Latest news with #USIndiaRelations
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
US commerce secretary expects India trade deal soon
Donald Trump has set a postponed July 9 deadline for countries to avoid broad tariffs, aiming to fix what he calls US unfairness. (Reuters pic) WASHINGTON : US commerce secretary Howard Lutnick on Monday voiced optimism for a trade deal soon with India to avoid tariffs threatened by President Donald Trump. 'You should expect a deal between the US and India in the not too distant future,' he told the US-India Strategic Partnership Forum, which promotes relations between the two countries, calling himself 'very optimistic.' Trump has set a delayed deadline of July 9 for countries to avoid sweeping tariffs, as he seeks to shake up the global economy to correct what he says is unfairness to the US. Lutnick, a strong advocate of tariffs, said he was a 'great fan' of India – but voiced longstanding concern about the emerging economy's use of tariffs. On tariff negotiations with India, 'bringing them down to a level that is reasonable and appropriate so we can be great trading partners with each other, I think is absolutely on the table,' Lutnick said. 'There were certain things that the Indian government did that generally rubbed the US the wrong way. For instance, they generally buy military gear from Russia,' he said. But he said that Trump believed in raising concerns and 'the Indian government is addressing it specifically and directly.'
Yahoo
3 days ago
- Business
- Yahoo
US-India nearing trade deal as talks progress, commerce secretary says
By Manoj Kumar NEW DELHI (Reuters) -Trade negotiations between the United States and India are making progress and a deal could be finalised soon, U.S. Commerce Secretary Howard Lutnick said on Monday, as both sides push to conclude talks ahead of a July deadline. "You should expect a deal between United States and India (in the ) not-too-distant future because I think we have found a place that really works for both countries," Lutnick said at the annual summit of the US-India Strategic Partnership Forum in Washington. Lutnick later posted a short video of his remarks on social media platform X, saying "We have a great relationship between the countries. I'm optimistic for a trade deal soon that will benefit both nations." Reuters reported earlier that the Trump administration had asked trade partners to submit their best offers by Wednesday, as officials work towards finalising several deals ahead of a self-imposed July 9 deadline. India's trade ministry declined to comment on the timeline. However, Rajesh Agrawal, India's chief negotiator for talks with the U.S., said last week that trade talks between the two countries were progressing well, and that a "good outcome" was expected soon. A U.S. trade delegation is scheduled to visit New Delhi on June 5-6 for further discussions. An Indian team had visited Washington in April, and Trade Minister Piyush Goyal also visited last month to push trade talks. Lutnick said Washington was seeking lower tariffs particularly on agricultural products, greater market access for U.S. firms, and increased purchases of defence equipment, with an aim of reducing its trade deficit with India. In return, it was prepared to expand access for Indian exports. "India is a very protectionist country," he said, noting tariffs of up to 100% on some products. "We would like our businesses to have reasonable market access." He said strong ties between President Donald Trump and Prime Minister Narendra Modi were helping ease negotiations. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
3 days ago
- Business
- Reuters
US-India nearing trade deal as talks progress, commerce secretary says
NEW DELHI, June 3 (Reuters) - Trade negotiations between the United States and India are making progress and a deal could be finalised soon, U.S. Commerce Secretary Howard Lutnick said on Monday, as both sides push to conclude talks ahead of a July deadline. "You should expect a deal between United States and India (in the ) not-too-distant future because I think we have found a place that really works for both countries," Lutnick said at the annual summit of the US-India Strategic Partnership Forum in Washington. Lutnick later posted a short video of his remarks on social media platform X, saying "We have a great relationship between the countries. I'm optimistic for a trade deal soon that will benefit both nations." Reuters reported earlier that the Trump administration had asked trade partners to submit their best offers by Wednesday, as officials work towards finalising several deals ahead of a self-imposed July 9 deadline. India's trade ministry declined to comment on the timeline. However, Rajesh Agrawal, India's chief negotiator for talks with the U.S., said last week that trade talks between the two countries were progressing well, and that a "good outcome" was expected soon. A U.S. trade delegation is scheduled to visit New Delhi on June 5-6 for further discussions. An Indian team had visited Washington in April, and Trade Minister Piyush Goyal also visited last month to push trade talks. Lutnick said Washington was seeking lower tariffs particularly on agricultural products, greater market access for U.S. firms, and increased purchases of defence equipment, with an aim of reducing its trade deficit with India. In return, it was prepared to expand access for Indian exports. "India is a very protectionist country," he said, noting tariffs of up to 100% on some products. "We would like our businesses to have reasonable market access." He said strong ties between President Donald Trump and Prime Minister Narendra Modi were helping ease negotiations.
Al Arabiya
3 days ago
- Business
- Al Arabiya
US commerce secretary expects India trade deal soon
US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal soon with India to avoid tariffs threatened by President Donald Trump. 'You should expect a deal between the United States and India in the not too distant future,' he told the US–India Strategic Partnership Forum, which promotes relations between the two countries, calling himself 'very optimistic.' Trump has set a delayed deadline of July 9 for countries to avoid sweeping tariffs, as he seeks to shake up the global economy to correct what he says is unfairness to the United States. Lutnick, a strong advocate of tariffs, said he was a 'great fan' of India—but voiced longstanding concern about the emerging economy's use of tariffs. On tariff negotiations with India, 'bringing them down to a level that is reasonable and appropriate so we can be great trading partners with each other, I think is absolutely on the table,' Lutnick said. 'There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, they generally buy military gear from Russia,' he said. But he said that Trump believed in raising concerns and 'the Indian government is addressing it specifically and directly.'
South China Morning Post
3 days ago
- Business
- South China Morning Post
Lutnick ‘optimistic' for US-India deal, urges New Delhi to step back from Brics
US Commerce Secretary Howard Lutnick said he is optimistic that the United States and India will reach a trade agreement soon, but urged New Delhi to open its markets, reduce arms purchases from Moscow, and scale back its alignment with Brics – a bloc that India leads along with China, Russia, Brazil and South Africa. 'I think India is trying hard to be one of the earlier countries [to reach a trade deal with the US], which I appreciated,' Lutnick said in a keynote speech at an event promoting US-India economic ties in Washington on Monday. 'But what I hope to achieve is we would like market access. We would like our businesses to have reasonable access to the markets of India … We want to have the trade deficit reduced,' he told the US-India Strategic Partnership Forum's Leadership Summit. 'Now in exchange for that, what India is going to want is ... certain key markets … to make sure that they have special access to the American marketplace,' he added. Despite the ongoing trade saga between China and the US, the official did not mention Beijing, but urged Delhi to distance itself further from Russia and China, citing the Russia-India arms trade and de-dollarisation efforts undertaken by the Brics grouping. Brics – an acronym for founding members Brazil, Russia, India, China and South Africa – is an association of 10 leading emerging markets. The other member states are Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
