general agreement on tariffs and trade

The US has informed the WTO that its steel and aluminium tariffs were imposed for national security, not as a safeguard measure, challenging India's complaint. India argues the tariffs are essentially safeguards, requiring WTO notifications and consultations. The US maintains it acted under a national security statute, shielding the move from WTO scrutiny.

Xi Jinping is currently touring Southeast Asia, advocating for free trade and positioning China as a source of stability. During his visit to Vietnam, he emphasized the need to uphold the global free trade system. He is expected to discuss a free trade agreement between China and ASEAN in Malaysia, despite ongoing tensions over South China Sea claims.

India aims for a beneficial bilateral trade agreement with the United States, following the finalization of terms for the initial phase. Both nations seek to elevate bilateral trade to $500 billion by 2030, targeting completion of the first phase by year-end. Trade liberalization will address both tariff and non-tariff barriers.

India and the United States are commencing discussions this week for a Bilateral Trade Agreement, starting virtually before an in-person meeting in May. This follows Prime Minister Modi and President Trump's agreement to strengthen ties, aiming to finalize the trade deal by fall. Both nations seek to expand bilateral trade to $500 billion by 2030.

Xi Jinping is advocating for free trade in Southeast Asia, portraying China as a source of stability. Welcomed in Vietnam and later in Malaysia, Xi emphasized opposing unilateral actions and maintaining global supply chains. Agreements were signed with Vietnam, including railway projects and increased agricultural exports. He will end his tour with a stop in Cambodia.

China's Xi Jinping is currently visiting Southeast Asia. He is advocating for free trade in his visit. He is portraying China as stable. He met with Vietnamese leaders in Hanoi. They discussed strengthening ties. Agreements were signed on supply chains and railway projects. Xi will also visit Malaysia and Cambodia. Discussions on a free trade agreement with ASEAN are expected.

India's chief negotiator Rajesh Agrawal will visit Washington DC next week to meet with US counterparts, paving the way for initial discussions on a proposed bilateral trade agreement. This visit aims to resolve outstanding issues before the formal trade talks commence.

India and the US are unlikely to adopt a 'zero-for-zero' tariff strategy in their bilateral trade agreement due to differing economic development stages. Instead, they are pursuing a comprehensive package deal covering goods, services, and non-tariff barriers, aiming to more than double bilateral trade to $500 billion by 2030. Negotiations began in March, with sector-specific discussions planned following preliminary talks.

India and the US are working towards finalizing a portion of their Bilateral Trade Agreement during the 90-day tariff pause initiated by the US. Negotiations have commenced, with both nations aiming for a mutually beneficial outcome. India is actively engaged, seeking to finalize initial phases by September-October, targeting a significant increase in bilateral trade to $500 billion by 2030.

Amid global trade tensions sparked by US tariffs, India's External Affairs Minister S Jaishankar and US counterpart Marco Rubio discussed the importance of finalizing the Bilateral Trade Agreement (BTA). Both sides aim to increase market access, reduce trade barriers, and strengthen supply chain integration. India has not imposed retaliatory tariffs, choosing negotiation instead.

Indian stock markets rebounded strongly after a long weekend. The NSE Nifty 50 index rose significantly in Mumbai. India has recovered losses from US tariffs. It is seen as a safe haven amid global market uncertainty. Strong domestic growth supports this. India may benefit from supply chain shifts away from China.

Commerce Minister Piyush Goyal has assured that India is strategically addressing tariff concerns with the US, aiming to boost bilateral trade to $500 billion. He expressed optimism about ongoing discussions with Washington, highlighting the groundwork laid by PM Modi and President Trump to strengthen relations and facilitate trade.

Marco Rubio and S Jaishankar acknowledged the robust US-India strategic alliance, exploring enhanced collaboration in the Indo-Pacific. Discussions included US reciprocal tariffs on India, aiming for a fair trade relationship. Both agreed on the significance of swiftly concluding the Bilateral Trade Agreement to resolve tariff issues and boost market access.

President Xi Jinping's visit to Cambodia underscores strengthening ties amid global economic uncertainties and trade tensions with the US Discussions will focus on trade, investment, and regional issues, with several cooperation agreements expected. China's role as a key economic partner is highlighted, alongside concerns about its growing influence, including the Ream Naval Base expansion.

India aims to accelerate trade agreement talks with the US after a temporary pause on reciprocal tariffs, while the US increases duties on China. India was among the first to initiate trade discussions with the US, targeting $500 billion in bilateral trade by 2030.

Amidst ongoing trade tensions, President Trump acknowledged potential "transition costs" from his tariff policies, aiming to reshape the global economy by incentivizing US-based manufacturing. Despite raising tariffs on China, including those impacting fentanyl production, Trump expressed optimism for a future agreement. China retaliated with increased tariffs on American goods, while the EU paused planned countermeasures to allow for negotiations.

The announcement of reciprocal tariffs is likely to open up fresh rounds of bilateral tariff negotiations and unilateral actions. This may also result in re-alignment of supply chains which were thus far reliant on rule-based trade under WTO.

Japan seeks quick resolution to US tariffs as profits decline. Economic Revitalisation Minister Ryosei Akazawa will negotiate in Washington this week. He aims to review Trump's tariffs. Japanese firms are major US investors. Vehicles form a large part of Japan's exports to the US. Prime Minister Shigeru Ishiba discussed the tariff impact with Singapore's Prime Minister Lawrence Wong.

India and the United States are actively pursuing a bilateral trade agreement, aiming for a fair and comprehensive pact despite rising tariff concerns. Negotiations are progressing well, with the goal of boosting the Indian economy towards Viksit Bharat 2047. Both nations are committed to a balanced trade relationship and seek to double bilateral trade to $500 billion by 2030.