There is intense discussion on the statement of US Commerce Minister Howard Lutnick regarding the ongoing talks on trade deal between America and India. He said that PM Modi had not called US President Donald Trump regarding the trade deal, hence the deal could not be done. The Indian Foreign Ministry has rejected his claim. MEA spokesperson Randhir Jaiswal said that PM Modi has spoken to Trump eight times.

PM Modi talked to Trump 8 times: External Affairs Ministry

On the statement of US Commerce Minister Howard Lutnick, the Foreign Ministry said, ‘India and America have been negotiating a trade deal since February last year. Both sides have held several rounds of talks. The description of these discussions in the reported comments (statement of Howard Lutnick) is not true. We look forward to completing this deal. In the year 2025, there was a phone conversation between the Prime Minister of India and Trump on 8th, in which various aspects of our comprehensive partnership were discussed. We have come several times to finalize the deal.

MEA statement on India-US trade deal

MEA spokesperson Randhir Jaiswal said, ‘India and the US were committed to negotiating a bilateral trade agreement since February 13 last year. Since then both sides have held several rounds of talks to reach a balanced and mutually beneficial trade agreement. On many occasions we have been very close to agreement. We are interested in a mutually beneficial trade agreement between two complementary economies and hope to see it completed. Hope to complete.

Nothing has been finalized yet regarding the trade deal between America and India. Due to which India is facing 50 percent American tariff. Lutnik said in a podcast on Thursday (January 8, 2026), ‘All the agreements were ready and the deal was completely ready. Only talks were to be held at the level of both the leaders. PM Modi was supposed to call President Trump, but he did not.

Rupee vs Dollar: The Indian currency is strengthening amid expectations of a possible trade deal between America and India. Trading in a limited range on Tuesday morning, the rupee rose by six paise to reach 88.67 against the US dollar.

Forex traders say that the dollar has weakened due to concerns over the long-term condition of the US economy, which has supported the rupee at lower levels. However, slowdown in domestic stock markets and foreign capital withdrawal have had a negative impact on investor sentiment.

Rupee strengthened

In the interbank foreign exchange market, the rupee opened at 88.79 against the dollar and later rose to 88.67 per dollar, showing an increase of six paise over the previous closing price. Later it was trading at 88.71. On Monday, the rupee had closed at 88.73 against the dollar. Meanwhile, the dollar index, which shows the position of the US dollar against six major currencies, rose marginally by 0.06 percent to 99.65.

IFA has said in its research note that after the recent statement of US President Donald Trump, the hope that the ongoing shutdown in America will end soon has increased. Trump has indicated that America may reduce the tariff rates imposed on India, because India has reduced the purchase of crude oil from Russia.

He also said that America has come very close to an important trade deal with India. According to Trump, this deal will be much different and more comprehensive than the earlier trade agreements.

down market

There was a decline in domestic stock markets on Tuesday. BSE’s 30-share Sensex fell 175.32 points to 83,360.03 in early trade, while NSE’s Nifty-50 also slipped 51.60 points to 25,522.75.

In the international market, Brent crude was trading at $ 63.97 per barrel with a decline of 0.14 percent. At the same time, according to stock market data, foreign institutional investors (FIIs) were sellers on Monday and sold shares worth a net Rs 4,114.85 crore.

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US President Donald Trump has once again claimed that during the increasing tension between India and Pakistan, he had talked to the Prime Ministers of both the countries and after that the war-like situation was averted. Trump said this during his recent address.

Trump said, “I am making a trade deal with India. I have an excellent relationship with Prime Minister Narendra Modi. I respect him a lot and have true affection for him. The Prime Minister of Pakistan is also a good person. He says he has a ‘Field Marshal’, who is a very brave warrior.”

He further said, “I heard that seven aircraft have been shot down in the skirmish between the two countries. Both of them are nuclear powers. I called Prime Minister Modi and said that we cannot do a trade deal with you because you are preparing for war with Pakistan. Then I told the same thing to Pakistan. Both of them said let us fight, but I explained to both of them.”

#WATCH US President Donald Trump says, “I’m doing a trade deal with India, and I have great respect and love for Prime Minister Modi. We have a great relationship. Likewise, the Prime Minister of Pakistan is a great guy. They have a Field Marshal. You know why he’s a Field… pic.twitter.com/ZbxkpSnBl1

— ANI (@ANI) October 29, 2025

Trump said this in a funny tone

Trump further said in a humorous tone, “Prime Minister Modi is one of the smartest and toughest leaders. Tough as hell. But finally, within two days, both countries contacted me and said they understood and the fight stopped. Isn’t that wonderful?” In his speech, Trump took a jibe at current US President Joe Biden and said, “Could Biden have done this? I don’t think so.”

Improvement in India-US relations

Recently, there were three talks between Donald Trump and Indian Prime Minister Narendra Modi. First time to wish PM Modi on his birthday, second time during the discussion on Gaza Agreement and third time on the occasion of Diwali. To maintain this warmth between the two leaders, a solid trade agreement is considered important. The Indian side has said that talks are going on on this, while the American side said that the talks have been fruitful, but consensus has not been reached yet on some major issues.

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There may be quick relief in the huge tariffs imposed on India by America. Chief Economic Advisor (CEA) V Anant Nageswaran hoped on Thursday that the resolution of the dispute with the US over high tariffs could be resolved in the next eight to ten weeks. The US had imposed an additional 25 percent tariff on Indian products from August 27 for the purchase of oil from Russia. With this, the total tariff in America on Indian products has increased to 50 percent.

The conversation continues behind the curtain- V Anant Nagswaran
Nageswaran said in a program organized by the Board of Industry, ‘Negotiations are going on between the two governments behind the screen. I estimate that the tariff imposed by the US on Indian goods will come out in the next eight to ten weeks. He further said-‘I believe that punitive fees will not be applicable after November 30’. However, he warned that the export of Indian things to America may decline in the event of tariff continuing.

The relationship between the two countries due to tariff
After US President Donald Trump’s tariff growth decision, the relationship between the two countries became tense for some time. However, after receiving favorable indications at the level of top leadership, the discussion about the trade agreement between the two countries has started again. Describing India as a low-middle-income aspiration economy, the Chief Economic Advisor said that in the first quarter of the current financial year, the actual GDP (GDP) increased at a rate of 7.8 percent. After the Kovid epidemic, India has registered a faster growth compared to many countries. He said that with the progress of manufacturing, service and agricultural sectors, strengthening of rural demand and improvement in urban demand will give the basis of economic growth in the next two years.

What Nageshwaran said on relief in GST rates?
Nagswaran said that the relief given in GST rates recently will increase additional income in the hands of consumers. The MSME sector has increased loans and large industry units are facing structural changes in debt distribution. He said that in the first quarter of the current financial year, the current account deficit of GDP was reduced to 0.2 percent and foreign exchange reserves are also healthy. He said, “Though the rupee is weakening against the dollar, but given the strength of the economy, I am sure that the rupee will maintain its value in the long run and it will also strengthen it.”

Nagswaran said that the priorities of the government include capital expenditure, encouragement of private investment and improvement in regulatory structure. He called upon the private sector to spend more on innovation and research. On the impact of AI on the Arthi system, he said that its impact is limited at present but there will be pressure on coding jobs. He said that in such a situation people will have to increase their skills.

India is going to make 10 important agreements with Singapore. India and Singapore are working towards finalizing about 10 compromise memories regarding technology, connectivity, skill development and digitization in the meeting of ministers of the two countries to be held this week.

Some people who are aware of this case, quoting PTI reported that under the agreement, work is also going on to finalize the ambitious proposal to laying cables under the sea to deliver solar energy from India to Singapore. This process will also provide data connectivity.

Singapore Prime Minister Lawrence Wong can also visit India next month, before that preparations are being made to finalize all these proposals. People familiar with the case said that the third meeting of the Indo-Singapore Ministerial Round Table Conference (ISMR) will be held in New Delhi on August 13, in which preparations will be made for Lawrence Wong’s visit.

It is also proposed to export green ammonia and green hydrogen from India to Singapore, which is being seen as part of the overall approach to further strengthening bilateral relations. Foreign Minister S. Jaishankar, Commerce Minister Piyush Goyal, Finance Minister Nirmala Sitharaman and Electronics and Information Technology Minister Ashwini Vaishnav will meet six ministers from Singapore under ISMR.

In September last year, during Prime Minister Narendra Modi’s visit to Singapore, India-Singapore relations were taken to a widespread strategic partnership level. The meeting between India and Singapore is also expected to discuss the agreements related to skill development, which will be focused on cooperation in areas such as aviation, semiconductor and advanced manufacturing.

The impact of America’s tariff policy and ways to deal with it can also be discussed in ISMR. Sources said that the two countries are working on a scheme with the aim of providing skill development training to around 1,00,000 Indians annually. He informed that Singapore companies will also be discussed in ISMR to increase investment in India.

The first ISMR meeting was held on 17 September 2022 in New Delhi, in which four ministers of Singapore came to India. The second meeting was held on 26 August 2024 in Singapore. Promoting overall trade between the two countries in the upcoming ISMR is also likely to be included in the major agenda.

Singapore is India’s largest trading partner in ASEAN (organization of South-East Asian countries). It is a major source of FDI (FDI).

US President Donald Trump has announced on Wednesday to impose an additional 25 percent punitive tariff from Russia, which will be applicable from August 27, which will be implemented from August 27. The move has launched a new debate on global trading strategies, especially with countries that are importing a large amount of energy products from Russia. There was a time when the European Union used to be the largest buyer of Russian oil, but now it has been replaced by Asian countries like China, India and Türkiye. Asia has become the largest market of crude oil from Russia after the restrictions imposed by the European Union.

After EU now Asia big buyers

Currently, China buys about $ 219.5 billion energy (oil, gas and coal) from Russia, while India imports around $ 133.4 billion and Türkiye about $ 90.3 billion. Apart from this, some European countries like Hungary are still buying limited amounts of Russian oil through the pipeline. Despite the sanctions of America and European countries, there has been no significant decrease in income from Russia’s oil.

According to Kiev School of Economics, Russia has earned $ 12.6 billion by selling oil in June itself, and in 2025, there is a possibility of an income of $ 153 billion. These figures show that despite the economic sanctions imposed on Russia, its energy exports have a limited impact and the Asian markets remain its economic backbone ..

Why better India’s situation?

Despite US President Donald Trump imposing 25 percent tariffs on India, India’s position remains better than China. The Trump administration has imposed 30 percent tariff on goods imported from China, while only 20 percent tariffs have been imposed on imports from Vietnam. Vietnam will have competition between the products of both countries in the US market due to lower tariffs than India. Meanwhile, Fitch Ratings have recently updated the interactive tool “Effective Tariff Rate (ETR) monitor” that monitors its tariff policy.

According to this, the average effective tariff rate of America has now increased to 17 percent, which is 2 percent more than the previous year. China’s ETR has been recorded at 41.4 percent (which was 10.7 percent earlier) among the major trade partners of the US, while India’s ETR is more than 21 percent, making it in a relatively better position than China.

At the ETR, an effective tariff rate, it can be understood how the real impact of the tariff imposed on a country has on business and economic strategies. According to Lecturer Liao U at Rainmin University, China, his “Make America Great Again” agenda has taken more aggressive form in Trump’s second term. Liao says that supporters of this ideology believe that free trade has damaged America and China is specially held responsible for this. In the coming times, China may face even more serious tariff war, although Trump’s ‘US First’ policy can also lead to strategic opportunity for China due to the weakening of the US’s traditional alliance.

US President Donald Trump left for the US on 30 July 2025 from a 4 -day Scotland tour. Meanwhile, he spoke to reporters in Air Force One and answered questions related to tariffs. Speaking especially on questions related to India, he said that India has been a good friend, but he imposes more tariffs on America than in almost any other country. You cannot do this. When asked if it is possible to impose 20% -25% tariff on India? So Trump replied to me. However, he also said that no final decision has been taken so far.

The statement from US President Donald Trump came at a time when talks are going on between India and the US about the trade agreement before the August 1 deadline, but so far no concrete results have been achieved. The Trump administration wants to bring tariff rates to countries around the world under the “Reciprocal Tariffs” i.e. mutual tariff policy. On July 23, Trump also said that America will not keep the tariff less than 15% for any country. They allege that economies like India impose more charges on American products, while the American market is open to them. Under this policy, countries like India are considered to be the United Stating Partner of America, until they cut the tariff.

#Watch When asked if India is going to pay high tarifs, between 20-25%, US President Donald Trump Says, “Yeah, I Think So. India is my friend. is not finalized. India has been a good friend, but India has… pic.twitter.com/iyxparzqce

– ANI (@ani) July 29, 2025

Negotiations between India and America continue
The Government of India is trying to compromise before the deadline of August 1. The Indian delegation led by Rajesh Aggarwal has completed a 5 round of talks in Washington in July. This conversation lasted for four days, but there is no success. Agriculture, automobile, digital business were important in the issue of negotiations. According to PTI, those who participated in the conversation on behalf of the US informed that the next round of talks is likely to be after August, ie after the deadline is over.

What does Indo-US trade stress mean?
The relations between India and the US are strategically strong, but there has been a long tension on the trade front.
The potential impact of Trump’s warning may have in many areas, which is as follows-

• Pressure on Indian exporters will increase (especially steel, aluminum, textile fields.
• Bilateral differences over IT services and data policy can be deeper.
• Strategic partnership such as defense and quad cooperation may be affected.

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Share Market Crash Reasons: The condition of the Indian stock market is suffering these days. On Monday, July 28, the third consecutive session of the stock market declined. Today, the stock market has started weak on Tuesday. Both Sensex and NIFT are open with a decline.

One of the major reasons for this is the delay in the trade deal between America and India. As the date of the deadline of the tariff is coming closer to 1 August, foreign investors are withdrawing their money from the Indian stock market. In addition, the results of the weak quarter are also responsible for this decline.

Crores of investors submerged in three days

On Monday, the Sensex closed down 572 points or 0.70 % to close at 80,891.02, while the Nifty 50 index slipped 156 points or 0.63 % to close at 24,680.90. Due to heavy selling in all sectors, the BSE midcap index also declined by 0.73 percent and 1.31 percent in the Smallcap index. In the last three sessions, the Sensex has broken 1,836 points or 2.2 percent, while the Nifty 50 has declined by 2.1 percent.

In the just three days, investors lost 13 lakh crores as the market cap of listed companies in BSE declined from 460.35 lakh crore on Wednesday, 23 July to about 448 lakh crore on Monday, 28 July. On Monday alone, about 4 lakh crore was eliminated from the market and the market cap fell below 451.7 lakh crores.

The reason for the decline in the stock market

• The trade deal between India and America has not been finalized yet. There is no indication of any agreement before 1 August. VK Vijaykumar, the Chief Investment Strategist, Chief Investment of Geojit Investments, says, “Trade agreement with Japan and European Union, which were initially considered difficult, have become, but the much-awaited Indo-US-US trade agreement is still hanging in the balance. It has influenced the market perception.
• Foreign portfolio investors (FPIs) are continuously selling amidst increasing valuations of the Indian stock market. FPIS has sold Indian shares worth 30,509 crore in the cash segment in July (till 25th) so far (till 25th). In the last five consecutive days, the FPI has sold Indian shares worth more than 13,550 crore in the cash segment. According to The Mint’s report, Vijaykumar said, “The selling of 13,552 crore by the FII in the cash market last week has further increased the weakness of the market.”
• The results of the weak quarter of Indian companies have also increased the concern of investors. According to Vijayakumar, “The first quarter results, which are not yet indicating any major positive changes, are a matter of concern. In this weak phase of the market, investors will have to be alert and more on a particular stock. The stock market valuations are still likely to decline due to the company’s weak quarter results.
• The story of development alone cannot compensate for the loss from them amid weak corporate income and tariff concerns. Meanwhile, the Asian Development Bank (ADB) has reduced India’s GDP growth estimates for FY 26 to 6.5 percent of the 6.7 % estimate of 6.7 % of April 26 in view of the possible impact of American tariffs and uncertainty on related policy measures. Similarly, India Ratings and Research (IND-R) has also reduced its estimate of India’s GDP growth rate for FY 26 to 6.6 percent, citing changes in both domestic and global conditions.
• Technical factor is also responsible for this decline in the stock market. Last week, the index on the Nifty Weekly Chart has created a big bullish candle. Experts of Axis Securities believe that the index may face harsh resistance in the 20-day SMA. They believe that the decline may increase by 24,500-24,300 due to continuous increase in from 25,000, while a positive breakout above 25,000 can manage things.

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When will your number come? After Japan, Indonesia, Vietnam and Britain now Trump did trade deal with EU

Eu-as trade deal: After Japan, Indensia, Vietnam and Britain, the US has now also made a trade deal with the European Union (EU). There was talk for months between these two biggest partners in the world about the trade deal and now the deal is finally confirmed. The agreement was reached in Scotland after a meeting between President Donald Trump and European Commission Chairman Ursula von Der Leyen.

America imposed 15 percent tariff on EU

Under the agreement, both sides have agreed to impose 15 percent American tariffs on most of the European Union products. Although EU was in demand that no tax is levied on its goods to be sent to America, but this deal has been finalized to protect both of them from damage.

Earlier, Trump had threatened to impose 30 percent tariffs on the US -imported products from European Union countries, which was about to come into force from 1 August. Now the goods coming to America from EU will be imposed 15 percent tariffs, while the European Union will open its market with zero tariffs on some products to American expoters. Von Der Leyen says that this agreement will bring stability in the business of both countries. One third of the total trade of the world is between these two.

The sword of heavy tariff hanging on these countries

If there is no talk with America between these two days, then countries like India, Canada and Mexico may have to face Trump’s reciperoot tariff from August 1. From August 1, the baseline tariff of 10 percent will be increased more on all countries like South Korea, India and Taiwan. At first they were going to be implemented from July 9, but then Trump had increased their deadline till 1 August.

Bomb of recipes rocked on these countries

Meanwhile, in addition to Brazil, the United States has a bomb of tariff from 20 percent to 50 percent on countries like Sri Lanka, Brunei, Maldives, Philippines, Iraq, Libya, Algeria.

Here, the South China Morning Post (SCMP) quoted the case on Sunday, saying in its report on Sunday that the business talks between the US and China in Stockholm from Monday may talk about increasing the deadline of the tariff for three more months. Meanwhile, after negotiations between the officials of the two countries in the last few days, the US has reduced the tariff on sugar imports by 30 percent, while China has reduced it by 10 percent.

What is the stance on India?

Here, in an interview to Bloomberg Television on Thursday, the country’s Commerce Minister Piyush Goyal said that he hoped that the threat of 26 percent tariff on India will be averted and India will reach an agreement with America. He had told that there is no hurdle in the trade talks between America and India. However, despite his saying so, now according to the local media, the possibility of any interim agreement has decreased before 1 August.

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US President Donald Trump gave the European Union (EU) Has announced a big business agreement with. Trump has called it the best trade agreement so far. He says that both sides are going to benefit from this. Trump has imposed 15 percent tariff on the European Union during the trade deal. According to the AFP report, he says that this deal will open the market in all areas.

The European Union will increase the purchase of military equipment from the US after the trade deal. He will also procure US $ 150 billion from the US energy sector. EU Chief Ursula von Der Leyen said that a very good deal has been done with America. At the same time, US President Trump announced about the trade deal and said that the European Union will invest $ 600 billion in the US. Under this deal, only the current tariff system will be run on steel and aluminum. An announcement can be made in the next two weeks regarding chips or semiconductor sector.

How much tariff did Trump put on which country

Trump has burst tariff bombs on many countries, while some countries have also given concession. He has imposed 34 percent tariffs on China and 46 percent on Vietnam. 29 percent tariffs have been imposed on Pakistan and 37 percent on Bangladesh. Trump had first imposed 10 percent tariff on Brazil, but now it has increased to 50 percent. This can affect Brazil’s economy badly.

Trade deal is going to be held between India and America

There was a long talk between India and America about the trade deal. Both these countries are talking about agriculture and dairy, automobile sector as well as more business in more areas. The trade deal of both countries has not been finalized yet, but it can be agreed soon.