Latest news with #UnitedStatesTradeRepresentative
Indian Express
a day ago
- Business
- Indian Express
Defence equipment, oil, cars: Where India could lower tariffs to reach deal with US
With US trade negotiators set to reach India Thursday for a two-day visit, the India-US trade deal negotiations are entering their final stage and could soon see Delhi opening its market and lowering tariffs on a range of American products – from select agricultural goods to defence equipment. This is in exchange for concessions on reciprocal tariffs and improved access to the US market for India's labour-intensive sectors such as textile and leather products. The White House said Tuesday that the US had asked countries to make their best offers on trade negotiations by Wednesday, as the July 8 deadline for reciprocal tariffs is just five weeks away. 'I can confirm the merits and the content of the letter. The United States Trade Representative (USTR) sent this letter to all of our trading partners just to give them a friendly reminder that the deadline is coming up,' White House spokesperson Karoline Leavitt said. Improving market access for US exports such as oil, armaments, soybeans, corn, whisky and automobiles could help address Washington's concerns over its goods trade deficit with India and high tariff barriers. US Secretary of Commerce Howard Lutnick said Tuesday that the US aimed to bring back advanced manufacturing and bridge the trade deficit by increasing exports to India, adding that both sides had 'found a place that really works' for them. Indian officials have indicated that diversifying oil and defence procurement is in the country's strategic interest and sourcing more from the US could also significantly help bridge the goods trade gap, as India's refining capacity has been increasing alongside oil import dependency, which surged to 90 per cent in April 2025. India's oil import mix has already undergone a significant shift since the Ukraine war, with Russia emerging as the top supplier, replacing Iraq and Saudi Arabia. Official trade data showed that India had already stepped up oil purchases from the US. India's import of crude oil from the US jumped 11.49 per cent to $63 billion in March 2025 compared to the previous year. India has had long standing defence ties with Russia, owing to its reliability during times when Western countries imposed sanctions. However, the US now appears to be leveraging its position as the world's largest market to boost defence equipment exports to India and reduce Delhi's dependence on Russia. Speaking at the US-India Strategic Partnership Forum (USISPF) in Washington DC, 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. That's a way to kind of get under the skin of America, if you go to buy your armaments from Russia.' He said India is already 'addressing' this issue. According to the Stockholm International Peace Research Institute (SIPRI), the largest share of India's arms imports between 2020 and 2024 still came from Russia at about 36 per cent. However, this was significantly lower than the 55 per cent recorded in 2015-19 and 72 per cent in 2010-14. SIPRI's report released in March suggested that India has increased domestic manufacturing and is shifting its arms supply relations towards Western suppliers – most notably France, Israel and the US – at a time when Russia is prioritising domestic production amid the ongoing Ukraine war. US arms exports grew by 21 per cent between 2015-19 and 2020-24. The US share of global arms exports rose from 35 per cent to 43 per cent – nearly equal to the combined total of the next eight largest exporters, according to SIPRI. From high tariffs on agricultural imports to restrictions on genetically modified (GM) seeds and products, the US has criticised several Indian trade policies that have limited US exports. Under the new trade agreements, the US is seeking increased market access for its agricultural products, especially soya and corn – two of its top export items to China. Amid the likelihood of a protracted trade tussle with China, the US deal with India is likely to ensure greater market access for these two products. Additionally, the US may also secure improved access for its apples. A NITI Aayog working paper in May stated that India could offer some concessions on 'soybean oil imports' to reduce the trade imbalance, without harming domestic production. India is the largest importer of edible oil globally, and the US has a surplus of soybean exports. 'We should also explore the option of importing soybean seed and using it for extracting oil in coastal areas, then selling the oil in the domestic market and exporting the meal, for which there is adequate overseas demand. This will avoid genetically modified (GM) feed entering the Indian market,' the paper, authored by Senior Adviser at NITI Aayog Raka Saxena and Member Ramesh Chand, said. 'Similarly, corn may be imported for ethanol blending, and its by-products – like Distiller's Dried Grains with Solubles (DDGS) – can be entirely exported to avoid GM feed in the country. US corn is cheaper and can be used to meet India's biofuel targets without disrupting local food and feed markets,' it said. Notably, soybeans and corn are among the top exports of US to China and according to a Reuters report, US soybean exports could drop 20 per cent and prices may plunge if the US-China trade dispute remains unresolved. If the trade agreement with the UK is any indication, India is likely to open its highly protected automobile and alcoholic beverage sectors to the US, its largest trade partner. Even before negotiations with the US began, India slashed duties on bourbon whisky to 50 per cent from the earlier 150 per cent. Bourbon whisky is primarily produced in the US, with about 95 per cent made in Kentucky. Under the UK deal, India cut tariffs on automotive imports from over 100 per cent to 10 per cent – although the reduction is phased over 10 to 15 years. A similar, if not more favourable, deal could be offered to the US. President Donald Trump had previously stated that high tariffs in India made it difficult for companies like Harley-Davidson to operate in the country.
Yahoo
3 days ago
- Business
- Yahoo
Countries given Wednesday deadline for their ‘best offers' to avoid tariffs: report
The Trump administration has reportedly asked other countries to present their best offer for a new trade deal by Wednesday as it races to meet its own self-imposed negotiating deadline. When Donald Trump unveiled his steep "Liberation Day" tariffs in early April, it set off deep alarm throughout the world and roiled the markets. One week later the White House was forced into a U-turn, pausing the heaviest tariffs for 90 days while it worked to secure more favorable trade deals. But now, with only five weeks to go until the deadline — and Trump himself furious over Wall Street's wisecracks about him "always chickening out" — it seems that U.S. negotiators are eager to get to yes. According to Reuters, a draft letter from the United States Trade Representative asks negotiating partners to list their best proposals in various key areas by Wednesday June 4. Specifically, it reportedly asks for any proposals about tariffs, plans to remedy non-tariff trade barriers, commitments on digital trade, and quotas to buy U.S. goods. Officials will evaluate these proposals within days, the letter says, and then offer a "possible landing zone" for a deal. It further warns negotiating partners against holding out for a court to strike down Trump's tariffs, declaring that he "intends to continue this tariff program" by whatever legal means available. A spokesperson for the Trade Representative told Reuters: "Productive negotiations with many key trading partners continue at a rapid pace. It is in all parties' interest to take stock of progress and assess any next steps." The Independent has asked the Office of the Trade Representative for comment. Trump's original slate of tariffs was both radical and seemingly arbitrary, in some cases slapping stiff taxes on tiny islands that are uninhabited by human beings and export no goods. The rationale for these duties was also murky, with Trump aides sometimes claiming they were a permanent measure to reshape the global economy and sometimes insisting they were simply a negotiating tactic. Since then, officials have made conflicting claims about how those negotiations are proceeding. National Economic Council director Kevin Hassett said last month that he'd been briefed on 24 deals that were "close to being resolved", while Trump himself told TIME that he'd "made 200 deals" — even though there are only about 195 countries in the entire world. All of which puts Trump in a difficult spot. If he reimposes the same tariffs, markets could be once again plunged into chaos — including bond markets, which influence how much it costs the U.S. government itself to borrow money. Yet if he extends the deadline once again, it could vindicate a Wall Street slogan that has sorely infuriated Trump: "TACO", which stands for "Trump Always Chickens Out".
India Today
3 days ago
- Business
- India Today
US demands final trade offers by Wednesday as tariff deadline nears
With just five weeks until a self-imposed deadline and global markets watching closely, the Trump administration is accelerating trade negotiations with multiple countries, urging them to submit their "best offers" by to a draft letter seen by Reuters, the United States Trade Representative (USTR) is pressing countries to outline top-line proposals in key areas such as tariff cuts, quota allocations for US industrial and agricultural goods, and removal of non-tariff trade move comes as the administration attempts to wrap up complex negotiations that began on April 9, when President Donald Trump paused his sweeping "Liberation Day" tariffs for 90 days after a market backlash. That temporary pause ends on July 8. The letter outlines an aggressive timeline, reflecting a growing sense of urgency inside the White House. "Productive negotiations with many key trading partners continue at a rapid pace. It is in all parties' interest to take stock of progress and assess any next steps," a USTR official told administration officials, including White House economic adviser Kevin Hassett, have repeatedly signalled that multiple agreements are "nearing completion," only one limited deal has emerged so far — with Britain. That agreement, however, is widely viewed as a loose framework for ongoing talks, rather than a final draft letter reportedly calls for detailed responses on digital trade, economic security, and country-specific commitments. Once proposals are submitted, the US plans to evaluate them "within days" and provide what the letter refers to as "a possible landing zone," potentially including reciprocal tariff the draft doesn't specify recipient nations, it's understood to target countries currently in active negotiations, including the European Union, Japan, Vietnam, and ambitious -- and often frenetic -- tariff policy represents a major part of his "America First" economic agenda as he seeks to reshape US trade relationships, reduce trade deficits and protect American industries. Republican lawmakers are also banking on tariffs to add to federal revenue and offset the cost of the tax-cut legislation now working its way through twists and turns in Trump's tariff policies have taken investors on a rollercoaster ride. In May, US stocks held their biggest rally of any month since November 2023, but that was after global indexes had cratered under the barrage of Trump's tariff announcements throughout February, March and early inputs from ReutersTune InMust Watch
Sinar Daily
25-05-2025
- Entertainment
- Sinar Daily
'Makes no sense': Hollywood shocked by Trump's film tariffs announcement
LOS ANGELES - Hollywood reacted Monday with skepticism to US President Donald Trump's announcement of 100 percent tariffs on foreign films, with movie insiders calling it a policy made up on the fly by a president who fails to understand how the industry works. "It makes no sense," entertainment lawyer Jonathan Handel said of Trump's idea. Handel explained to AFP that many US productions, from James Bond flicks to the "Mission Impossible" franchise, are filmed abroad for obvious creative reasons. "If the stunt is Tom Cruise climbing up the Eiffel Tower, what are we supposed to do, shoot at the replica Eiffel Tower in Las Vegas?" Handel said. "I mean, it's just nonsensical." Writing Sunday on his platform Truth Social, Trump said: "I am authorizing the Department of Commerce, and the United States Trade Representative, to immediately begin the process of instituting a 100 per cent Tariff on any and all Movies coming into our Country that are produced in Foreign Lands." Trump added: "WE WANT MOVIES MADE IN AMERICA, AGAIN!" His words plunged the movie industry into uncertainty, as entertainment companies saw their stock prices fall, unions struggled to understand if the bombshell also applies to TV series and everyone wondered if the policy could even be enforced. Handel noted that movies involve intellectual property. "You can buy a movie ticket, but you don't buy a movie the way you buy a piece of clothing or an automobile," which can be taxed as they cross a border into the United States, he said. Even if a system could be devised to impose tariffs on movies filmed outside the United States, these levies would do more harm than good to the US industry, the lawyer added. "The result of that would be to reduce production, to increase the cost of movies, to reduce the number of movies available for movie theaters and streamers to show, which would damage the distribution side of the business," Handel argued. 'Confusion' Unions for actors and other media and entertainment workers said they awaited more details of Trump's plan but supported the goal of increasing production of movies, TV and streaming in the United States. "We will continue to advocate for policies that strengthen our competitive position, accelerate economic growth and create good middle-class jobs for American workers," said one such guild, SAG-AFTRA. Many movie studios and other industry organizations had yet to officially react Monday but Trump's announcement triggered crisis meetings, Hollywood press outlets reported, publishing skeptical comments from insiders speaking on condition of anonymity. "I can't see his target here other than confusion and distraction," the showbiz news outlet Deadline quoted a top distribution executive as saying. "Let's hope this only encourages desperately needed increases in US state tax incentives being implemented ASAP," that person added. Such incentives offered by other countries -- like Britain, Canada and Ireland, among others -- are a lure for US movie studios to film outside the country. While Trump's idea is divisive, there is widespread agreement that the US movie industry is in dire straits. Since the historic strikes by actors and writers that shut it down in 2023, Hollywood has struggled to get back on its feet. In Los Angeles, the number of filming days hit a record low in 2024, if one excludes the total shutdown in 2020 because of the Covid pandemic. This is in part because many movies are now filmed in a growing number of countries that offer incentives such as tax rebates. Deadline quoted a Hollywood movie financier as saying he actually agrees with Trump's goal of having more movies filmed in the United States. "But obviously the need is for rebates, not tariffs. Tariffs will just choke the remaining life out of the business," they were quoted as saying. As Hollywood fretted over Trump's announcement, the White House said no decision on foreign film tariffs has been made. "The Administration is exploring all options to deliver on President Trump's directive to safeguard our country's national and economic security while Making Hollywood Great Again," the White House said in a statement. Trump told reporters Monday, "I'm not looking to hurt the industry. I want to help the industry. But they're given financing by other countries." That seemingly conciliatory remark stopped short of walking back the film tariff announcement, as Trump criticized California Governor Gavin Newsom, who is pushing for his state to double the tax credits it grants to the movie industry. "Our film industry has been decimated by other countries taking them out, and also by incompetence," Trump said, attacking Newsom. "He's just allowed it to be taken away from, you know, Hollywood." - AFP
Time of India
14-05-2025
- Entertainment
- Time of India
'You can't put a price on...': Robert De Niro slams President Donald Trump at Cannes 2025 over 100% tariff on foreign-made films
The Cannes Film Festival 2025 has kicked off, and apart from the fashion statement, serious issues such as US President Donald Trump's government decisions were also discussed during the event. On Tuesday, Robert De Niro, who hit the Cannes red carpet in a rare public appearance with partner Tiffany Chen, used his time at the annual film festival to call out President Trump. On May 13, De Niro and Chen were spotted in the south of France at the start of Cannes, where he received the Honorary Palme d'Or (Golden Palm) award, which is a lifetime achievement award to honour directors and actors who haven't won a Palme d'Or in a competition. The couple share a 2-year-old daughter, Gia Virginia, who earlier stepped out at the Tribeca Film Festival in 2023. During the event, the couple was spotted holding hands on the red carpet at the film festival in New York City as they attended a screening of 'Kiss the Future.' De Niro called out Donald Trump over his proposed tariffs on films While delivering his acceptance speech at Cannes, De Niro took the US president to task for his proposed film tariff and called him a 'philistine.' De Niro said, Trump has cut funding and support to the arts, humanities, and education, and now he announced the 100 per cent tariff on films produced outside the US. He went on to say, "You can't put a price on creativity, but apparently, you can put a tariff on it." The Oscar-winning actor also called on everyone who cares about liberty to protest against Trump. Robert De Niro shared a strong message against Donald Trump's tariff policies on art and cinema. #cannes2025 Donald Trump puts a 100 per cent tariff on all foreign-made films On May 4, President Donald Trump announced that he was authorising the US Department of Commerce and the United States Trade Representative to start the process of instituting a 100% tariff on all foreign-made films. However, it was unclear if Trump proposed tariffs that would apply to movies on streaming services as well as those shown in theatres, or if they would just calculate the production costs or box office revenue.
