Trade Talks Progress
US President Donald Trump announced that the United States is near the finalization of a trade deal with India. He added, "We have signed trade deals with Britain and China. Now we are close to one with India." Trump further added that negotiations with other nations have not been fruitful, so he is writing letters to them including information regarding retaliatory tariffs.
Tariff Actions on Other Countries
On Monday, Trump initiated the imposition of fresh tariffs on a number of countries. He rescheduled the deadline for their imposition to August 1. For instance, Bangladesh is now subject to a 35 percent tariff. The US addressed these nations with official letters. Trump stated, "We are sending tariff letters to nations without trade agreements. If they wish to trade with us, they will have to accept the terms."
Past Comments on Conflict Prevention
Trump repeated his previous assertions regarding averting war between Pakistan and India. He claimed that both countries were moved by the potential for a trade agreement. Trump also claimed he resolved wars in Serbia, Kosovo, Rwanda, and Congo.
Agricultural Sector Challenges
India is experiencing challenges in providing tariff cuts in the agricultural and dairy sectors. These industries have never been included in India's free trade agreements. This complicates the negotiations.
Countries Facing New Tariffs
The nations who receive tariff letters are:
- Bangladesh
- Bosnia and Herzegovina
- Cambodia
- Indonesia
- Japan
- Kazakhstan
- Laos
- Malaysia
- Serbia
- South Africa
- South Korea
- Thailand
- Tunisia
- Myanmar
Trump stated that certain of these countries impose high tariffs—200 percent—on US products, which he termed as being unfair.
India Gets More Time
The new tariffs were to come into effect this week. The deadline, however, was shifted to August 1. This provides India with additional time to negotiate an agreement. India has yet to receive any tariff letter. Indian Commerce Minister Piyush Goyal last week stated that India will not sign any trade agreement under duress. He reiterated that all decisions would be taken as per national interests.
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