US trade deal: Government looks at duty cuts by both sides
NEW DELHI: The government, which is hoping to clinch the early tranche of a bilateral trade deal with the US before July 9, asserted on Monday that it is looking at a "preferential and sustained advantage" through a reduction in duty by both sides.
Tired of too many ads? go ad free now
"If trade has to be doubled to $500 billion, both sides have to reduce tariffs for better market access. It should be the endeavour of both countries to lower the tariffs. To what extent they have the legal authority to do so, that will depend upon their outlook towards trade," a senior official said.
When asked about the trade deal, commerce secretary Sunil Barthwal said that officials from both sides were engaged in negotiations, and they have made good progress.
"We are working on the early tranche and as you are aware that there is a date (July 9), before that we would like to conclude this early tranche."
For India, a key concern is the mechanism through which the US will lower duties as absence of the US Fast Track Trade Authority may delay the proposed trade agreement. An official said that it is up to the US authorities to decide how to navigate through local regulations.
The US Fast Track Trade Authority is a special mechanism that allows the American President to negotiate trade agreements and present them to Congress for an up-or-down vote, without amendments or procedural delays.
Officials said the US and India were looking at a different product mix under the proposed agreement with New Delhi focusing on lower-duty access for its labour-intensive products in return for offering concessions for American automobiles and some farm products. The two countries are also targeting a bilateral trade pact by Fall (Sept-Oct).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
34 minutes ago
- Indian Express
13,000 kg, penetrates 60 m into the soil before exploding: The massive bunker buster the US has dropped on Fordo
US President Donald Trump has said that the American military has completed airstrikes on three sites in Iran, marking a significant escalation in the ongoing conflict with Israel. The airstrikes hit a key uranium enrichment site, Fordo, which had remained unscathed in Israeli attacks so far and is believed to be key to Iran's nuclear program. Located 300 feet beneath a mountain, Fordo is where Iran has allegedly tried to enrich uranium for weapons purposes and stockpile the enriched uranium. The two sites of Natanz and Esfahan, which were earlier struck by the Israeli Air Force, were also hit by the Americans. Trump said in a Truth social post that 'a full payload of bombs' was dropped on Fordo. Israel's best chance at destroying the facility at Fordo required an American produced bomb, which is so heavy that it can only be dropped by a US B2 Spirit bomber. The latest bombing seems to have achieved that target, even though the extent of damage at Fordo is still unknown. The bomb used by the Americans to target Fordo is called the GBU-57 Massive Ordnance Penetrator, or MOP. It is designed to attack 'deeply-buried facilities and hardened bunkers and tunnels', and is meant to destroy targets in well-protected facilities. Israel, or any country other than the US, does not have bombs that can penetrate a site as deep as Fordo. The MOP measures about 20.5 feet in length and 31.5 inches in diameter and weighs about 13,000 kg, according to the US Air Force. It is designed to penetrate up to 60 m of earth before exploding. The warhead is encased in a special high-performance steel alloy, which is meant to enable it to carry a large explosive payload while maintaining the penetrator case's integrity during impact, according to an Air Force fact sheet. The Fordo site is about 90 metres in depth. It is not clear how much damage the bombings have done in Fordo. Aerospace company Boeing developed the GBU-57, and as of 2015, it had been contracted to produce 20 of them, according to the Air Force quoted by CBS. Anil Sasi is National Business Editor with the Indian Express and writes on business and finance issues. He has worked with The Hindu Business Line and Business Standard and is an alumnus of Delhi University. ... Read More
Hans India
36 minutes ago
- Hans India
Violation of international law, says Iran's Atomic Agency on US bombing
New Delhi: Iran's Atomic Energy Organisation has stated that the attacks on its nuclear sites constitute a violation of international law. However, it did not clarify the extent of the damage caused by the strikes that US President Donald Trump announced earlier. Trump has said the US military carried out strikes on Iran's Fordo, Isfahan and Natanz atomic sites. The attack took place early on Sunday. Iran has said that it would not allow the development of its "national industry" -- an apparent reference to the country's nuclear development -- to be stopped. Tehran's agency said the attacks on its nuclear sites violate international law. "The Atomic Energy Organization of Iran assures the great Iranian nation that despite the evil conspiracies of its enemies, with the efforts of thousands of its revolutionary and motivated scientists and experts, it will not allow the development of this national industry, which is the result of the blood of nuclear martyrs, to be stopped," it said in its statement. Earlier, Trump announced that the US military had carried out strikes on Iran's Fordo, Isfahan and Natanz atomic sites. "We have completed our very successful attack on the three Nuclear sites in Iran, including Fordow, Natanz, and Esfahan. All planes are now outside of Iran air space. A full payload of BOMBS was dropped on the primary site, Fordow. All planes are safely on their way home. Congratulations to our great American Warriors. There is not another military in the World that could have done this. NOW IS THE TIME FOR PEACE! Thank you for your attention to this matter," he said on the social platform 'Truth Social'. He further said that this was a historic moment for America, Israel and the world, and that Iran must agree to end this war. Earlier on Friday, Trump told reporters that he has given Iran a maximum of two weeks to return to the negotiation table over its nuclear program. On June 13, Israel began airstrikes on Iran, destroying several infrastructures and killing dozens of Iranian military commanders and nuclear scientists. In response, Iran has carried out missile and drone attacks on various locations in Israel.
Scroll.in
37 minutes ago
- Scroll.in
United States enters war against Iran, bombs three key nuclear sites
The United States joined Israel's war against Iran in the early hours of Sunday, with American warplanes dropping bombs on three nuclear sites in the country. US President Donald Trump said that the country carried out a 'very successful attack' on Fordo, Natanz and Esfahan in Iran. 'A full payload of bombs was dropped on the primary site, [Fordo],' Trump said. The village of Fordo, located in a mountainous area south of Iran's capital city Tehran, is the site of an underground uranium enrichment facility believed to be key to Iran's nuclear ambitions, according to the BBC. Iran, however, maintains that its nuclear programme is for civilian purposes. Iran's Atomic Energy Organisation on Sunday confirmed that three nuclear sites in the country 'were attacked in a violent act against international laws, including the Non-Proliferation Treaty, by the enemies of Islamic Iran', The New York Times reported. It said that it would initiate legal action against the United States in international courts, and that Iran's nuclear programme would go on. The United States' decision to directly enter the conflict came over a week after the Israeli military struck what it claimed were nuclear targets, and also other sites, in Iran with the aim of stalling Tehran's nuclear programme. Iran retaliated with missile attacks on Israel. On Thursday, the White House had said that the United States would decide in two weeks whether to get directly involved in the conflict. Trump, however, announced the American strikes on Iran merely two days later. Trump, addressing mediapersons after the strikes on Sunday, described Iran as the world's topmost sponsor of terror. He warned: 'Iran, the bully of the Mideast, must now make peace.' The US president claimed that Iran's nuclear facilities had been 'completely obliterated' in the attacks. He warned that unless Tehran now sought peace, there would be 'tragedy for Iran far greater than what has been seen in the past eight days'. President Donald J. Trump Delivers Address to the Nation, June 21, 2025 — The White House (@WhiteHouse) June 22, 2025 Israeli Prime Minister Benjamin Netanyahu said on Sunday that the American strikes were carried out 'in full coordination' with his country's military. 'History will record that President Trump acted to deny the world's most dangerous regime the world's most dangerous weapons,' he said. While Israel has claimed that Iran was 'closer than ever' to obtaining a nuclear weapon, Iran has long maintained that its nuclear programme is for civilian purposes. The United States' entry into the conflict on Sunday raised concerns about a sharp escalation of the ongoing conflict in West Asia. Iran had warned earlier this week that any attacks by the United States would be met with reprisals, the BBC reported. United Nations Secretary General Antonio Guterres said he was gravely alarmed by the use of force by the United States against Iran. 'This is a dangerous escalation in a region already on the edge – and a direct threat to international peace and security,' he said on X. Guterres said there was a growing risk that the conflict could spiral out of control, with catastrophic consequences for civilians, the region, and the world. He urged UN member states to de-escalate and to uphold their obligations under the United Nations charter and other international laws. I am gravely alarmed by the use of force by the United States against Iran today. This is a dangerous escalation in a region already on the edge – and a direct threat to international peace and security. There is a growing risk that this conflict could rapidly get out of… — António Guterres (@antonioguterres) June 22, 2025
