, Truth Social. Notably, Donald Trump had earlier described the deal with Indonesia as a 'great deal for everybody.' Why Trump threatened Indonesia? Readers should note that US President Trump had warned Indonesia last week that if it failed to reach a deal till the specified time, the higher 32 per cent tariff would take effect from August 1 on the Asian economic giant. Also, while the new rate of 19 per cent has been announced, it is not yet clear when it will come into force, the IANS report said. Why is US President Trump under pressure? Readers should note that US President Donald Trump is under pressure to deliver his '90 deals in 90 days' promise. Indonesia's former Deputy Foreign Minister Dino Patti Djalal reacted to the new deal with US saying that the government was satisfied with the outcome and he made the remarks during a panel hosted by Foreign Policy magazine, a report by Al Jazeera said. (With inputs from agencies)
