reciprocal trade

Senior officials from India and the US are meeting in New Delhi to finalize an interim trade agreement and advance broader bilateral trade talks. Discussions will cover market access, customs, and investment, with potential recalibration of the deal due to recent US tariff changes. The agreement aims to boost trade and economic security between the two nations.

India's defence exports have soared to an unprecedented Rs 38,424 crore, with the US emerging as the top buyer for sub-systems and components. This remarkable growth, nearly tripling in five years, is fueled by strategic partnerships like the proposed Reciprocal Defence Procurement Agreement with the US and domestic reforms, positioning India as a global defence exporter.

In a strategic move, the US is pushing to wrap up a trade deal with India that seeks to expand market access and lower trade obstacles, aiming for a remarkable $500 billion in trade by 2030. This agreement is set to bolster supply chain resiliency and attract foreign investments.

Nepalese porters working on high-altitude treks in Uttarkashi are now required to register online as foreign nationals with passport and visa details. This new directive has stalled peak-season expeditions and created uncertainty for trekking agencies, who argue it violates the India-Nepal Treaty of Peace and Friendship, 1950.

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Global powers are now vying for India's attention, recognizing its growing influence. While the US seeks to bolster trade, India has been actively forging significant trade agreements, positioning itself as a reliable and indispensable partner in a shifting geopolitical landscape.

A US delegation is expected to visit India next month for trade negotiations concerning a proposed bilateral trade agreement (BTA). This visit follows earlier discussions in Washington D.C. to finalize details of an interim trade pact and advance broader BTA negotiations. Both nations are committed to a mutually beneficial trade framework, with the agreement anticipated at an opportune time.

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US President Trump's China visit yielded trade and investment pacts, including Boeing aircraft and agricultural deals. Both nations agreed on Iran's nuclear non-proliferation and Strait of Hormuz access. Notably, Taiwan, a key discussion point, was omitted from the White House fact sheet, despite Trump hinting at reconsidering arms sales.

US staff and press accompanying President Trump reportedly discarded materials from Chinese officials before departing Beijing. This occurred despite public displays of goodwill, as behind-the-scenes tensions over security and media access surfaced during the visit, echoing past diplomatic friction.

Government sources indicate no immediate plans to hike gold and silver import duties, despite calls to curb non-essential gold purchases. Meanwhile, India anticipates US trade talks addressing pending issues, including a Section 301 probe, though a comprehensive deal remains distant. India has contested US allegations of structural overcapacity, urging the termination of the investigation.

President Trump's visit to China is overshadowed by the Iran War, which has disrupted global energy supplies and impacted his approval ratings. While trade and Taiwan remain on the agenda, the protracted conflict in Iran presents a significant challenge, with the US struggling to achieve its war aims and facing a decline in superpower status.

US courts have again blocked Trump's 10% global tariffs, deeming them unauthorized. This ruling, following earlier tariff invalidations, signals a return to WTO's MFN rates. For India, this policy instability raises concerns, prompting advice to pause Free Trade Agreement talks until US trade systems stabilize, preventing one-sided deals.

President Donald Trump is set to visit China from May 13-15 for talks with President Xi Jinping, focusing on easing trade tensions and discussing Iran. Broader issues like tariffs and Taiwan are also on the agenda. The visit aims to rebalance the relationship, prioritizing reciprocity and fairness for American economic independence.

Presidents Xi and Trump are set for a crucial summit, aiming for stability despite deep-seated issues like tech rivalry and Taiwan. While a trade deal might emerge, it won't end the underlying friction. China's focus on domestic chip production and its stance on Taiwan, deemed the 'biggest risk,' will also be key discussion points. The US may also expect China's mediation in ending the Iranian mess.