India-US trade deal only on withdrawal of Russian oil purchase: Reports claim India agrees to give concessions on genetically modified corn imports
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- India US Trade Deal Only On Withdrawal Of Russian Oil Purchase: Reports Claim India Agrees To Give Concessions On Genetically Modified Corn Imports
The US has said that a trade deal will only happen if India stops buying oil from Russia. Meanwhile, to finalise the deal, India has proposed removing some restrictions on importing genetically modified corn from America. Additionally, the Indian delegation has also agreed to purchase more American defence and energy products. However, the American team remained firm on stopping Russian oil purchases. This information was provided by sources to the business daily, ‘The Economic Times.’
Commerce ministry had said India-US talks were going on very well
Meanwhile, the government said in a notification on Friday, September 26, “The Indian delegation led by Commerce Minister Piyush Goyal had positive discussions with the US government on different aspects of the deal. Both sides shared views on the possible roadmap for the deal and decided to continue talks to complete the trade agreement as soon as possible.
The Indian delegation’s meetings with American businesses and investors received a positive response. Business leaders expressed confidence in India’s growth story and showed interest in accelerating their business activities in India.”
Talks were also held earlier on September 16 in India
Earlier on September 16, delegations from both countries held discussions for about 7 hours in New Delhi regarding the trade deal. The government then issued a statement saying that there were positive discussions on various aspects of trade agreements during the meeting.
The goal of both countries is to reach an agreement that is beneficial for both and strengthens bilateral trade. After Trump imposed 50% tariff, this was the first time an American delegation arrived in India on September 16 for trade deal discussions.
Credit: Vivek Ray
America also imposed 100% tariff on Indian medicines
Today, President Donald Trump announced a 100% tariff on branded or patented medicines. This tariff will come into effect from October 1, 2025. The US President has already imposed a 50% tariff on India due to oil purchases from Russia. This tariff has been in effect since August 27. The export of Indian products like textiles, gems-jewelry, furniture, seafood has become more expensive due to this. However, medicines were kept out of this tariff.
Exports worth ₹85,000 crore affected by tariff
Actually, America has imposed a 25% retaliatory tariff on India for charging higher tariffs, and a 25% penalty tariff for buying oil from Russia, which is severely affecting India’s exports worth about ₹85,000 crore. This had created bitterness in relations between the two countries, although there has been some softening after recent statements by President Donald Trump.
Trump had said – Modi is a good friend, will discuss trade barriers
Amid India-US trade deal negotiations and tariff tensions, US President Donald Trump said on September 10 that he was fully confident that the ongoing talks between Washington and Delhi would soon reach a better outcome. Trump said he would talk to Prime Minister Modi in the coming weeks to eliminate all types of trade barriers.
Trump wrote in a post on Truth Social, “I am happy to share that India and America are continuing talks to remove trade barriers between both countries. I am eager to talk to my very good friend, PM Modi in the coming weeks. I am fully confident that there will be no difficulty in reaching a successful outcome for both great nations.”
Modi had said – India-America Natural Partners
About 5 hours after Trump’s post, PM Modi wrote in an X post, “India and America are good friends and natural partners. I am fully confident that our trade negotiations will pave the way to unlock the unlimited possibilities of India-US partnership.
Our teams are working hard to complete these discussions as soon as possible. I am also looking forward to speaking with President Trump. Together we will ensure a better and prosperous future for the people of both countries.”
Earlier, Trump had said – America had lost India
Earlier on Friday, September 5, at the SCO Summit, seeing PM Modi, Russian President Putin and Chinese President Jinping together, it was said that Russia and India had moved to China’s side. He had written on Truth Social – ‘It seems we have lost India and Russia to China. Hope their future will be good.”
India’s CEA had said – If tariff extends, big danger for India
Recently, in an interview with Bloomberg TV, V Anantha Nageswaran had said that he hoped these additional tariffs won’t last long. If tariffs remained in the current fiscal year, these could impact GDP by 0.5% to 0.6%. But, if these duties would extend into next year, the impact would be even bigger, which could create a major risk for India.
Source: www.bhaskarenglish.in