India-US trade deal News

Piyush Goyal said the country will take all necessary steps to protect national interest while negotiating trade deals with countries, as US President Donald Trump imposted fresh tariffs.

India puts the Rs 31,500 crore P-8I Poseidon defense deal with US on hold, retaliating against Trump's new tariffs on Russian oil imports.  

The overall business activity, which includes both manufacturing and services, also grew fast, with the Composite PMI hitting 60.7, the quickest growth rate in over a year.

The Ministry of Commerce & Industry said in a statement that it has taken note of a statement by the US President on bilateral trade and India is studying its implications.

Behind closed doors, there is anxiety. A delegation of U.S. negotiators is expected to land in New Delhi by mid-August, a timeline that overshoots Trump’s deadline.

Market experts emphasize that progress in the ongoing India-US trade deal talks is being closely watched, as a positive outcome or signs of progress would ease uncertainties and boost market confidence.

The deal includes a tariff structure where Indian goods entering the United States will face an average tariff of 11.5%, while U.S. goods entering India will face a 7% tariff.

India and the United States are working to finalize an interim or mini trade deal which is expected anytime soon. Amid the ongoing talks, United States President Donald Trump has set August 1 deadline for countries to finalize a trade deal with America or else face higher tariff.

While President Trump says that a trade deal with India is nearby, many people believe that a trade deal with the USA may be further than it seems.

The broader market saw support from key sectors like banking, pharma, IT, realty, oil and gas, and media, which posted gains between 0.4% and 1%.

Speaking at a White House event promoting a government spending bill, Trump stated, "We just signed with China yesterday... We have one coming up, maybe with India, a very big one. We're going to open up India."

In fact, in 2023, the US and India launched a bilateral Defence Acceleration Ecosystem (called INDUS-X) to facilitate defence collaboration between the two countries. 

The US imposed an additional import duty of 26 per cent on India. The tariffs were high on its competitors like Thailand, Vietnam and China.

Yes Bank founder Rana Kapoor was arrested after 31 hours of questioning by the Enforcement Directorate (ED). Kapoor was arrested on Sunday at around 4 am and he will be produced before a local court to obtain custody.