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Trade News
India, UK resolve steel quota issue; CETA rollout from July 15
The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom will come into force from July 15 with both sides reaching an understanding on the last-leg issues around Britain’s steel safeguard measures. The date for Entry into Force (EIF) of the agreement was announced by UK Prime Minister Keir Starmer and Prime Minister Narendra Modi after their meeting on the sidelines of the G-7 Summit at Evian in France.
PM Modi and Trump direct officials to fast-track 'commercially meaningful' trade pact
Prime Minister Narendra Modi and US President Donald Trump directed their officials to work towards a balanced, mutually beneficial and commercially meaningful trade agreement at the earliest. The Ministry of External Affairs (MEA) said this on Thursday, a day after the two leaders held wide-ranging talks for the first time in 16 months on the margins of the G7 Summit in an attempt to rebuild the strained bilateral ties.
India, US can finalise interim trade pact only after Section 301 investigations concluded, say officials
India and the US can conclude the first phase of the bilateral trade agreement (BTA) only after the ongoing Section 301 investigations by the US Trade Representative against India are concluded, making the tariff situation clear, an official said on Monday. New Delhi will insist on a commitment from the US that there would be no additional tariffs on Indian goods after the trade deal was finalised, the official added.
India, US may execute 1st phase of bilateral trade pact by mid July: Goyal
India and the US are moving towards closing all the open ends of the interim trade agreement, and both sides are likely to execute the "very, very vibrant" first phase of the pact by the middle of next month, Commerce and Industry Minister Piyush Goyal said on Friday. He said that the US team was in New Delhi from June 2-4 for finalisation of the deal. They held discussions with the Indian team.
India, US had positive discussions on trade deal: Commerce Department
India and the US held “constructive and positive discussions” across issues, covering trade in goods and nontariff measures and “reaffirmed” their commitment to conclude a mutually beneficial bilateral trade agreement (BTA) that strengthens trade and economic ties, according to the Commerce Department.
India-US discuss trade, non-tariff measures; reaffirm commitment to BTA
India and the US on Thursday concluded a round of negotiations covering multiple areas, including trade in goods and non-tariff measures, among others, for a mutually beneficial trade deal. The talks were held during a four-day visit by Assistant US Trade Representative for South and Central Asia Brendan Lynch and his team to New Delhi.
Pharma exports to US seen muted this year
India's pharmaceutical exports to the United States are likely to remain subdued this year, weighed down by fears of adverse policy decisions, headlong price erosion in the generics space and the risk of an escalating West Asia crisis. Experts said inventory correction, product cycle timing, and above-normal buying in March 2025 ahead of tariffs have also created a high base that current shipments struggle to match.
US announces new tariffs over forced labour concerns
The US has announced new tariffs of 10-12.5% on dozens of countries accounting for almost all its imports over concerns they are not doing enough to tackle forced labour. It is the second time President Donald Trump's administration has announced new import taxes since the US Supreme Court struck down many of his previous duties in February.
Trump admin proposes 25% tariffs on Brazil despite US trade surplus
The Trump administration proposed 25 per cent tariffs on imports from Brazil, charging that the world's 10thbiggest economy engages in trade practices that are "unreasonable'' and that "burden or restrict US commerce.'' Brazil's President Luiz Inacio Lula da Silva said he received the decision "with indignation." He also blamed the decision by the US administration on his rival in October's elections, Sen.
Trump signs order amending tariffs on steel, aluminum and copper imports
US President Donald Trump on Monday signed a proclamation amending his Section 232 national security tariffs on some aluminum, steel and copper imports, the White House said. The proclamation lowers tariffs on some steel and aluminum derivative products, including certain types of agricultural machinery and residential heating, air conditioning and ventilation equipment to 15% from 25% previously.
Trump plans to appeal order allowing tariff refunds for all importers
Businesses big and small have started receiving tariff refunds after the US Supreme Court ruled that President Donald Trump lacked the constitutional authority to impose higher import taxes on goods from nearly every other country. The process could grind to a halt, however, after the Trump administration said Friday that it intended to appeal a federal judge's order to allow all companies that paid the invalidated duties to seek refunds, not just the ones that filed lawsuits.
Piyush Goyal engages with over 50 industry leaders in New York to deepen India-US trade
India and the United States moved closer to deepening their trade ties as Union Minister of Commerce and Industry Piyush Goyal engaged with more than 50 prominent business and industry leaders for a closed-door roundtable discussion at New York City, in the United States. The discussions focused on expanding
partnerships across trade, investment, innovation, and supply chains to drive shared prosperity between the two nations.
Indo-US trade: Commerce Dept gathers industry inputs on non-tariff barriers ahead of US trade team visit
Ahead of the visit of the US trade negotiating team to India next week, the Commerce Department is compiling afresh details of various non-tariff barriers (NTBs), such as various quality standards, technical regulations and testing requirements, that limit market access in the US despite lower duties, sources said.
US trade negotiators to visit India from June 1-4 for interim trade deal talks
American trade negotiators will visit India from June 1 to 4 to finalise details of the interim agreement and advance negotiations under the broader bilateral trade agreement (BTA) covering areas such as market access, non-tariff measures, customs and trade facilitation, investment promotion and economic security alignment, the government said on Wednesday.
India, US sign critical minerals framework to deepen cooperation; protect against `coercive practices’
India and the US, on Tuesday, signed a bilateral critical minerals framework to deepen cooperation across the critical minerals and rare earths supply chain protecting it from “coercive market practices” amid Chinese restrictions disrupting supplies. “Through this framework, the United States and India will engage in international efforts to protect sensitive supply chains from coercive market practices and reduce our collective vulnerability to single-source monopolies,” per a statement issued by the US Embassy in India.
Indian drugmakers deepen US bets despite decline in pharma exports
India’s leading pharmaceutical (pharma) companies are deepening investments in the US market through specialty drugs, complex generics, respiratory products, and local manufacturing strategies, even as India’s pharma exports to the country fell nearly 10 per cent in 2025-26 (FY26) amid pricing pressure, inventory correction, and intensifying competition in traditional generics.
Government allocates 8,606 tonnes of raw sugar exports to the US
The government has allocated 8,606 tonnes of exports of raw cane sugar to the US under the quota-based tariff concession scheme. "The quantity of 8606 MTRV (metric tonnes raw value) raw cane sugar to be exported to USA under TRQ scheme from 01.10.2025 to 30.09.2026 has been notified," the DGFT has said in
notification. In general, sugar exports are banned until September 30 this year.
US firms commit over USD 60 bn investment in last 6 months: Piyush Goyal
Commerce and Industry Minister Piyush Goyal on Thursday said investment commitments from American companies in the last six months are estimated to exceed USD 60 billion, including major data centre investments by firms such as Amazon and Google. He said India provides a trusted framework for global companies and combines scale, talent and market opportunity in a manner unmatched globally.
Indian Consulate to host webinar to help exporters sell their goods in US
The Consulate General of India in New York is organising a webinar aimed at providing comprehensive information for Indian exporters to bring their products into the US. The webinar titled "Discover Pathways for Export to USA for Indian Exporters and MSMEs" - being organised in collaboration with Walmart - will be held on May 29.
"Confident" US-India trade deal will be finalised in "coming weeks": Ambassador Gor
Highlighting the strong economic ties and momentum between the two democracies, US Ambassador Sergio Gor on Thursday expressed immense confidence regarding the finalisation of a landmark bilateral trade deal between Washington and New Delhi in the "coming weeks and months." Speaking at the Annual Leadership Summit of the American Chamber of Commerce in Delhi, Ambassador Gor underscored the core economic vision driving the negotiations, stating, "President Trump's goal is to facilitate bilateral trade in a way that creates lucrative opportunities for American businesses and workers. Our current interim trade agreement is on the table to be finalised, unlocking prosperity for both nations."
US Envoy says ‘big things ahead’ in India-US nuclear energy collaboration
US Ambassador to India Sergio Gor on Wednesday said "big things" lie ahead in India-US collaboration in the nuclear energy sector. Responding to a post by Maharashtra Chief Minister Devendra Fadnavis regarding a meeting with an executive delegation of the Nuclear Energy Institute (NEI) and the US-India Strategic Partnership Forum (USISPF) under the 'US Nuclear Executive Mission to India', Gor said, "Big things ahead in India-US collaboration on Nuclear energy!"
India, US industry clash at USTR hearings over subsidies and overcapacity
The Office of the United States Trade Representative’s (USTR’s) Section 301 hearings have turned into a fresh flashpoint in Indo-US trade ties, with American industry groups pushing for punitive tariffs on Indian goods over allegations of state-backed overcapacity and unfair subsidies, while Indian officials mount an aggressive defence, arguing that the country’s manufacturing expansion is market-driven, demand-led, and fully compliant with global trade rules.
India’s post-2014 economic transformation became anchor of India-US ties, says Foreign Secretary Vinay Kwatra
India's economic transformation since 2014 has been the anchor point of its expanding engagement with the US, Indian envoy to the US Vinay Mohan Kwatra said here. Addressing the Capitol Hill Summit 2026 organised by the US-India Friendship Council here on Monday, Kwatra said the passage of the SHANTI Act has unlocked opportunities for private sector collaboration in the civil nuclear power domain.
Tariff refunds of $35.5 billion cleared for importers after US SC ruling
The Trump administration is in the process of issuing more than $35.5 billion to importers who successfully filed for tariff refunds after the US Supreme Court found the president’s signature economic policy unlawful, according to a new court filing. The payments are being processed through a new online government portal and will include interest on duties paid across more than 8 million import entries, said Brandon Lord, executive director of trade programs for the Customs and Border Protection’s Office of Trade.
India-US trade talks set for next round, but Section 301 probe remains hurdle
India expects a trade delegation from the US to arrive soon for the next round of talks, expected to cover all pending issues, including the Section 301 probe on New Delhi, said a government official on Monday. The official however emphasised that the proposed trade deal with the US isn't expected to move forward till the USTR Section 301 investigation is underway. "The US team is expected to visit India next for trade talks," said the official. "No dates have been finalised yet."
Trump tariff refund payouts start hitting US importers' bank accounts
The Trump administration has begun paying out refunds for the $166 billion in global tariffs that the US Supreme Court declared unlawful earlier this year. Trade lawyers told Bloomberg News that some of their clients have received money in their bank accounts as of Wednesday. One attorney, Daniel Cannistra of Crowell & Moring, declined to name his client or the amount they had received, but did say that the company’s payment included
interest.
India, US 'very close' to trade deal, need to get over last hurdle, Deputy Secretary of State Christopher Landau says
India and the US are "very, very close" to signing the trade deal and need to get over "that last hurdle", US Deputy Secretary of State Christopher Landau said on Tuesday. Landau said that India and the US have been negotiating for months and it was important for the two sides to "reach some closure" and move on with the many other issues on the agenda.
US sanctions China-based crude oil terminal operator for trading Iran oil
The US on Friday sanctioned a China-based crude oil terminal operator for importing petroleum products from Iranian entities and warned others of facing the same consequences if they paid a toll to Tehran to cross the Strait of Hormuz. "The US is taking decisive action to disrupt Iran's illicit oil trade, the Iranian regime's primary revenue streams that fund terrorism and regional destabilization," US Department of State spokesman Tommy Pigott said in a statement.
India-US bilateral trade agreement talks progress: Digital trade, market access in focus
India and the US discussed issues related to digital trade, investment promotion and economic security alignment in the recently concluded round of meetings to finalize the details of the Interim Agreement and take forward the negotiations under the broader bilateral trade agreement (BTA), the government said Friday. The talks were held from April 20-23 in Washington, the first in-person meeting after October.
US sets preliminary antidumping duties on solar imports from India, others
The US Commerce Department on Thursday announced preliminary antidumping duties on solar cells and panels imported from India, Indonesia and Laos, the latest in a string of tariffs imposed over a decade on solar imports from Asia. With the decision, federal trade officials sided with domestic solar factory owners in finding that companies operating in the three countries dumped cheap goods in the US market.
FIEO asks exporters to engage with US buyers for tariff refund share
Apex exporters' body FIEO on Wednesday said it has asked its members to engage with US buyers to seek a share of the refunded tariffs, with the United States initiating the process of refunding reciprocal tariffs from April 20. FIEO President S C Ralhan said that there is no legal right of Indian exporters on those refunds, as only the US businesses are getting the refunds.
Phase-I of bilateral trade agreement with US almost ready: Piyush Goyal
India and the US have almost finalised the first tranche of their bilateral trade agreement (BTA), and New Delhi will discuss a mechanism to get preferential market access, commerce and industry minister Piyush Goyal said Monday. About a dozen Indian negotiators are in Washington, for the first in-person trade talks since October. The three-day trade negotiations on the proposed BTA from Monday to Wednesday follows a 40-minute phone call between Prime Minister Narendra Modi and President Donald Trump last week.
Most Trump tariff refunds facing denial if importers don’t opt in
The vast majority of importers who paid $166 billion in tariffs that were overturned by the US Supreme Court risk not getting refunds because they haven’t signed up for electronic payment, the Trump administration told a judge. Customs and Border Protection raised the issue in a Tuesday filing at the Court of International Trade, which is overseeing the government’s massive refund effort. Only about 20% of the roughly 300,000 firms eligible to receive electronic refunds have signed up for the process, CBP said. The agency has previously said it will reject non-electronic refund requests.
US Sec 301 probe: India rejects allegations, requests for terminations of both investigations
India has strongly rejected allegations by the US Trade Representative in its investigations on excess structural capacity and production involving several countries, including India, asserting that the initiation notice has failed to provide "cogent rationale" to substantiate the claims. India requests that the USTR issue a negative determination with respect to India and terminate the investigation against it, according to a submission from New Delhi to the USTR.
India stands by trade pact with US, trade negotiators to visit Washington next week
An Indian trade team led by chief negotiator Darpan Jain will visit the US from April 20 to 22 to advance negotiations on the proposed bilateral trade agreement (BTA), marking the first in-person meeting since October. Officials said India remains committed to the agreement but given the changed circumstances around the tariffs, it has to be seen how the deal is structured and what issues are to be addressed. “So the agreement will have to be recalibrated, redrafted...that amount of change will take place from their side,” said an official.
India eyes more LNG, LPG imports from US; both sides explore SMR ties
US President Donald Trump’s Tuesday evening phone call to Prime Minister Narendra Modi came at a time when Washington and New Delhi are working to reset ties strained by the White House’s tariff policies. Their efforts will involve an Indian trade delegation visiting the US next week. Also, India would be increasing its imports of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) from the US, and the two sides are exploring an agreement on small modular reactors (SMRs).
Trump’s tariff rates could be restored by July, says US Treasury Secretary Scott Bessent
President Donald Trump’s tariffs may be restored by July to the levels in place before the Supreme Court struck down many of his levies, US Treasury Secretary Scott Bessent said. “We had a setback at the Supreme Court in terms of the tariff policy, but we will be implementing or conducting Section 301 studies, so the tariffs could be back in place at the previous level by beginning of July,” Bessent said Tuesday at a Wall Street Journal event in Washington.
Misri wraps US visit with talks to deepen nuclear ties, explore LPG exports
India's Foreign Secretary Vikram Misri discussed furthering energy cooperation with the US in nuclear power and new areas such as coal gasification and LPG exports in his meeting with US Energy Secretary Chris Wright. Wrapping up his three-day visit to the US, Misri's discussion with Wright focused on advancing energy security, deepening bilateral energy trade and identifying new avenues to strengthen the India-US Energy Partnership, the Indian Embassy in the US said.
India's fisheries exports rise to ₹68,000 cr after US tariffs: MoS Baghel
India's fisheries exports have risen from about Rs 60,000 crore to Rs 68,000 crore as the country tapped new markets following US tariff measures, Union minister Satya Pal Singh Baghel claimed on Saturday. The government aims to achieve Rs 1 trillion in fisheries exports over the next five years, he said on the sidelines of the second National Veterinary, Dairy and Fisheries Symposium 2026 in Nagpur.