<p>Negotiations for a comprehensive trade deal between India and Oman, which commenced in 2023, have been concluded. "India-Oman CEPA negotiations have been concluded," Minister of State for Commerce and Industry Jitin Prasada informed Rajya Sabha in a written reply this week while responding to a question from Congress member Hebi Mather Hisham relating to India's trade deals.<br>&nbsp;</p><p>India and Oman share a longstanding history of friendship and cooperation, built on the foundation of mutual trust and respect, and strong people-to-people ties going back centuries.<br>&nbsp;</p><p>The two countries are strategic partners, and the bilateral trade and investment relationship between them has flourished since diplomatic relations were established in 1955, which was upgraded to a strategic partnership in 2008.<br>&nbsp;</p><p>The minister, in his reply, however, didn't mention any date or timeline on the expected signing ceremony for the India-Oman Comprehensive Economic Partnership Agreement.<br>&nbsp;</p><p>Further, the Minister apprised the Upper House that India has strengthened its trade ties over the past five years, signing five major Free Trade Agreements (FTAs) and progressing on several new deals.<br>&nbsp;</p><p>Congress member Jebi Mather Hisham asked the Minister to apprise the House about the number of international trade agreements that have been signed by India in the last five years, besides details of their implementation.<br>&nbsp;</p><p>The agreements inked over the past 5 years include the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) implemented in 2021, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) in 2024, and the India-UK Comprehensive Economic and Trade Agreement (CETA) signed in 2025, which is yet to come into force.<br>&nbsp;</p><p>The India-European Union Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) is expected to be implemented later this year once all parties complete their ratification processes.<br><br>Meanwhile, India is in talks for several other agreements, including the India-EU FTA, India-Australia Comprehensive Economic Cooperation Agreement (CECA), India-Sri Lanka Economic and Technology Cooperation Agreement, India-Peru FTA, India-Chile CEPA, India-New Zealand FTA, and a bilateral trade agreement with the United States.</p><p>&nbsp;</p><p><i>Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.</i></p>

India and Oman share a longstanding history of friendship and cooperation, built on the foundation of mutual trust and respect, and strong people-to-people ties going back centuries.

Negotiations for a comprehensive trade deal between India and Oman, which commenced in 2023, have been concluded. "India-Oman CEPA negotiations have been concluded," Minister of State for Commerce and Industry Jitin Prasada informed Rajya Sabha in a written reply this week while responding to a question from Congress member Hebi Mather Hisham relating to India's trade deals. India and Oman share a longstanding history of friendship and cooperation, built on the foundation of mutual trust and respect, and strong people-to-people ties going back centuries. The two countries are strategic partners, and the bilateral trade and investment relationship between them has flourished since diplomatic relations were established in 1955, which was upgraded to a strategic partnership in 2008. The minister, in his reply, however, didn't mention any date or timeline on the expected signing ceremony for the India-Oman Comprehensive Economic Partnership Agreement. Further, the Minister apprised the Upper House that India has strengthened its trade ties over the past five years, signing five major Free Trade Agreements (FTAs) and progressing on several new deals. Congress member Jebi Mather Hisham asked the Minister to apprise the House about the number of international trade agreements that have been signed by India in the last five years, besides details of their implementation. The agreements inked over the past 5 years include the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) implemented in 2021, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) in 2024, and the India-UK Comprehensive Economic and Trade Agreement (CETA) signed in 2025, which is yet to come into force. The India-European Union Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) is expected to be implemented later this year once all parties complete their ratification processes. Meanwhile, India is in talks for several other agreements, including the India-EU FTA, India-Australia Comprehensive Economic Cooperation Agreement (CECA), India-Sri Lanka Economic and Technology Cooperation Agreement, India-Peru FTA, India-Chile CEPA, India-New Zealand FTA, and a bilateral trade agreement with the United States. Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

<p>India and Oman share a longstanding history of friendship and cooperation, built on the foundation of mutual trust and respect, and strong people-to-people ties going back centuries.</p>

India and Oman conclude trade deal negotiations

<p>US President Donald Trump announced on July 15 that the United States had finalised a new trade deal with Indonesia, significantly reducing tariffs on US exports while imposing a 19 per cent tariff on Indonesian goods. This agreement is seen as a key step in Trump’s ongoing effort to address the US trade deficit and secure better trade terms with foreign partners. Under the terms of the deal, Indonesia will pay a 19 per cent tariff on its exports to the US, a substantial reduction from the previously threatened 32 per cent tariff.</p><p>“Great deal, for everybody, just made with Indonesia,” Trump wrote in a post on Truth Social, adding that details would follow soon. “They are going to pay 19 per cent, and we are going to pay nothing... full access to Indonesia.”</p><p>The agreement, which was finalised through direct negotiations between Trump and Indonesian President Prabowo Subianto, is part of a broader strategy to reduce US trade imbalances with key nations. Trump also revealed that Indonesia had committed to purchasing significant amounts of US exports, including $15 billion worth of US energy, $4.5 billion in agricultural products, and 50 Boeing jets, many of which would be 777 models.</p><p>While Indonesia does not rank among the top 15 trade partners of the United States, the trade value has been growing over the past few years. Indonesia’s total trade with the US stood at just under $40 billion in 2024. US exports to Indonesia grew 3.7 per cent last year, while imports from there were up 4.8 per cent, leaving the US with a goods trade deficit of nearly $18 billion.</p><h2><strong>Tariff reductions and new trade commitments</strong></h2><p>The deal with Indonesia marks a significant shift from earlier threats of steep tariffs. US Commerce Secretary Howard Lutnick stated that the agreement would align with the administration’s broader objective of eliminating tariffs on US exports while imposing tariffs on imports, a model recently established with Vietnam.</p><p>“By eliminating tariffs on US goods, we’re unleashing the potential of our farmers, ranchers, and manufacturers,” Lutnick explained. The deal with Indonesia is expected to help reduce the nearly $18 billion trade deficit the US currently holds with the Southeast Asian nation, which recorded a total trade volume of approximately $40 billion with the US in 2024.</p><h2><strong>Wider global trade pressures and ongoing negotiations</strong></h2><p>Despite the announced deal, Trump’s broader tariff agenda has raised tensions with other trading partners. He has sent letters to over 20 nations, including the European Union, Japan, and Malaysia, warning of new tariff rates if negotiations do not result in better terms by the August 1 deadline.</p><p>While Trump has made strides with countries like Vietnam and the UK, the uncertainty surrounding the implementation of these agreements continues to leave foreign markets on edge. The trade deal with Indonesia, however, provides a glimmer of hope for US exporters and marks another step in Trump’s “America First” trade strategy.</p><p>&nbsp;</p><p>(<i>With inputs from agencies</i>)</p>

Donald Trump revealed that Indonesia had committed to purchasing significant amounts of US exports, including $15 billion worth of US energy, $4.5 billion in agricultural products, and 50 Boeing jets, many of which would be 777 models.

US President Donald Trump announced on July 15 that the United States had finalised a new trade deal with Indonesia, significantly reducing tariffs on US exports while imposing a 19 per cent tariff on Indonesian goods. This agreement is seen as a key step in Trump’s ongoing effort to address the US trade deficit and secure better trade terms with foreign partners. Under the terms of the deal, Indonesia will pay a 19 per cent tariff on its exports to the US, a substantial reduction from the previously threatened 32 per cent tariff. “Great deal, for everybody, just made with Indonesia,” Trump wrote in a post on Truth Social, adding that details would follow soon. “They are going to pay 19 per cent, and we are going to pay nothing... full access to Indonesia.” The agreement, which was finalised through direct negotiations between Trump and Indonesian President Prabowo Subianto, is part of a broader strategy to reduce US trade imbalances with key nations. Trump also revealed that Indonesia had committed to purchasing significant amounts of US exports, including $15 billion worth of US energy, $4.5 billion in agricultural products, and 50 Boeing jets, many of which would be 777 models. While Indonesia does not rank among the top 15 trade partners of the United States, the trade value has been growing over the past few years. Indonesia’s total trade with the US stood at just under $40 billion in 2024. US exports to Indonesia grew 3.7 per cent last year, while imports from there were up 4.8 per cent, leaving the US with a goods trade deficit of nearly $18 billion. Tariff reductions and new trade commitments The deal with Indonesia marks a significant shift from earlier threats of steep tariffs. US Commerce Secretary Howard Lutnick stated that the agreement would align with the administration’s broader objective of eliminating tariffs on US exports while imposing tariffs on imports, a model recently established with Vietnam. “By eliminating tariffs on US goods, we’re unleashing the potential of our farmers, ranchers, and manufacturers,” Lutnick explained. The deal with Indonesia is expected to help reduce the nearly $18 billion trade deficit the US currently holds with the Southeast Asian nation, which recorded a total trade volume of approximately $40 billion with the US in 2024. Wider global trade pressures and ongoing negotiations Despite the announced deal, Trump’s broader tariff agenda has raised tensions with other trading partners. He has sent letters to over 20 nations, including the European Union, Japan, and Malaysia, warning of new tariff rates if negotiations do not result in better terms by the August 1 deadline. While Trump has made strides with countries like Vietnam and the UK, the uncertainty surrounding the implementation of these agreements continues to leave foreign markets on edge. The trade deal with Indonesia, however, provides a glimmer of hope for US exporters and marks another step in Trump’s “America First” trade strategy. (With inputs from agencies)

<p>Donald Trump revealed that Indonesia had committed to purchasing significant amounts of US exports, including $15 billion worth of US energy, $4.5 billion in agricultural products, and 50 Boeing jets, many of which would be 777 models.</p>

Trump finalises trade deal with Indonesia: Tariff set at 19%, major export commitments for US

<p>US President Donald Trump on Sunday (Jul 6) confirmed that he would start sending the first letters on tariffs and trade deals to several countries on Monday (Jul 7) as the deadline for the temporary pause on duties nears. Trump had earlier said he was expecting the first batch of letters to go out on Friday, the US Independence Day, but the date was pushed further. Shortly after the announcement was made, the president also threatened an additional 10 per cent tariff on any country aligning itself with BRICS. This comes as the intergovernmental organisation is holding its 17th summit in Brazil.</p><p>&nbsp;</p><p>“I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th,” Trump wrote on his Truth Social platform.</p><p>&nbsp;</p><p>Earlier, Trump had said that he had signed letters to 12 countries outlining the various tariff levels with the “take it or leave it” offers. He made the statement while speaking to reporters aboard Air Force One, adding that the names of the countries would be made public on Monday.</p><p>&nbsp;</p><p>Unleashing a global trade war, Trump in April announced ‘Liberation Day’ tariffs of a 10 per cent base levy rate and additional duties for most countries, some ranging as high as 50 per cent. However, the US president suspended the tariffs for 90 days, allowing more time for negotiations to secure deals. The deadline ends on July 9.</p><p>&nbsp;</p><p>On Friday, Trump said that the imposed tariffs can even be higher than the earlier set percentage, ranging as high as 70 per cent, with most expected to go into effect on August 1.</p><p>&nbsp;</p><p>“I signed some letters and they’ll go out on Monday, probably twelve,” Trump had said. “Different amounts of money, different amounts of tariffs.”</p><p>&nbsp;</p><p>The only trade partners to reach an agreement with the US are Britain and Vietnam. While the UK reached a deal in May to keep a 10 per cent rate with preferential treatment for some sectors, including autos and aircraft engines, Vietnam has managed to agree on 20 per cent tariffs from the earlier 46 per cent threatened by Trump.</p><p>&nbsp;</p><p>A trade deal with India has failed to materialise, while EU officials said on Friday that they failed to achieve a breakthrough in trade negotiations with the Trump administration, adding that they seek to extend the status quo to avoid hefty tariffs.</p>

On Friday, Trump said that the imposed tariffs can even be higher than the earlier set percentage, ranging as high as 70 per cent, with most expected to go into effect on August 1.

US President Donald Trump on Sunday (Jul 6) confirmed that he would start sending the first letters on tariffs and trade deals to several countries on Monday (Jul 7) as the deadline for the temporary pause on duties nears. Trump had earlier said he was expecting the first batch of letters to go out on Friday, the US Independence Day, but the date was pushed further. Shortly after the announcement was made, the president also threatened an additional 10 per cent tariff on any country aligning itself with BRICS. This comes as the intergovernmental organisation is holding its 17th summit in Brazil. “I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th,” Trump wrote on his Truth Social platform. Earlier, Trump had said that he had signed letters to 12 countries outlining the various tariff levels with the “take it or leave it” offers. He made the statement while speaking to reporters aboard Air Force One, adding that the names of the countries would be made public on Monday. Unleashing a global trade war, Trump in April announced ‘Liberation Day’ tariffs of a 10 per cent base levy rate and additional duties for most countries, some ranging as high as 50 per cent. However, the US president suspended the tariffs for 90 days, allowing more time for negotiations to secure deals. The deadline ends on July 9. On Friday, Trump said that the imposed tariffs can even be higher than the earlier set percentage, ranging as high as 70 per cent, with most expected to go into effect on August 1. “I signed some letters and they’ll go out on Monday, probably twelve,” Trump had said. “Different amounts of money, different amounts of tariffs.” The only trade partners to reach an agreement with the US are Britain and Vietnam. While the UK reached a deal in May to keep a 10 per cent rate with preferential treatment for some sectors, including autos and aircraft engines, Vietnam has managed to agree on 20 per cent tariffs from the earlier 46 per cent threatened by Trump. A trade deal with India has failed to materialise, while EU officials said on Friday that they failed to achieve a breakthrough in trade negotiations with the Trump administration, adding that they seek to extend the status quo to avoid hefty tariffs.

<p>On Friday, Trump said that the imposed tariffs can even be higher than the earlier set percentage, ranging as high as 70 per cent, with most expected to go into effect on August 1.</p>

Trump confirms ‘UNITED STATES TARIFF Letters’ to be sent to various countries on Monday at THIS time

<p>Indonesia is proposing to increase imports of American goods, including aircraft and wheat, as part of its negotiations with the United States to secure lower tariffs on its own exports, ccccccccccccccccccccccccccccccccccccccccccccccccccccccccAirlangga Hartarto told <i>Reuters</i> on July 4. Speaking as Indonesia’s lead negotiator in the ongoing talks, Airlangga said state-owned carrier Garuda Indonesia and food giant Indofood are prepared to ramp up purchases of US products, including aircraft from Boeing and American wheat, in an effort to secure more favourable trade terms.</p><p>Garuda Indonesia is reportedly in discussions to buy up to 75 Boeing aircraft, while Indofood, known for its instant noodles, could boost wheat imports. Both companies declined to comment on the ongoing negotiations.</p><h2><strong>Trade deal aims to narrow deficit, boost investment</strong></h2><p>The talks are part of a broader $34 billion pact expected to be finalised next week. The agreement is likely to include increased Indonesian purchases of American goods and new investments by Indonesian firms in the US. Airlangga said Indonesia is also offering the US near-zero tariffs on key exports, particularly agricultural products, which currently face duties of between 0 per cent and 5 per cent. However, he emphasised that Indonesia expects reciprocal reductions from Washington, where Indonesian goods still face tariffs as high as 32 per cent.</p><p>“We want to see the same commitment from the US side,” Airlangga told <i>Reuters</i>. “The final tariff reductions will depend on how much the US is willing to adjust.”</p><p>In return, Jakarta is seeking lower tariffs for Indonesian exports such as electronics, textiles, and footwear. Susiwijono Moegiarso, a senior official from the Coordinating Ministry for Economic Affairs, also told <i>Reuters </i>these sectors are crucial to Indonesia’s export economy and need better access to US markets.</p><h2><strong>Mineral investment opportunities on the table</strong></h2><p>Indonesia has also extended an offer to the US to invest in its critical minerals sector, including copper, nickel, and bauxite, key inputs in electric vehicle and battery manufacturing. Airlangga confirmed that military cooperation is not part of the negotiations.</p><p>In 2024, the US goods trade deficit with Indonesia stood at $17.9 billion. Top American exports to Indonesia include soybeans, petroleum gases, and aircraft, according to trade data.</p>

The talks are part of a broader $34 billion Indonesia-US pact expected to be finalised next week. The agreement is likely to include increased Indonesian purchases of American goods and new investments by Indonesian firms in the US.

Indonesia is proposing to increase imports of American goods, including aircraft and wheat, as part of its negotiations with the United States to secure lower tariffs on its own exports, ccccccccccccccccccccccccccccccccccccccccccccccccccccccccAirlangga Hartarto told Reuters on July 4. Speaking as Indonesia’s lead negotiator in the ongoing talks, Airlangga said state-owned carrier Garuda Indonesia and food giant Indofood are prepared to ramp up purchases of US products, including aircraft from Boeing and American wheat, in an effort to secure more favourable trade terms. Garuda Indonesia is reportedly in discussions to buy up to 75 Boeing aircraft, while Indofood, known for its instant noodles, could boost wheat imports. Both companies declined to comment on the ongoing negotiations. Trade deal aims to narrow deficit, boost investment The talks are part of a broader $34 billion pact expected to be finalised next week. The agreement is likely to include increased Indonesian purchases of American goods and new investments by Indonesian firms in the US. Airlangga said Indonesia is also offering the US near-zero tariffs on key exports, particularly agricultural products, which currently face duties of between 0 per cent and 5 per cent. However, he emphasised that Indonesia expects reciprocal reductions from Washington, where Indonesian goods still face tariffs as high as 32 per cent. “We want to see the same commitment from the US side,” Airlangga told Reuters. “The final tariff reductions will depend on how much the US is willing to adjust.” In return, Jakarta is seeking lower tariffs for Indonesian exports such as electronics, textiles, and footwear. Susiwijono Moegiarso, a senior official from the Coordinating Ministry for Economic Affairs, also told Reuters these sectors are crucial to Indonesia’s export economy and need better access to US markets. Mineral investment opportunities on the table Indonesia has also extended an offer to the US to invest in its critical minerals sector, including copper, nickel, and bauxite, key inputs in electric vehicle and battery manufacturing. Airlangga confirmed that military cooperation is not part of the negotiations. In 2024, the US goods trade deficit with Indonesia stood at $17.9 billion. Top American exports to Indonesia include soybeans, petroleum gases, and aircraft, according to trade data.

<p>The talks are part of a broader $34 billion Indonesia-US pact expected to be finalised next week. The agreement is likely to include increased Indonesian purchases of American goods and new investments by Indonesian firms in the US.</p>

Indonesia offers boost in US purchases in exchange for lower tariffs

<p>In a significant development in US-Vietnam trade relations, President Donald Trump announced on July 2 that a trade deal has been reached with the Southeast Asian nation. Under the terms of the agreement, Vietnamese exports to the United States will now be subject to a 20 per cent tariff, significantly lower than the 46 per cent levy initially planned. The deal also sets a 40 per cent tariff on goods transshipped through Vietnam, a measure aimed at curbing the practice of circumventing tariffs by routing Chinese goods through the country. In return, Vietnam will offer the United States zero-tariff access to its markets, a significant step forward in trade cooperation between the two nations.</p><p>The agreement, which came after weeks of tense negotiations, is seen as a key moment in the Trump administration’s broader strategy of imposing tariffs and negotiating trade deals with countries that are seen as not reciprocating US market access on equal terms. Trump took to the social media platform Truth Social to announce the deal, writing, “It is my great honor to announce that I have just made a trade deal with the Socialist Republic of Vietnam... It will be a great deal of cooperation between our two countries.”</p><p>The deal marks a win for the Trump administration, which had warned that without an agreement, the new 46 per cent tariffs on Vietnamese goods would go into effect on July 9. This would have added significant costs to US importers, with the potential to raise prices for consumers. The final deal represents a much-needed diplomatic breakthrough with Vietnam, which has seen its exports to the US soar in recent years, largely due to trade diversion from China.</p><h2><strong>Impact on US imports and exports</strong></h2><p>The newly agreed-upon tariff levels will affect the flow of goods between the two nations. While Vietnam will face a 20 per cent tariff on most of its exports to the US, the 40 per cent levy on transshipped goods could have a more far-reaching impact. Transshipping involves routing goods through Vietnam from third-party countries, particularly China, to avoid higher tariffs. This provision seeks to close loopholes in the enforcement of tariffs, ensuring that goods primarily made in China do not circumvent US duties by using Vietnam as an intermediary.</p><p>Vietnamese exports to the United States have skyrocketed in recent years, as US companies shifted their production lines from China to Vietnam to evade the Trump administration’s tariffs on Chinese goods. This trade diversification strategy has benefitted Vietnam, but it has also strained relations between the two countries. With the new deal, the US seeks to prevent abuse of the transshipment system while still benefiting from Vietnam’s growing role as a manufacturing hub in Asia.</p><p>On the other hand, the US will gain substantial market access to Vietnam, with zero tariffs on US exports to the country. This could provide new opportunities for American manufacturers, especially in sectors like automotive and agriculture. Trump made the case for US auto exports to Vietnam, particularly large-engine vehicles, which he believes will be a valuable addition to the Vietnamese market.</p><h2><strong>Strategic importance of the deal</strong></h2><p>Beyond the economic factors, the deal with Vietnam has strategic implications. Vietnam is one of the key nations in Southeast Asia that the US sees as a crucial partner in balancing China’s growing influence in the region. While the trade agreement focuses on tariffs and market access, it also sets the stage for deeper diplomatic and military cooperation. Trump’s decision to strike a deal with Vietnam comes amid heightened tensions between the US and China, and Vietnam plays an important role as a counterbalance to China’s dominance in the region.</p><p>Additionally, Vietnam has long lobbied the US to recognise its market economy status and remove restrictions on the export of high-tech products to the country. This remains an ongoing issue, but the trade deal is a step toward resolving those concerns, which could pave the way for further economic exchanges.</p><p>The deal also includes provisions to address Vietnam’s concerns regarding its own access to US markets. Trump’s announcement noted that the country would enjoy full tariff-free access to US markets, opening opportunities for Vietnamese goods to reach American consumers without the burden of tariffs.</p><h2><strong>Uncertainty looms as details remain sparse</strong></h2><p>Despite the optimistic announcement, several details of the agreement remain unclear. Both the White House and the Vietnamese trade ministry have not provided full clarity on the specific products that will be affected by the 20 per cent tariff or how the transshipment provisions will be implemented in practice. The Trump administration has yet to release a formal trade agreement or term sheet, meaning that much of the deal remains in a framework stage, similar to previous trade agreements with other countries like China and the UK.</p><p>Vietnam ranks fifth among the countries that the US has the highest trade deficit with, and its growing trade surplus with the US has been a contentious issue, with Trump signalling that these tariffs were necessary to correct what he described as an “unfair” trading relationship. With the trade deal, Vietnam hopes to secure greater access to US markets, especially in sectors like agriculture and automotive manufacturing, while addressing the concerns of the US over trade imbalances and transshipment practices.</p>

Vietnamese exports to the United States have skyrocketed in recent years, as US companies shifted their production lines from China to Vietnam to evade the Trump administration’s tariffs on Chinese goods, but the deal also sets a 40 per cent tariff on goods transshipped through Vietnam.

In a significant development in US-Vietnam trade relations, President Donald Trump announced on July 2 that a trade deal has been reached with the Southeast Asian nation. Under the terms of the agreement, Vietnamese exports to the United States will now be subject to a 20 per cent tariff, significantly lower than the 46 per cent levy initially planned. The deal also sets a 40 per cent tariff on goods transshipped through Vietnam, a measure aimed at curbing the practice of circumventing tariffs by routing Chinese goods through the country. In return, Vietnam will offer the United States zero-tariff access to its markets, a significant step forward in trade cooperation between the two nations. The agreement, which came after weeks of tense negotiations, is seen as a key moment in the Trump administration’s broader strategy of imposing tariffs and negotiating trade deals with countries that are seen as not reciprocating US market access on equal terms. Trump took to the social media platform Truth Social to announce the deal, writing, “It is my great honor to announce that I have just made a trade deal with the Socialist Republic of Vietnam... It will be a great deal of cooperation between our two countries.” The deal marks a win for the Trump administration, which had warned that without an agreement, the new 46 per cent tariffs on Vietnamese goods would go into effect on July 9. This would have added significant costs to US importers, with the potential to raise prices for consumers. The final deal represents a much-needed diplomatic breakthrough with Vietnam, which has seen its exports to the US soar in recent years, largely due to trade diversion from China. Impact on US imports and exports The newly agreed-upon tariff levels will affect the flow of goods between the two nations. While Vietnam will face a 20 per cent tariff on most of its exports to the US, the 40 per cent levy on transshipped goods could have a more far-reaching impact. Transshipping involves routing goods through Vietnam from third-party countries, particularly China, to avoid higher tariffs. This provision seeks to close loopholes in the enforcement of tariffs, ensuring that goods primarily made in China do not circumvent US duties by using Vietnam as an intermediary. Vietnamese exports to the United States have skyrocketed in recent years, as US companies shifted their production lines from China to Vietnam to evade the Trump administration’s tariffs on Chinese goods. This trade diversification strategy has benefitted Vietnam, but it has also strained relations between the two countries. With the new deal, the US seeks to prevent abuse of the transshipment system while still benefiting from Vietnam’s growing role as a manufacturing hub in Asia. On the other hand, the US will gain substantial market access to Vietnam, with zero tariffs on US exports to the country. This could provide new opportunities for American manufacturers, especially in sectors like automotive and agriculture. Trump made the case for US auto exports to Vietnam, particularly large-engine vehicles, which he believes will be a valuable addition to the Vietnamese market. Strategic importance of the deal Beyond the economic factors, the deal with Vietnam has strategic implications. Vietnam is one of the key nations in Southeast Asia that the US sees as a crucial partner in balancing China’s growing influence in the region. While the trade agreement focuses on tariffs and market access, it also sets the stage for deeper diplomatic and military cooperation. Trump’s decision to strike a deal with Vietnam comes amid heightened tensions between the US and China, and Vietnam plays an important role as a counterbalance to China’s dominance in the region. Additionally, Vietnam has long lobbied the US to recognise its market economy status and remove restrictions on the export of high-tech products to the country. This remains an ongoing issue, but the trade deal is a step toward resolving those concerns, which could pave the way for further economic exchanges. The deal also includes provisions to address Vietnam’s concerns regarding its own access to US markets. Trump’s announcement noted that the country would enjoy full tariff-free access to US markets, opening opportunities for Vietnamese goods to reach American consumers without the burden of tariffs. Uncertainty looms as details remain sparse Despite the optimistic announcement, several details of the agreement remain unclear. Both the White House and the Vietnamese trade ministry have not provided full clarity on the specific products that will be affected by the 20 per cent tariff or how the transshipment provisions will be implemented in practice. The Trump administration has yet to release a formal trade agreement or term sheet, meaning that much of the deal remains in a framework stage, similar to previous trade agreements with other countries like China and the UK. Vietnam ranks fifth among the countries that the US has the highest trade deficit with, and its growing trade surplus with the US has been a contentious issue, with Trump signalling that these tariffs were necessary to correct what he described as an “unfair” trading relationship. With the trade deal, Vietnam hopes to secure greater access to US markets, especially in sectors like agriculture and automotive manufacturing, while addressing the concerns of the US over trade imbalances and transshipment practices.

<p>Vietnamese exports to the United States have skyrocketed in recent years, as US firms shifted their production lines from China to Vietnam to evade the Trump tariffs on Chinese goods, but the deal also sets a 40 per cent tariff on goods transshipped via Vietnam to curb the practice.</p>

Trump tariffs on Vietnamese goods slashed to 20%, while US faces zero levy

<p>US President Donald Trump on Wednesday (July 2) announced that he has made a trade deal with Vietnam after holding negotiations with General Secretary To Lam. Trump further detailed the terms on which the deal has been made.</p><p>In a post on Truth Social, Trump announced to make a "great deal" with Vietnam.</p><p>"It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam. It will be a Great Deal of Cooperation between our two Countries," he wrote.</p><h2>Terms explained</h2><p>The US president detailed the terms on which he made the trade deal with Vietnam, stressing that it will be a great deal of cooperation between the two nations.</p><p>Now, as per the new deal, Vietnam will pay the United States a 20% tariff on any and all goods sent into America, and a 40% Tariff on any transshipping.</p><p>While, in return, Trump announced that Vietnam will be doing something they have never done before.</p><p>"Vietnam will give the United States of America TOTAL ACCESS to their Markets for Trade. In other words, they will OPEN THEIR MARKET TO THE UNITED STATES, meaning that, we will be able to sell our product into Vietnam at ZERO Tariff," Trump stressed.</p><p>"It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam," he added.</p><p>The US president further said that dealing with General Secretary To Lam, which he did personally, was an absolute pleasure.</p><p>This comes just a week before the July 9 deadline as the 90-day window for tariff negotiations was about to expire. Apart from Vietnam, the UK and China have reportedly secured a deal with the US.&nbsp;</p>

As per the new deal, Vietnam will pay the United States a 20% tariff on any and all goods sent into America, and a 40% Tariff on any transshipping.

US President Donald Trump on Wednesday (July 2) announced that he has made a trade deal with Vietnam after holding negotiations with General Secretary To Lam. Trump further detailed the terms on which the deal has been made. In a post on Truth Social, Trump announced to make a "great deal" with Vietnam. "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam. It will be a Great Deal of Cooperation between our two Countries," he wrote. Terms explained The US president detailed the terms on which he made the trade deal with Vietnam, stressing that it will be a great deal of cooperation between the two nations. Now, as per the new deal, Vietnam will pay the United States a 20% tariff on any and all goods sent into America, and a 40% Tariff on any transshipping. While, in return, Trump announced that Vietnam will be doing something they have never done before. "Vietnam will give the United States of America TOTAL ACCESS to their Markets for Trade. In other words, they will OPEN THEIR MARKET TO THE UNITED STATES, meaning that, we will be able to sell our product into Vietnam at ZERO Tariff," Trump stressed. "It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam," he added. The US president further said that dealing with General Secretary To Lam, which he did personally, was an absolute pleasure. This comes just a week before the July 9 deadline as the 90-day window for tariff negotiations was about to expire. Apart from Vietnam, the UK and China have reportedly secured a deal with the US.

<p>As per the new deal, Vietnam will pay the United States a 20% tariff on any and all goods sent into America, and a 40% Tariff on any transshipping.</p>

'TOTAL ACCESS to markets': Trump just made a trade deal with Vietnam | Terms EXPLAINED

<p><span>US President</span><span> <a href="https://www.wionews.com/world/qatar-a-lago-banner-seen-near-trumps-palm-beach-home-amid-controversy-over-400-mn-qatari-jet-9069570">Donald Trump</a> claimed on Thursday (May 15) that India had put forward a proposal for a trade agreement with "no tariffs" or 'zero tariffs". Speaking at a business event in Qatar, the US president claimed that India is "willing to literally charge us no tariff." </span><span>Meanwhile, the Sensex jumped 1,300 points after Trump's statement.</span><span></span></p>
<p><strong>Read More | <a href="https://www.wionews.com/world/donald-trump-in-qatar-after-meeting-syrian-leader-in-saudi-arabia-announces-200-billion-boeing-deal-9069455">Trump announces $200 billion Boeing deal in Qatar, expresses hope for Iran nuclear deal to Qatari emir</a></strong></p>
<p><span>Last month, US President JD Vance, during his visit to India, indicated that the US and India had finalised "terms of reference" for a potential tariff deal. Vance made the big announcement the day after meeting with Indian Prime Minister Narendra Modi, saying that it sets a roadmap towards a final deal between the two nations. US Treasury Secretary Scott Bessent also suggested that India is likely to be the first country to finalise a bilateral trade agreement with the US.&nbsp;</span></p>
<p><span>In March, the US imposed 25% levies on steel and aluminium imports - an extension of tariffs first imposed in 2018 during US President Donald Trump's first term.</span></p>
<p><span><strong>Read More | <a href="https://www.wionews.com/world/will-trump-attend-russia-ukraine-peace-talks-in-istanbul-heres-what-we-know-volodymyr-zelensky-donald-trump-vladimir-putin-turkey-talks-9070912">Will Trump attend Russia-Ukraine peace talks in Istanbul? Here's what we know</a></strong></span></p>
<h2><span>Trump's Qatar trip</span></h2>
<p><span>Trump reached Qatar on Wednesday (May 14) - his second stop on a tour of West Asia. On Day 1 of Qatar trip, Trump announced that Qatar Airways signed a massive deal with US-based Boeing to purchase 160 jets, worth $200 billion. </span><span>Trump also expressed his hopes about the Iran nuclear deal and said in Doha, "I have a feeling it&rsquo;s going to work out." His remark came a day after Trump called Iran the "most destructive force" in the Middle East. "The biggest and most destructive force [in the Middle East] is Iran which has caused unthinkable suffering in Syria, Lebanon, Gaza, Iraq, Yemen and beyond,&rdquo; he said during his visit to Saudi Arabia.&nbsp;</span></p>
<p><strong>Read More | <a href="https://www.wionews.com/world/donald-trump-meets-ahmed-al-sharaa-becomes-first-us-president-to-meet-syrian-leader-in-25-years-see-pics-9067927">Donald Trump meets Ahmed al-Sharaa, becomes first US president to meet Syrian leader in 25 years: See pics</a></strong></p>
<h2><span>Trump meets Syrian leader</span></h2>
<p><span>Donald Trump became the first US president in 25 years to meet a Syrian leader Ahmed al-Sharaa. No US president has met a Syrian leader since Bill Clinton saw Hafez al-Assad, Bashar&rsquo;s father, in Geneva in 2000 in a failed effort to persuade him to make peace with Israel. Trump announced that he was lifting &ldquo;brutal and crippling" Assad-era sanctions on Syria. Syrian leader Ahmed al-Sharaa was seen in a meeting with Saudi officials including Crown Prince MBS, US President Trump and Secretary of State Marco Rubio.</span></p>
<p><strong>Read More |<span>&nbsp;</span><a href="https://www.wionews.com/world/donald-trump-meets-ahmed-al-sharaa-becomes-first-us-president-to-meet-syrian-leader-in-25-years-see-pics-9067927" target="_blank" rel="noopener">Donald Trump meets Ahmed al-Sharaa, becomes first US president to meet Syrian leader in 25 years: See pics</a></strong></p>

World | US President Donald Trump claimed on Thursday (May 15) that India had put forward a proposal for a trade agreement with "no tariffs" or 'zero tariffs".

US President Donald Trump claimed on Thursday (May 15) that India had put forward a proposal for a trade agreement with "no tariffs" or 'zero tariffs". Speaking at a business event in Qatar, the US president claimed that India is "willing to literally charge us no tariff." Meanwhile, the Sensex jumped 1,300 points after Trump's statement. Read More | Trump announces $200 billion Boeing deal in Qatar, expresses hope for Iran nuclear deal to Qatari emir Last month, US President JD Vance, during his visit to India, indicated that the US and India had finalised "terms of reference" for a potential tariff deal. Vance made the big announcement the day after meeting with Indian Prime Minister Narendra Modi, saying that it sets a roadmap towards a final deal between the two nations. US Treasury Secretary Scott Bessent also suggested that India is likely to be the first country to finalise a bilateral trade agreement with the US. In March, the US imposed 25% levies on steel and aluminium imports - an extension of tariffs first imposed in 2018 during US President Donald Trump's first term. Read More | Will Trump attend Russia-Ukraine peace talks in Istanbul? Here's what we know Trump's Qatar trip Trump reached Qatar on Wednesday (May 14) - his second stop on a tour of West Asia. On Day 1 of Qatar trip, Trump announced that Qatar Airways signed a massive deal with US-based Boeing to purchase 160 jets, worth $200 billion. Trump also expressed his hopes about the Iran nuclear deal and said in Doha, "I have a feeling it’s going to work out." His remark came a day after Trump called Iran the "most destructive force" in the Middle East. "The biggest and most destructive force [in the Middle East] is Iran which has caused unthinkable suffering in Syria, Lebanon, Gaza, Iraq, Yemen and beyond,” he said during his visit to Saudi Arabia. Read More | Donald Trump meets Ahmed al-Sharaa, becomes first US president to meet Syrian leader in 25 years: See pics Trump meets Syrian leader Donald Trump became the first US president in 25 years to meet a Syrian leader Ahmed al-Sharaa. No US president has met a Syrian leader since Bill Clinton saw Hafez al-Assad, Bashar’s father, in Geneva in 2000 in a failed effort to persuade him to make peace with Israel. Trump announced that he was lifting “brutal and crippling" Assad-era sanctions on Syria. Syrian leader Ahmed al-Sharaa was seen in a meeting with Saudi officials including Crown Prince MBS, US President Trump and Secretary of State Marco Rubio. Read More | Donald Trump meets Ahmed al-Sharaa, becomes first US president to meet Syrian leader in 25 years: See pics

'India offered trade deal with literally no tariffs': Donald Trump's big claim amid tariff war

<div dir="auto">US President Donald Trump and British Prime Minister Keir Starmer on May 08 announced that the two nations have reached a &lsquo;historic agreement&rsquo;, the first such deal since the implementation of reciprocal tariffs by Trump.&nbsp;</div>
<div dir="auto"></div>
<div dir="auto">While briefing the media at the White House, Donald Trump said, "This morning I am thrilled to announce that we have reached a trade deal with the UK. Today is the Victory Day for World War II, we won together exactly 80 years ago, so there could be no more perfect morning to reach this historic agreement."</div>
<div dir="auto"></div>
<div dir="auto">The White House said that the limited bilateral trade agreement (BTA) will bring in $6 billion in external revenue from its 10-per cent tariffs on British exports, which remains in place, and it would also bring in $5 billion in new export opportunities for the United States. The agreement would lead to more beef and ethanol exports to the UK, and it will also streamline the processing of US goods through customs.&nbsp;</div>
<div dir="auto"></div>
<div dir="auto">The UK on the other hand has agreed to lower its tariffs to 1.8 per cent from 5.1 per cent and provide greater access to US goods. The deal seeks to double trade between the two nations to $120 billion by 2030.</div>
<div dir="auto"></div>
<div dir="auto">No concrete information was provided by the two countries, and the final details of the deal are yet to be fleshed out. &ldquo;The final details are being written up,&rdquo; Trump said. &ldquo;In the coming weeks, we&rsquo;ll have it all very conclusive.&rdquo;</div>
<div dir="auto"></div>
<div dir="auto">The US runs a trade surplus with the UK, which makes it easier to find common ground, as Trump has staked his tariffs on specifically eliminating the annual trade deficits with its trade partners that he says have taken advantage of the US. Trump also downplayed the UK deal as template for other trade negotiations, he suggested that other countries may end up with much higher rates as they enjoy a huge US trade surplus.</div>
<div dir="auto"></div>
<div dir="auto">US total goods trade with the UK was estimated at $148.0 billion in 2024. US goods exports to the UK in 2024 were $79.9 billion, up 7.6 per cent ($5.6 billion) from 2023, while US goods imports from the United Kingdom totalled $68.1 billion in 2024, up 6.0 per cent ($3.9 billion) from 2023. The US goods trade surplus with the UK was $11.9 billion in 2024.</div>
<div dir="auto"></div>
<div dir="auto"></div>
<h2 dir="auto">Unresolved issues</h2>
<div dir="auto"></div>
<div dir="auto">The trade framework grants the US greater market access and a quicker customs process for exports to the UK, while the UK receives limited relief on duties for cars, steel, and aluminium. However, many aspects of the deal are still to be negotiated.</div>
<div dir="auto"></div>
<div dir="auto">Trump had imposed an additional 25 per cent tariff on cars and auto parts from the UK, on top of the existing 2.5 per cent. Under the new deal, UK car manufacturers can export the first 100,000 vehicles to the US each year at a reduced 10 per cent tariff, but any additional vehicles will be subject to a 27.5 per cent rate. Since cars are the UK's largest export to the US&mdash;approximately worth $ 11.9 billion last year&mdash;this could significantly affect the UK's auto industry.</div>
<div dir="auto"></div>
<div dir="auto">The UK will maintain its digital services tax, which is a concern for US tech giants, with only a vague commitment to work on a future digital trade agreement. Additionally, the two countries have yet to reach a resolution on Trump's plans for sweeping pharmaceutical tariffs. While the UK has removed tariffs on certain US agricultural goods, strict food regulations remain in place.</div>
<div dir="auto"></div>
<div dir="auto">There were also discrepancies in the statements made by the US and UK regarding some key aspects of the deal. The UK government said that US tariffs on steel and aluminium from the UK would be eliminated, but the White House less than an hour later stated that they would "negotiate an alternative arrangement" for these duties, and that the framework establishes a new "trading union" for these materials.</div>
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<div dir="auto"></div>
<h2 dir="auto">Market reaction</h2>
<div dir="auto"></div>
<div dir="auto">Trump&rsquo;s first trade agreement since April 2 sparked a surge on Wall Street, with major US indexes climbing more than 1 per cent at one point. The S&amp;P 500's passenger airlines index rose 5.4 per cent, driven by a 7.2 per cent increase in Delta Air Lines stock, following US Commerce Secretary Howard Lutnick's announcement that British-made Rolls-Royce engines would be imported into the US duty-free.</div>
<div dir="auto"></div>
<div dir="auto">The Nasdaq Composite gained 1.07 per cent, while the S&amp;P 500 and Dow Jones both saw increases of around 0.6 per cent.</div>
<div dir="auto"></div>
<div dir="auto">Trump's administration had been facing pressure from investors to finalise deals and ease trade tensions, as his often-unpredictable policy decisions had disrupted global trade, creating risks of inflation and potentially pushing both the US and global economies toward a recession.</div>

Business & Economy: The US tariffs on British exports remain 10 per cent, while the UK has agreed to lower its tariffs to 1.8 per cent and provide more access to US goods

US President Donald Trump and British Prime Minister Keir Starmer on May 08 announced that the two nations have reached a ‘historic agreement’, the first such deal since the implementation of reciprocal tariffs by Trump. While briefing the media at the White House, Donald Trump said, "This morning I am thrilled to announce that we have reached a trade deal with the UK. Today is the Victory Day for World War II, we won together exactly 80 years ago, so there could be no more perfect morning to reach this historic agreement." The White House said that the limited bilateral trade agreement (BTA) will bring in $6 billion in external revenue from its 10-per cent tariffs on British exports, which remains in place, and it would also bring in $5 billion in new export opportunities for the United States. The agreement would lead to more beef and ethanol exports to the UK, and it will also streamline the processing of US goods through customs. The UK on the other hand has agreed to lower its tariffs to 1.8 per cent from 5.1 per cent and provide greater access to US goods. The deal seeks to double trade between the two nations to $120 billion by 2030. No concrete information was provided by the two countries, and the final details of the deal are yet to be fleshed out. “The final details are being written up,” Trump said. “In the coming weeks, we’ll have it all very conclusive.” The US runs a trade surplus with the UK, which makes it easier to find common ground, as Trump has staked his tariffs on specifically eliminating the annual trade deficits with its trade partners that he says have taken advantage of the US. Trump also downplayed the UK deal as template for other trade negotiations, he suggested that other countries may end up with much higher rates as they enjoy a huge US trade surplus. US total goods trade with the UK was estimated at $148.0 billion in 2024. US goods exports to the UK in 2024 were $79.9 billion, up 7.6 per cent ($5.6 billion) from 2023, while US goods imports from the United Kingdom totalled $68.1 billion in 2024, up 6.0 per cent ($3.9 billion) from 2023. The US goods trade surplus with the UK was $11.9 billion in 2024. Unresolved issues The trade framework grants the US greater market access and a quicker customs process for exports to the UK, while the UK receives limited relief on duties for cars, steel, and aluminium. However, many aspects of the deal are still to be negotiated. Trump had imposed an additional 25 per cent tariff on cars and auto parts from the UK, on top of the existing 2.5 per cent. Under the new deal, UK car manufacturers can export the first 100,000 vehicles to the US each year at a reduced 10 per cent tariff, but any additional vehicles will be subject to a 27.5 per cent rate. Since cars are the UK's largest export to the US—approximately worth $ 11.9 billion last year—this could significantly affect the UK's auto industry. The UK will maintain its digital services tax, which is a concern for US tech giants, with only a vague commitment to work on a future digital trade agreement. Additionally, the two countries have yet to reach a resolution on Trump's plans for sweeping pharmaceutical tariffs. While the UK has removed tariffs on certain US agricultural goods, strict food regulations remain in place. There were also discrepancies in the statements made by the US and UK regarding some key aspects of the deal. The UK government said that US tariffs on steel and aluminium from the UK would be eliminated, but the White House less than an hour later stated that they would "negotiate an alternative arrangement" for these duties, and that the framework establishes a new "trading union" for these materials. Market reaction Trump’s first trade agreement since April 2 sparked a surge on Wall Street, with major US indexes climbing more than 1 per cent at one point. The S&P 500's passenger airlines index rose 5.4 per cent, driven by a 7.2 per cent increase in Delta Air Lines stock, following US Commerce Secretary Howard Lutnick's announcement that British-made Rolls-Royce engines would be imported into the US duty-free. The Nasdaq Composite gained 1.07 per cent, while the S&P 500 and Dow Jones both saw increases of around 0.6 per cent. Trump's administration had been facing pressure from investors to finalise deals and ease trade tensions, as his often-unpredictable policy decisions had disrupted global trade, creating risks of inflation and potentially pushing both the US and global economies toward a recession.

US-UK trade deal: What’s really on the table for both nations?

<p>US President <a href="https://www.wionews.com/tags/donald-trump">Donald Trump</a> made an announcement on <a href="https://www.wionews.com/tags/truth-social">Truth Social</a> that he plans to hold a press conference with news on a 'major <a href="https://www.wionews.com/tags/trade-deal">trade deal</a>'<span> with a "big, highly respected country".</span></p>
<p>"Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!" Trump wrote on Truth Social.</p>
<p><iframe width="600" height="" style="max-width: 100%; border: 0;" src="https://truthsocial.com/@realDonaldTrump/114469488580251681/embed" class="truthsocial-embed" allowfullscreen="allowfullscreen"></iframe>
<script src="https://truthsocial.com/embed.js" async="async"></script>
</p>
<p><span>Several media publication in the US have reported the deal would be with the United Kingdom. According to reports, </span><span>The UK and US have been in discussions about an economic agreement that would reduce the impact of some tariffs.<br></span></p>
<p><strong>Also Read: <a href="https://www.wionews.com/world/operation-sindoor-pakistan-defence-minister-khwaja-asif-cites-social-media-posts-as-proof-to-validate-claims-of-downing-indian-jets-9046462">Pakistan Defence Minister Khwaja Asif cites social media posts as proof to validate claims of downing Indian jets</a></strong></p>
<p>Trump's tariff proposal was intended to force trade partners to the bargaining table, with the aim of winning more favorable terms for the US and reducing the trade deficit. He imposed a tough deadline: Tariffs kicked in on April 7, but were paused two days later for a 90-day negotiating period that is to lapse on July 8. If no agreements are reached, up to 50 per cent duties could reinstate themselves on scores of nations.</p>
<h2>'They are dying to make a deal'</h2>
<p>"I&rsquo;m telling you, these countries are calling us up, kissing my a**," Trump said last month ahead of the tariff implementation. "They are dying to make a deal. &lsquo;Please, please, sir, make a deal. I&rsquo;ll do anything. I&rsquo;ll do anything, sir!&rsquo;"</p>
<p><span>The White House did not immediately respond to comment on the country involved or scope of any potential deal.</span></p>
<p>In his post, Trump didn't mention the country, but his administration indicated that it is in active discussions with India, the United Kingdom, South Korea and Japan. Trump's chief trade adviser, Peter Navarro, said in an interview with CNN that he thinks that the UK might be the first nation to sign a trade agreement with the United States.</p>
<p>"I don't know if it's going to be UK first or India first, it's &mdash; we've got a little twist in the in this India story, so that might slow things down there, but I can assure the American people that there will be deals, and they will be very good deals for the American people," Navarro was quoted saying to CNN.</p>

Business & Economy, World: According to reports, The UK and the US have been in discussions about an economic agreement that would reduce the impact of some tariffs

US President Donald Trump made an announcement on Truth Social that he plans to hold a press conference with news on a 'major trade deal' with a "big, highly respected country". "Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!" Trump wrote on Truth Social. Several media publication in the US have reported the deal would be with the United Kingdom. According to reports, The UK and US have been in discussions about an economic agreement that would reduce the impact of some tariffs. Also Read: Pakistan Defence Minister Khwaja Asif cites social media posts as proof to validate claims of downing Indian jets Trump's tariff proposal was intended to force trade partners to the bargaining table, with the aim of winning more favorable terms for the US and reducing the trade deficit. He imposed a tough deadline: Tariffs kicked in on April 7, but were paused two days later for a 90-day negotiating period that is to lapse on July 8. If no agreements are reached, up to 50 per cent duties could reinstate themselves on scores of nations. 'They are dying to make a deal' "I’m telling you, these countries are calling us up, kissing my a**," Trump said last month ahead of the tariff implementation. "They are dying to make a deal. ‘Please, please, sir, make a deal. I’ll do anything. I’ll do anything, sir!’" The White House did not immediately respond to comment on the country involved or scope of any potential deal. In his post, Trump didn't mention the country, but his administration indicated that it is in active discussions with India, the United Kingdom, South Korea and Japan. Trump's chief trade adviser, Peter Navarro, said in an interview with CNN that he thinks that the UK might be the first nation to sign a trade agreement with the United States. "I don't know if it's going to be UK first or India first, it's — we've got a little twist in the in this India story, so that might slow things down there, but I can assure the American people that there will be deals, and they will be very good deals for the American people," Navarro was quoted saying to CNN.

US President Trump teases 'major trade deal' announcement with 'big, highly respected country': Reports

<p>US President Donald Trump's administration has been silently tipping off Wall Street executives about the progress of trade negotiations ahead of a possible deal with India, a Fox journalist said.&nbsp;</p>
<p>Fox Business Correspondent Charles Gasparino reported on X, highlighting a scoop, "people inside the Trump White House are alerting Wall Street execs they are nearing an agreement in principle on trade with India."</p>
<p>He cited the information to his sources who are senior Wall Street execs with ties to the White House.</p>
<p><strong>Also read: <a href="https://www.wionews.com/world/india-a-trade-trendsetter-is-trump-planning-to-use-india-us-trade-deal-as-a-global-template-9002235">India, a trade trendsetter? Is Trump planning to use India-US trade deal as a global template?</a></strong></p>
<blockquote class="twitter-tweet">
<p lang="en" dir="ltr">SCOOP: People inside the Trump White House are alerting Wall Street execs they are nearing an agreement in principle on trade with India, according to my sources who are senior Wall Street execs w ties to the White House. No details on timing, and recall that we have been here&hellip;</p>
&mdash; Charles Gasparino (@CGasparino) <a href="https://twitter.com/CGasparino/status/1915399740113535446?ref_src=twsrc%5Etfw">April 24, 2025</a></blockquote>
<p>"No details on timing, and recall that we have been here before with Japan only to have the goal posts changed, and terms renegotiated. But if this holds, the India deal being envisioned will include agreed upon goals, and issues that have been addressed and resolved as well as a deadline for the fully-baked trade pact, my sources say," Gasparino said on X.&nbsp;</p>
<p>He further hinted that the India-US trade deal could be used as a "template for a deal with Japan, South Korea and Australia."</p>
<p>The correspondent's post on X attracted accusations of "insider trading" since Wall Street firms could take advantage of the information to make money on the stock market for themselves.&nbsp;</p>
<p><strong>Also read: <a href="https://www.wionews.com/world/india-us-finalise-terms-for-trade-deal-vances-big-announcement-amid-trump-tariff-war-8990204">'India-US finalise terms for trade deal': Vance's BIG ANNOUNCEMENT amid Trump tariff war</a></strong></p>
<p>Meanwhile, Bloomberg reporter Joel Weisenthal questioned, "Why are Wall Street executives getting early alerts from people inside the Trump White House about the status of trade negotiations?"</p>
<p>Moreover, a Wall Street analyst asked, "Why does the Securities and Exchange Commission (SEC) allow this? And given they do, shouldn&rsquo;t they just be disbanded? Or is enforcement only for the poor?&rdquo;</p>
<p>This comes just two weeks after Trump bragged about how his billionaire pals after he announced tariffs on April 2.&nbsp;</p>
<p><strong>WATCH | <a href="https://www.wionews.com/videos/trumps-trade-war-india-seeks-us-trade-deal-to-avoid-tariffs-8955833">Trump's trade war: India seeks US trade deal to avoid tariffs</a></strong></p>
<p>&ldquo;THIS IS A GREAT TIME TO BUY!!!!&rdquo; he said in a post on Truth Social just four hours before he paused the controversial tariffs on April 9.</p>
<p>According to a Bloomberg report, Wednesday was the &ldquo;best day ever&rdquo; for billionaires as the world&rsquo;s wealthiest people raked in $304 billion when the markets rocketed back up.</p>
<p>This showed signs of market manipulation and insider trading, as Trump critics accused the US president of tipping off Wall Street execs. &nbsp;</p>
<p><strong>Also read: <a href="https://www.wionews.com/world/its-possible-trump-eyes-new-trade-deal-with-china-8738910">&lsquo;It&rsquo;s possible&rsquo;: Trump eyes new trade deal with China</a></strong></p>

The post attracted accusations of "insider trading" since Wall Street firms could take advantage to make money on stock market for themselves. WORLD India news

US President Donald Trump's administration has been silently tipping off Wall Street executives about the progress of trade negotiations ahead of a possible deal with India, a Fox journalist said. Fox Business Correspondent Charles Gasparino reported on X, highlighting a scoop, "people inside the Trump White House are alerting Wall Street execs they are nearing an agreement in principle on trade with India." He cited the information to his sources who are senior Wall Street execs with ties to the White House. Also read: India, a trade trendsetter? Is Trump planning to use India-US trade deal as a global template? SCOOP: People inside the Trump White House are alerting Wall Street execs they are nearing an agreement in principle on trade with India, according to my sources who are senior Wall Street execs w ties to the White House. No details on timing, and recall that we have been here… — Charles Gasparino (@CGasparino) April 24, 2025 "No details on timing, and recall that we have been here before with Japan only to have the goal posts changed, and terms renegotiated. But if this holds, the India deal being envisioned will include agreed upon goals, and issues that have been addressed and resolved as well as a deadline for the fully-baked trade pact, my sources say," Gasparino said on X. He further hinted that the India-US trade deal could be used as a "template for a deal with Japan, South Korea and Australia." The correspondent's post on X attracted accusations of "insider trading" since Wall Street firms could take advantage of the information to make money on the stock market for themselves. Also read: 'India-US finalise terms for trade deal': Vance's BIG ANNOUNCEMENT amid Trump tariff war Meanwhile, Bloomberg reporter Joel Weisenthal questioned, "Why are Wall Street executives getting early alerts from people inside the Trump White House about the status of trade negotiations?" Moreover, a Wall Street analyst asked, "Why does the Securities and Exchange Commission (SEC) allow this? And given they do, shouldn’t they just be disbanded? Or is enforcement only for the poor?” This comes just two weeks after Trump bragged about how his billionaire pals after he announced tariffs on April 2. WATCH | Trump's trade war: India seeks US trade deal to avoid tariffs “THIS IS A GREAT TIME TO BUY!!!!” he said in a post on Truth Social just four hours before he paused the controversial tariffs on April 9. According to a Bloomberg report, Wednesday was the “best day ever” for billionaires as the world’s wealthiest people raked in $304 billion when the markets rocketed back up. This showed signs of market manipulation and insider trading, as Trump critics accused the US president of tipping off Wall Street execs. Also read: ‘It’s possible’: Trump eyes new trade deal with China

'Insider trading?' Trump admin tipped off Wall Street about possible India-US trade deal

A key U.S. delegation is set to visit India from March 25th to 29th for important trade talks, led by Brendan Lynch, the Assistant U.S. Trade Representative for South and Central Asia. These discussions come at a critical time for bilateral trade. Watch in for more details!

US-India trade deal: US, India aim to reach $500 billion in bilateral trade by 2030

<p class="MsoNormal">Qatar has pledged a massive 10 billion dollars investment across key sectors in India, marking a major boost to trade and business ties between the two nations. The announcement came after a high-profile visit by Qatar&rsquo;s Emir Sheikh Tamim Bin Hamad al-Thani to New Delhi.<o:p></o:p></p>
<h2 class="MsoNormal"><strong>Qatar commits $10 billion investment in India</strong><o:p></o:p></h2>
<p class="MsoNormal">In a significant step towards strengthening bilateral relations. Qatar has committed to investing 10 billion dollars in India. Currently, Qatar&rsquo;s foreign direct investment has flowed into India into a variety of industries, including telecommunications, retail, education, healthcare, information technology, electricity, and affordable housing.<br><br>The latest investment plan will span infrastructure, technology, manufacturing, food security, logistics, hospitality, and more. The announcement follows the first visit by a Qatari Emir to India in a decade.<o:p></o:p></p>
<p class="MsoNormal">Amir of the state of Qatar, Sheikh Tamim bin Hamad al Thani, said, "Last year we witnessed significant progress in our cooperation, especially in the energy sector, with the signing of an important agreement between our two countries in the fields of trade and mutual investments." <o:p></o:p></p>
<p class="MsoNormal">"Additionally, our countries reached an agreement to establish a strategic partnership, reflecting a strong commitment to developing cooperation in various fields and enhancing the bonds between our people."<o:p></o:p></p>
<p class="MsoNormal">Trade between India and Qatar is already substantial. Bilateral trade between both the nations stood at 18.77 billion dollars. With liquefied natural gas or LNG being the major contributor. Qatar accounted for 48 per cent of India&rsquo;s LNG imports, solidifying its role as a key energy partner. <br><br>India's exports to Qatar includes copper, construction material, cereals, vegetables, fruits, spices, and processed food products, electrical and other machinery, textiles and garments, chemicals and precious stones.<o:p></o:p></p>
<p class="MsoNormal">Looking ahead, both countries aim to double trade volumes to 28 billion dollars within the next five years. Additionally, discussions are underway for a potential free trade agreement which could further boost economic ties.<br><br>The agreement also explores deeper energy cooperation. Mutual investments in infrastructure and the settlement of trade in domestic currencies, a move that could reduce dependency on the dollar and enhance financial flexibility. <o:p></o:p></p>
<p class="MsoNormal"><i>(With the inputs from the agencies)<o:p></o:p></i></p>

Business & Economy: Qatar has pledged a massive 10 billion dollars investment across key sectors in India, marking a major boost to trade and business ties between the two nations

Qatar has pledged a massive 10 billion dollars investment across key sectors in India, marking a major boost to trade and business ties between the two nations. The announcement came after a high-profile visit by Qatar’s Emir Sheikh Tamim Bin Hamad al-Thani to New Delhi. Qatar commits $10 billion investment in India In a significant step towards strengthening bilateral relations. Qatar has committed to investing 10 billion dollars in India. Currently, Qatar’s foreign direct investment has flowed into India into a variety of industries, including telecommunications, retail, education, healthcare, information technology, electricity, and affordable housing. The latest investment plan will span infrastructure, technology, manufacturing, food security, logistics, hospitality, and more. The announcement follows the first visit by a Qatari Emir to India in a decade. Amir of the state of Qatar, Sheikh Tamim bin Hamad al Thani, said, "Last year we witnessed significant progress in our cooperation, especially in the energy sector, with the signing of an important agreement between our two countries in the fields of trade and mutual investments." "Additionally, our countries reached an agreement to establish a strategic partnership, reflecting a strong commitment to developing cooperation in various fields and enhancing the bonds between our people." Trade between India and Qatar is already substantial. Bilateral trade between both the nations stood at 18.77 billion dollars. With liquefied natural gas or LNG being the major contributor. Qatar accounted for 48 per cent of India’s LNG imports, solidifying its role as a key energy partner. India's exports to Qatar includes copper, construction material, cereals, vegetables, fruits, spices, and processed food products, electrical and other machinery, textiles and garments, chemicals and precious stones. Looking ahead, both countries aim to double trade volumes to 28 billion dollars within the next five years. Additionally, discussions are underway for a potential free trade agreement which could further boost economic ties. The agreement also explores deeper energy cooperation. Mutual investments in infrastructure and the settlement of trade in domestic currencies, a move that could reduce dependency on the dollar and enhance financial flexibility. (With the inputs from the agencies)

India and Qatar aim to double bilateral trade to $28 billion

Imagine conducting $260 billion worth of International trade without using a single US dollar. That's exactly what China and Russia are pulling off this year and it's a move that could significantly dent the dominance of the US dollar which has reigned Supreme for decades. Watch in for more details!

China-Russia trade deal paves way for BRICS De-Dollarization

<p>Donald Trump, a frontrunner for the Republican presidential nomination in 2024, has pledged to scrap the Pacific trade initiative&nbsp;spearheaded by President Joe Biden if he gets elected and becomes the president of the country. Addressing supporters in Iowa, Trump criticised the deal's potential impact on US&nbsp;manufacturing and jobs.</p>

<p>Expressing strong disapproval of the Indo-Pacific Economic Framework (IPEF), a trade initiative involving negotiations with 13 nations led by the Biden administration, Trump argued that the deal would undermine US&nbsp;manufacturing and lead to job losses.</p>

<p>"Under the next administration... the Biden plan for 'TPP Two' will be dead on day one," Trump said at a campaign event in Fort Dodge, about 94 miles (150 km) north of Des Moines.</p>

<p>The IPEF is positioned as an alternative to China's expanding trade influence in the region.</p>

<h2><strong>Hurdles in IPEF negotiations</strong></h2>

<p>Recent hurdles in the trade talks within the IPEF have emerged, particularly regarding labour and environmental standards.</p>

<p>Countries like Vietnam and Indonesia have hesitated to commit to robust standards, complicating the negotiation process for this ambitious trade framework.</p>

<p><a href="https://www.wionews.com/world/trump-civil-fraud-trial-ex-president-launches-tirade-against-clerk-soon-after-gag-order-paused-659930">Also read |&nbsp;Trump civil fraud trial: Ex-president launches tirade against clerk soon after pause on gag order</a></p>

<h2><strong>What is Trump's stance on trade deals?</strong></h2>

<p>Referring to his earlier withdrawal from the Trans-Pacific Partnership (TPP) in 2017, Trump pledged to dismantle what he referred to as "TPP Two" upon returning to office.</p>

<p>He characterised the proposed trade pact as a "globalist monstrosity" that would accelerate outsourcing to Asia, aligning with his longstanding critique of international trade agreements.</p>

<p><strong>Also watch |&nbsp;Donald Trump's Georgia trial could drag on till 2025</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/donald-trumps-georgia-trial-could-drag-on-till-2025-658966/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<h2><strong>What are the challenges for the Biden administration?</strong></h2>

<p>While the Biden administration aimed to finalise key chapters of the IPEF before the Asia-Pacific Economic Cooperation (APEC) meeting, scepticism remains.</p>

<p>Election-year pressures and resistance from certain countries to stringent commitments pose challenges, casting doubt on the feasibility of a comprehensive deal, as noted by trade experts and business groups.</p>

<p>In the unfolding narrative of US&nbsp;trade policy, Trump's commitment to overturn Biden's trade initiatives introduces the prospect of significant changes in international economic relations should the former president reclaim the White House in 2024.</p>

<p><em>(With inputs from agencies)</em></p>


Donald Trump, a frontrunner for the Republican presidential nomination in 2024, has pledged to scrap the Pacific trade initiative spearheaded by President Joe Biden if he gets elected and becomes the president of the country.

Donald Trump, a frontrunner for the Republican presidential nomination in 2024, has pledged to scrap the Pacific trade initiative spearheaded by President Joe Biden if he gets elected and becomes the president of the country. Addressing supporters in Iowa, Trump criticised the deal's potential impact on US manufacturing and jobs. Expressing strong disapproval of the Indo-Pacific Economic Framework (IPEF), a trade initiative involving negotiations with 13 nations led by the Biden administration, Trump argued that the deal would undermine US manufacturing and lead to job losses. "Under the next administration... the Biden plan for 'TPP Two' will be dead on day one," Trump said at a campaign event in Fort Dodge, about 94 miles (150 km) north of Des Moines. The IPEF is positioned as an alternative to China's expanding trade influence in the region. Hurdles in IPEF negotiations Recent hurdles in the trade talks within the IPEF have emerged, particularly regarding labour and environmental standards. Countries like Vietnam and Indonesia have hesitated to commit to robust standards, complicating the negotiation process for this ambitious trade framework. Also read | Trump civil fraud trial: Ex-president launches tirade against clerk soon after pause on gag order What is Trump's stance on trade deals? Referring to his earlier withdrawal from the Trans-Pacific Partnership (TPP) in 2017, Trump pledged to dismantle what he referred to as "TPP Two" upon returning to office. He characterised the proposed trade pact as a "globalist monstrosity" that would accelerate outsourcing to Asia, aligning with his longstanding critique of international trade agreements. Also watch | Donald Trump's Georgia trial could drag on till 2025 What are the challenges for the Biden administration? While the Biden administration aimed to finalise key chapters of the IPEF before the Asia-Pacific Economic Cooperation (APEC) meeting, scepticism remains. Election-year pressures and resistance from certain countries to stringent commitments pose challenges, casting doubt on the feasibility of a comprehensive deal, as noted by trade experts and business groups. In the unfolding narrative of US trade policy, Trump's commitment to overturn Biden's trade initiatives introduces the prospect of significant changes in international economic relations should the former president reclaim the White House in 2024. (With inputs from agencies)

US: Donald Trump pledges to scrap Biden's Asia trade initiative if elected

The G20 Summit today because all eyes will be on the crucial Summit this week. Several world leaders will gather and discuss key issues on the global economy but the meat in New Delhi is not only from its challenges it will be a test for New Delhi as a delegate game of diplomacy plays out well ahead of the summit the UK India trade deal seems to be in jeopardy.

G20 Summit: UK-India trade deal in jeopardy

Here we bring you a quick round-up of all the latest news and top headlines from all across the globe: Ukraine accuses Russia of halting Black sea grain deal. US-Taiwan finalise trade deal, US senate approves debt ceiling bill.

Ukraine accuses Russia of halting Black sea grain deal | US-Taiwan trade deal

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<p>Boosting ties between the two nations and simultaneously antagonising China, Taiwan and the United States signed the first deal under a new trade talks framework on Thursday.&nbsp;</p>

<p>In a brief statement released by Taiwan's Office of Trade Negotiations, it was stated that the first agreement under the framework was in Washington. US Trade Representative's office confirmed Deputy United States Trade Representative Sarah Bianchi attended the event.&nbsp;</p>

<p>The pact is expected to strengthen the economic bond between the US and Taiwan with the island nation receiving more US exports. It will also allow Taipei to resist economic coercion from China.&nbsp;</p>

<h2><strong>21st century trade initiative</strong></h2>

<p>The trade talks, named&nbsp;US-Taiwan initiative on "21st Century Trade" were initiated in August last year. The talks began after Washington kept Taipei out of its larger pan-Asian trade initiative — the Indo-Pacific Economic Framework.&nbsp;</p>

<p>Last month, the two sides reached an agreement on the first part of the trade initiative — covering customs and border procedures, regulatory practices, and small business.</p>

<p>Taiwan hailed the agreement as "historically significant", adding that it aimed to finalise negotiations on all remaining issues by the end of the year. More complicated trade areas such as agriculture, digital trade, labour and environmental standards, state-owned enterprises, and non-market policies and practices continue to be discussed.&nbsp;</p>

<p><a href="https://www.wionews.com/videos/taiwan-and-its-challenges-with-china-will-us-support-taiwan-like-ukraine-593382"><strong>WATCH |&nbsp;Taiwan and its challenges with China, will US support Taiwan like Ukraine?</strong></a></p>

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<h2><strong>China remains antagonised</strong></h2>

<p>Beijing has been seething ever since the talks between Washington and Taipei began over the trade deal. Chinese mouthpiece 'Global Times'&nbsp;in an op-ed said the trade talks were a product of political collusion, aimed at targeting "mainland China".&nbsp;</p>

<p>"The meetings on the 'US-Taiwan Initiative on 21st Century Trade'&nbsp;are the product of their political collusion targeting the Chinese mainland, and any possible agreement of an 'official nature'&nbsp;will be strongly counteracted by the mainland," read the op-ed.&nbsp;</p>

<p><a href="https://www.wionews.com/world/china-tells-united-states-to-not-cross-the-red-line-on-taiwan-question-569441"><strong>ALSO READ |&nbsp;China tells United States to not cross the 'red line' on Taiwan question</strong></a></p>

<p>"Against the backdrop of the US playing the 'Taiwan card'&nbsp;to contain China and the DPP's 'dependence on the US for secession,'&nbsp;any economic agreement signed by the US and DPP authorities of an 'official nature'&nbsp;will be strongly counteracted by the Chinese mainland," it added.&nbsp;</p>

<p>The signing of the first deal comes a couple of days after Beijing declined Washington's invite to hold talks between the defence chiefs. US Defense Secretary Lloyd Austin termed the cancellation of the meeting between him and his Chinese counterpart as "unfortunate".&nbsp;</p>

<p><em>(With inputs from agencies)</em><br />
&nbsp;</p>

<p><strong>WATCH WION LIVE HERE:&nbsp;</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


Boosting ties between the two nations and simultaneously antagonising China, Taiwan and the United States signed the first deal under a new trade talks framework on Thursday.

Boosting ties between the two nations and simultaneously antagonising China, Taiwan and the United States signed the first deal under a new trade talks framework on Thursday. In a brief statement released by Taiwan's Office of Trade Negotiations, it was stated that the first agreement under the framework was in Washington. US Trade Representative's office confirmed Deputy United States Trade Representative Sarah Bianchi attended the event. The pact is expected to strengthen the economic bond between the US and Taiwan with the island nation receiving more US exports. It will also allow Taipei to resist economic coercion from China. 21st century trade initiative The trade talks, named US-Taiwan initiative on "21st Century Trade" were initiated in August last year. The talks began after Washington kept Taipei out of its larger pan-Asian trade initiative — the Indo-Pacific Economic Framework. Last month, the two sides reached an agreement on the first part of the trade initiative — covering customs and border procedures, regulatory practices, and small business. Taiwan hailed the agreement as "historically significant", adding that it aimed to finalise negotiations on all remaining issues by the end of the year. More complicated trade areas such as agriculture, digital trade, labour and environmental standards, state-owned enterprises, and non-market policies and practices continue to be discussed. WATCH | Taiwan and its challenges with China, will US support Taiwan like Ukraine? × China remains antagonised Beijing has been seething ever since the talks between Washington and Taipei began over the trade deal. Chinese mouthpiece 'Global Times' in an op-ed said the trade talks were a product of political collusion, aimed at targeting "mainland China". "The meetings on the 'US-Taiwan Initiative on 21st Century Trade' are the product of their political collusion targeting the Chinese mainland, and any possible agreement of an 'official nature' will be strongly counteracted by the mainland," read the op-ed. ALSO READ | China tells United States to not cross the 'red line' on Taiwan question "Against the backdrop of the US playing the 'Taiwan card' to contain China and the DPP's 'dependence on the US for secession,' any economic agreement signed by the US and DPP authorities of an 'official nature' will be strongly counteracted by the Chinese mainland," it added. The signing of the first deal comes a couple of days after Beijing declined Washington's invite to hold talks between the defence chiefs. US Defense Secretary Lloyd Austin termed the cancellation of the meeting between him and his Chinese counterpart as "unfortunate". (With inputs from agencies) WATCH WION LIVE HERE:

Much to China's chagrin, Taiwan and US sign first deal under new trade framework

India and Nepal announced the first major trade deal of its kind. Both the nations have confirmed an agreement that will enable cross-border trade without the need to exchange any physical currency.

India & Nepal major trade deal: Indians can pay using QR codes in Nepal, UPI brands agreed to deal

<p>British Prime Minister Rishi Sunak and European Commission chief Ursula von der Leyen are due to hold “final talks” on Monday for the post-Brexit trading arrangements over the so-called Northern Ireland Protocol.</p>

<p>According to a statement released by Sunak's Downing Street office late on Sunday, the two leaders are expected "to meet late lunchtime Monday for final talks" in Berkshire, a county west of London.</p>

<p>All eyes will be on Sunak to clinch a new Brexit deal for Northern Ireland, amidst strong criticism from pro-UK unionists in Northern Ireland and hardline Brexiteers in his own Tory party ranks.</p>

<p><strong>What is Northern Ireland Protocol?</strong></p>

<p>The protocol on Ireland/Northern Ireland, commonly referred to as the Northern Ireland Protocol, is part of the Brexit agreement that ensures that a hard border is avoided in Ireland after the UK formally left the EU on 31 January 2020.</p>

<p>Supporters believe that the deal offers Northern Ireland the best of both worlds, as it can not only remain in the EU's single market, but can also have access to the UK market.</p>

<p>Under the protocol, Northern Ireland followed some EU laws so that goods flow freely over the Ireland border without checks. And instead, goods coming from England, Scotland and Wales are checked when they arrive at the Northern Irish ports.</p>

<p>The EU has strict food rules and requires border checks when certain goods, such as milk and eggs, arrive from non-EU countries.</p>

<p>But Britain wants to change the current agreement as it fears that cameras or border posts, as part of these checks, could lead to instability.</p>

<p>The UK and the EU had signed the Northern Ireland Protocol as part of the Brexit withdrawal agreement in order to protect the Northern Ireland peace deal —also known as the Good Friday agreement —that ended the 30 years of political instability and allowed both nationalists and unionists to run the country.</p>

<p><strong>How does the protocol work?</strong></p>

<p>Under the protocol, inspections and document checks would be conducted between Great Britain—England, Scotland and Wales—and Northern Ireland. These take place at Northern Ireland's ports.</p>

<p><strong>What changes does UK propose for the protocol?</strong></p>

<p>Britain never fully implemented the protocol, saying that Northern Ireland could not afford such unnecessary checks as it would lead to more red tape apart from the economic costs of the COVID-19 pandemic.</p>

<p>The UK government wants different rules for goods coming from Great Britain to Northern Ireland and goods which then cross the border into the Republic of Ireland.</p>

<p>It has proposed two lanes—a red lane for the products destined for the Republic of Ireland and the rest of the EU. These would undergo full checks and customs controls.</p>

<p>And a green lane for the trusted traders transporting goods to Northern Ireland only. These would be exempt from checks and customs controls.</p>

<p>Paving the way for a such a scheme, London agreed in January to share UK data with Brussels on the flow of goods.</p>

<p>The UK also wants changes to tax rules. The industry in Northern Ireland follows EU rules on state sops and the sales tax, VAT. It means that the government payments to help firms in Northern Ireland and tax breaks must be within limits set by the EU, reports BBC.</p>

<p>The UK government wants these limits to be removed. Moreover, it also wants an independent body to settle disputes over the Northern Ireland Protocol, rather than the European Court of Justice.</p>

<p><strong>Who opposes the protocol?</strong></p>

<p>Unionist parties want Northern Ireland to remain part of the UK. They say that the current checks undermine Northern Ireland's place within the UK.</p>

<p>The&nbsp;Democratic Unionist Party&nbsp;(DUP)—the largest unionist party—has refused to participate in Northern Ireland's power-sharing government unless its concerns are resolved.</p>

<p>The party has prevented a Northern Ireland devolved government from forming, leaving it in a political gridlock.</p>

<p><strong>What is the EU saying?</strong></p>

<p>The European Commission on June 15 last year started legal action against the UK for not adhering to the protocol, and called on the government to return to negotiations.</p>

<p>The EU has opposed renegotiating the protocol, but has offered to work on how the rules apply, including:</p>

<ul>
	<li>reducing customs and checks on goods,</li>
	<li>reducing the amount of paperwork,</li>
	<li>relaxing rules so chilled meats can still be sent across the Irish Sea.</li>
</ul>

<p>But In January 2023, the two sides reached an agreement on sharing data on trade.&nbsp;This will allow the EU to access the UK's IT systems for detailed information about goods flowing from Great Britain to Northern Ireland.</p>

<p><strong>What will happen on Monday?</strong></p>

<p>In Berkshire, Sunak and von der Leyen will meet late at lunchtime for final talks. A cabinet meeting will then follow in the afternoon, where updates on those talks will be given, according to BBC.</p>

<p>If a final deal is agreed upon, the prime minister and Leyen will hold a short joint press conference in the late afternoon.</p>

<p>The prime minister would then give a House of Commons statement on the agreement.</p>

<p><em>(With inputs from agencies)</em></p>


British Prime Minister Rishi Sunak and European Commission chief Ursula von der Leyen are due to hold “final talks” on Monday for the post-Brexit trading arrangements over the so-called Northern Ireland Protocol.

British Prime Minister Rishi Sunak and European Commission chief Ursula von der Leyen are due to hold “final talks” on Monday for the post-Brexit trading arrangements over the so-called Northern Ireland Protocol. According to a statement released by Sunak's Downing Street office late on Sunday, the two leaders are expected "to meet late lunchtime Monday for final talks" in Berkshire, a county west of London. All eyes will be on Sunak to clinch a new Brexit deal for Northern Ireland, amidst strong criticism from pro-UK unionists in Northern Ireland and hardline Brexiteers in his own Tory party ranks. What is Northern Ireland Protocol? The protocol on Ireland/Northern Ireland, commonly referred to as the Northern Ireland Protocol, is part of the Brexit agreement that ensures that a hard border is avoided in Ireland after the UK formally left the EU on 31 January 2020. Supporters believe that the deal offers Northern Ireland the best of both worlds, as it can not only remain in the EU's single market, but can also have access to the UK market. Under the protocol, Northern Ireland followed some EU laws so that goods flow freely over the Ireland border without checks. And instead, goods coming from England, Scotland and Wales are checked when they arrive at the Northern Irish ports. The EU has strict food rules and requires border checks when certain goods, such as milk and eggs, arrive from non-EU countries. But Britain wants to change the current agreement as it fears that cameras or border posts, as part of these checks, could lead to instability. The UK and the EU had signed the Northern Ireland Protocol as part of the Brexit withdrawal agreement in order to protect the Northern Ireland peace deal —also known as the Good Friday agreement —that ended the 30 years of political instability and allowed both nationalists and unionists to run the country. How does the protocol work? Under the protocol, inspections and document checks would be conducted between Great Britain—England, Scotland and Wales—and Northern Ireland. These take place at Northern Ireland's ports. What changes does UK propose for the protocol? Britain never fully implemented the protocol, saying that Northern Ireland could not afford such unnecessary checks as it would lead to more red tape apart from the economic costs of the COVID-19 pandemic. The UK government wants different rules for goods coming from Great Britain to Northern Ireland and goods which then cross the border into the Republic of Ireland. It has proposed two lanes—a red lane for the products destined for the Republic of Ireland and the rest of the EU. These would undergo full checks and customs controls. And a green lane for the trusted traders transporting goods to Northern Ireland only. These would be exempt from checks and customs controls. Paving the way for a such a scheme, London agreed in January to share UK data with Brussels on the flow of goods. The UK also wants changes to tax rules. The industry in Northern Ireland follows EU rules on state sops and the sales tax, VAT. It means that the government payments to help firms in Northern Ireland and tax breaks must be within limits set by the EU, reports BBC. The UK government wants these limits to be removed. Moreover, it also wants an independent body to settle disputes over the Northern Ireland Protocol, rather than the European Court of Justice. Who opposes the protocol? Unionist parties want Northern Ireland to remain part of the UK. They say that the current checks undermine Northern Ireland's place within the UK. The Democratic Unionist Party (DUP)—the largest unionist party—has refused to participate in Northern Ireland's power-sharing government unless its concerns are resolved. The party has prevented a Northern Ireland devolved government from forming, leaving it in a political gridlock. What is the EU saying? The European Commission on June 15 last year started legal action against the UK for not adhering to the protocol, and called on the government to return to negotiations. The EU has opposed renegotiating the protocol, but has offered to work on how the rules apply, including: reducing customs and checks on goods, reducing the amount of paperwork, relaxing rules so chilled meats can still be sent across the Irish Sea. But In January 2023, the two sides reached an agreement on sharing data on trade. This will allow the EU to access the UK's IT systems for detailed information about goods flowing from Great Britain to Northern Ireland. What will happen on Monday? In Berkshire, Sunak and von der Leyen will meet late at lunchtime for final talks. A cabinet meeting will then follow in the afternoon, where updates on those talks will be given, according to BBC. If a final deal is agreed upon, the prime minister and Leyen will hold a short joint press conference in the late afternoon. The prime minister would then give a House of Commons statement on the agreement. (With inputs from agencies)

Explained: Northern Ireland Protocol—the bone of contention of Brexit

United Kingdom's Trade Secretary Kemi Badenoch will be in Delhi from today as the 6th round of FTA negotiations between the UK and India begin. Both sides are working on an ambitious trade pact that aims to ease customs duties on goods.

UK trade secretary arrives in Delhi to discuss Free Trade Agreement

<p>Learning the lesson of being overtly dependent on a single country for its needs in the backdrop of the Russia-Ukraine conflict, Germany is looking to make amends. The European country is now mulling plans to reduce its dependence on Chinese raw materials by chalking up a new trade deal.&nbsp;</p>

<p>Reportedly, Economy Minister Robert Habeck stated that Germany couldn't be allowed to be blackmailed by other countries.&nbsp;</p>

<p>"We cannot allow ourselves to be blackmailed. If [the Chinese market] were to close, which is not likely at the moment...we would have extreme sales problems," said Habeck.</p>

<p>The minister also noted that 'there is no more naivety' regarding the country's policy while dealing with trade partners. Habeck added that he was against&nbsp;China’s Cosco buying a stake in a container operator at Germany’s Hafen Hamburg port.</p>

<p>“I’m leaning towards the fact that we don’t allow that." said&nbsp;Habeck.&nbsp;&nbsp;</p>

<p>Read more<a href="https://www.wionews.com/india-news/german-envoy-ackermann-calls-chinas-claims-on-arunachal-pradesh-outrageous-511580">:&nbsp;German envoy Ackermann calls China's claims on Arunachal Pradesh 'outrageous'</a></p>

<p>It is pertinent to note that China is Germany's biggest trade partner for the last six years. The volume of trade between the two nations reached $246 billion in 2021. However, the trade is imbalanced as Germany is much more dependent on China.&nbsp;</p>

<p>According to a Reuters report, Berlin's trade deficit with Beijing has increased to almost $41 billion as of mid-2022. While German imports to China have only increased by 12.4 per cent in the first half of 2022 compared to 3.4 per cent in 2000, the German imports of Chinese goods have leapt an astronomical 45.7 per cent on a year-on-year basis.</p>

<p>As reported extensively by WION, ever since the Russia-Ukraine war broke out, Germany has been one of the biggest economies in Europe to face the financial brunt of it. Russia has stopped gas supply through the Nord Stream 1 pipeline which was Germany's lifeline.</p>

<p>Consequently, Berlin has been trying to hurriedly fill its reserves ahead of the winter season. Years after Donald Trump advised Germany to reduce its dependence on Russian gas, the country is finally waking up to reality and smelling the coffee.&nbsp;</p>

<p>Read more:<a href="https://www.wionews.com/india-news/india-to-host-g20-summit-on-september-9-and-10-in-2023-515726">&nbsp;India to host G20 summit on September 9 and 10 in 2023</a></p>

<p>China has been known to use its advantageous position in trade imbalances to coerce sovereign governments by bending them to its will. Berlin understands the problem at hand but letting go of Chinese products without a proper supply chain at home will not be a small challenge.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE:&nbsp;</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>

<p>&nbsp;</p>


Learning the lesson of being overtly dependent on a single country for its needs in the backdrop of the Russia-Ukraine conflict, Germany is looking to make amends.

Learning the lesson of being overtly dependent on a single country for its needs in the backdrop of the Russia-Ukraine conflict, Germany is looking to make amends. The European country is now mulling plans to reduce its dependence on Chinese raw materials by chalking up a new trade deal. Reportedly, Economy Minister Robert Habeck stated that Germany couldn't be allowed to be blackmailed by other countries. "We cannot allow ourselves to be blackmailed. If [the Chinese market] were to close, which is not likely at the moment...we would have extreme sales problems," said Habeck. The minister also noted that 'there is no more naivety' regarding the country's policy while dealing with trade partners. Habeck added that he was against China’s Cosco buying a stake in a container operator at Germany’s Hafen Hamburg port. “I’m leaning towards the fact that we don’t allow that." said Habeck. Read more: German envoy Ackermann calls China's claims on Arunachal Pradesh 'outrageous' It is pertinent to note that China is Germany's biggest trade partner for the last six years. The volume of trade between the two nations reached $246 billion in 2021. However, the trade is imbalanced as Germany is much more dependent on China. According to a Reuters report, Berlin's trade deficit with Beijing has increased to almost $41 billion as of mid-2022. While German imports to China have only increased by 12.4 per cent in the first half of 2022 compared to 3.4 per cent in 2000, the German imports of Chinese goods have leapt an astronomical 45.7 per cent on a year-on-year basis. As reported extensively by WION, ever since the Russia-Ukraine war broke out, Germany has been one of the biggest economies in Europe to face the financial brunt of it. Russia has stopped gas supply through the Nord Stream 1 pipeline which was Germany's lifeline. Consequently, Berlin has been trying to hurriedly fill its reserves ahead of the winter season. Years after Donald Trump advised Germany to reduce its dependence on Russian gas, the country is finally waking up to reality and smelling the coffee. Read more: India to host G20 summit on September 9 and 10 in 2023 China has been known to use its advantageous position in trade imbalances to coerce sovereign governments by bending them to its will. Berlin understands the problem at hand but letting go of Chinese products without a proper supply chain at home will not be a small challenge. (With inputs from agencies) WATCH WION LIVE HERE:

Once bitten, twice shy: After Russia lesson, Germany to reconsider trade deal with China

<p>Iran's President Ebrahim Raisi arrived in Oman on Monday as the two countries signed a string of trade deals and as international talks on Tehran's nuclear programme hang in the balance, leaving the Islamic republic under sanctions.</p>

<p>Raisi, on his second Gulf visit since taking office in August, was greeted by Sultan Haitham bin Tareq at the airport and received a 21-gun salute at the royal palace, an Omani statement said.</p>

<p>Raisi's one-day trip comes at a time when renewed talks on restoring a 2015 nuclear deal are at a stalemate. Oman played a mediating role between Tehran and Washington in the build-up to the original agreement.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/iran-nuclear-deal-talks-are-reopened-says-eu-478647">Iran nuclear deal talks are 'reopened', says EU</a></strong></p>

<p>The countries signed 12 memoranda of understanding during the visit, including in the fields of oil and gas, transport, education, trade and investment, reported the official Oman News Agency.</p>

<p>"Trade exchanges between the two countries of Oman and Iran will improve definitely," Raisi said before departure, according to Iran's state news agency IRNA.</p>

<p>"Both countries are determined to upgrade the level of political and economic ties," he added.</p>

<p>A delegation of 50 Iranian businessmen travelled to Oman last week, IRNA said, adding that Iran's minister for roads and urban development has announced plans for a joint shipping line and tourist flights.</p>

<p><strong>Watch |&nbsp;Iran: Revolutionary Guards colonel Sayyad Khodai shot dead in Tehran attack</strong></p>

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<p>Oman is also seeking to import gas from Iran by building an offshore pipeline between the two countries, who are discussing the development of joint gas fields offshore.</p>

<p>The sultanate, which faces Iran across the Gulf of Oman, endured economic pain during the pandemic, with its GDP dropping 6.4 per cent in 2020 and government debt soaring. It saw rare protests over high unemployment and lay-offs last year.</p>

<p>Raisi visited Qatar in February, where he met with Emir Tamim bin Hamad Al-Thani and took part in a conference of gas exporting countries.</p>

<p>Stop-start talks to bring Iran back to the 2015 deal curbing its nuclear ambitions in return for a lifting of sanctions that was abandoned by former US President Donald Trump in 2018, began in April last year.</p>

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Iran's President Ebrahim Raisi arrived in Oman on Monday as the two countries signed a string of trade deals and as international talks on Tehran's nuclear programme hang in the balance, leaving the Islamic republic under sanctions.

Iran's President Ebrahim Raisi arrived in Oman on Monday as the two countries signed a string of trade deals and as international talks on Tehran's nuclear programme hang in the balance, leaving the Islamic republic under sanctions. Raisi, on his second Gulf visit since taking office in August, was greeted by Sultan Haitham bin Tareq at the airport and received a 21-gun salute at the royal palace, an Omani statement said. Raisi's one-day trip comes at a time when renewed talks on restoring a 2015 nuclear deal are at a stalemate. Oman played a mediating role between Tehran and Washington in the build-up to the original agreement. Also read | Iran nuclear deal talks are 'reopened', says EU The countries signed 12 memoranda of understanding during the visit, including in the fields of oil and gas, transport, education, trade and investment, reported the official Oman News Agency. "Trade exchanges between the two countries of Oman and Iran will improve definitely," Raisi said before departure, according to Iran's state news agency IRNA. "Both countries are determined to upgrade the level of political and economic ties," he added. A delegation of 50 Iranian businessmen travelled to Oman last week, IRNA said, adding that Iran's minister for roads and urban development has announced plans for a joint shipping line and tourist flights. Watch | Iran: Revolutionary Guards colonel Sayyad Khodai shot dead in Tehran attack Oman is also seeking to import gas from Iran by building an offshore pipeline between the two countries, who are discussing the development of joint gas fields offshore. The sultanate, which faces Iran across the Gulf of Oman, endured economic pain during the pandemic, with its GDP dropping 6.4 per cent in 2020 and government debt soaring. It saw rare protests over high unemployment and lay-offs last year. Raisi visited Qatar in February, where he met with Emir Tamim bin Hamad Al-Thani and took part in a conference of gas exporting countries. Stop-start talks to bring Iran back to the 2015 deal curbing its nuclear ambitions in return for a lifting of sanctions that was abandoned by former US President Donald Trump in 2018, began in April last year. Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Oman, Iran sign trade deals, MoUs during President Ebrahim Raisi's visit to Gulf

India and United Arab Emirates (UAE) signed bilateral “comprehensive” trade pact, the biggest pact in ten years. Indian Prime Minister Narendra Modi welcomed investment from UAE. Indian Minister Piyush Goyal said the Comprehensive Economic Partnership Agreement (CEPA) would have strong anti-dumping measures.

India-UAE trade deal: What it means for both countries

India and the United Arabs Emirates signed a historic trade deal. Both countries eye a $100 billion in annual trade. Indian Prime Minister Narendra Modi lauded Dubai Expo 2020 during the virtual summit.

India & UAE sign historic trade deal, eye $100 billion in annual trade

RCEP has been touted as a ray of hope in the asia pacific region. RCEP amounts to 30 per cent of world's GDP. It includes 15 Asia-Pacific nations. However India has often expressed concern that there are inadequate protection against surges in imports.

India rejects calls to join Regional Comprehensive Economic Partnership (RCEP)

The United States will delay its deal to remove tariffs on UK steel and aluminium because of concerns about post-Brexit trade rules that affect Northern Ireland.

US to delay UK trade deal over post-Brexit concern

India-Australia to sign a comprehensive free trade agreement by the end of 2022 and an early harvest trade deal to be finalized by Christmas later this year.

India-Australia to sign comprehensive trade agreement

<p>India and Australia released a joint statement on Friday saying that both the countries are hoping to reach a landmark trade deal by end of 2022. They announced formal relaunch of stalled negotiations.</p>

<p>Last year, bilateral trade between the countries stood at 17 billion US Dollars last year. India exported its key services sector while Australian coal went the other way.</p>

<p>Both countries are members of the Quad grouping with the United States and Japan.</p>

<p>Following trade ministers' talks in New Delhi, the two countries backed the "expeditious negotiation" of a Comprehensive Economic Cooperation Agreement.</p>

<p>In the meantime they plan to reach an "early harvest" interim deal by the end this year under which some duties will already be cut.&nbsp;</p>

<p>The two sides hope for a "balanced trade agreement that encourages expanded trade and investment flows to the benefit of both of our economies, and that reflects a shared commitment to the rules-based international trading system", the statement said.</p>

<p>India was Australia's seventh-largest trading partner and sixth-largest export market in 2020.<br />
Negotiations on a comprehensive deal between India and Australia were launched more than a decade ago but stalled in 2015.</p>

<p>In recent months New Delhi has also sought to revive trade talks with other countries including the United States, the European Union and Britain.</p>

<p>Indian media quoted Australian Trade Minister Dan Tehan as saying that trade could double in the coming years if the comprehensive accord is sewn up.&nbsp;</p>

<p>"And it will double in all areas because the complementarity between our economies is so great," Tehan was quoted as telling a news conference in India on Thursday.</p>

<p><em>(With agency inputs)</em></p>


India and Australia released a joint statement on Friday saying that both the countries are hoping to reach a landmark trade deal by end of 2022. They announced formal relaunch of stalled negotiations.

India and Australia released a joint statement on Friday saying that both the countries are hoping to reach a landmark trade deal by end of 2022. They announced formal relaunch of stalled negotiations. Last year, bilateral trade between the countries stood at 17 billion US Dollars last year. India exported its key services sector while Australian coal went the other way. Both countries are members of the Quad grouping with the United States and Japan. Following trade ministers' talks in New Delhi, the two countries backed the "expeditious negotiation" of a Comprehensive Economic Cooperation Agreement. In the meantime they plan to reach an "early harvest" interim deal by the end this year under which some duties will already be cut. The two sides hope for a "balanced trade agreement that encourages expanded trade and investment flows to the benefit of both of our economies, and that reflects a shared commitment to the rules-based international trading system", the statement said. India was Australia's seventh-largest trading partner and sixth-largest export market in 2020. Negotiations on a comprehensive deal between India and Australia were launched more than a decade ago but stalled in 2015. In recent months New Delhi has also sought to revive trade talks with other countries including the United States, the European Union and Britain. Indian media quoted Australian Trade Minister Dan Tehan as saying that trade could double in the coming years if the comprehensive accord is sewn up. "And it will double in all areas because the complementarity between our economies is so great," Tehan was quoted as telling a news conference in India on Thursday. (With agency inputs)

Quad partners India and Australia to ink trade deal by end 2022 

The United Kingdom has said that it aims to start negotiations for a trade agreement with India by the end of the year. "We are currently in the pre-ngotiation scoping phase of an FTA (free trade agreement), with the aim of starting negotiations by the end of this year," a spokesperson for Britain's Department for International Trade said.

United Kingdom  aims to start negotiations for a trade agreement with India by end of the year

United Kingdom to start negotiations for trade agreement with India by year end

<p>Britain and Australia have agreed a trade deal after talks between their prime ministers ironed out outstanding issues, Australian Minister for Trade Dan Tehan said on Tuesday.<br />
<br />
The agreement will be Britain's first trade deal since Brexit, and comes as London seeks to expand commercial and diplomatic links in the Indo-Pacific region.<br />
<br />
Australian Prime Minister Scott Morrison and his British counterpart Boris Johnson overcame sticking points during talks after the Group of Seven meeting in Britain over the weekend, which Morrison had attended as a guest.<br />
<br />
"Both prime ministers have held a positive meeting in London overnight and have resolved outstanding issues” in relation to the trade pact, Tehan said in a statement.<br />
<br />
Britain is Australia's eighth-largest trading partner, with two-way trade worth A$26.9 billion ($20.7 billion). Prior to Britain joining the then European common market in 1973, Britain was Australia's most lucrative trading market.<br />
<br />
A formal announcement would be made later on Tuesday, Tehan said.<br />
<br />
The deal will be keenly scrutinised by British farmers, who fear they could be forced out of business if the deal eliminates tariffs on lamb and beef imports from Australia.<br />
<br />
Australian Minister for Trade David Littleproud declined to reveal specifics but said Australian farmers would benefit from the deal.<br />
<br />
“Overall, this is going to be a great win for Australian agriculture," Littleproud told 4BC Radio<br />
<br />
Though details have still to emerge, some official estimates say the agreement could add 500 million pounds ($705.7 million) to British economic output over the long term.<br />
<br />
For Australia, however, analysts questioned the importance for an economy already focused on Asia.<br />
<br />
"This free trade agreement is more about symbolism than immediately tangible material benefits," said Ben Wellings, senior lecturer in politics and international relations at Monash University.</p>


Britain and Australia have agreed a trade deal after talks between their prime ministers ironed out outstanding issues, Australian Minister for Trade Dan Tehan said on Tuesday.

Britain and Australia have agreed a trade deal after talks between their prime ministers ironed out outstanding issues, Australian Minister for Trade Dan Tehan said on Tuesday. The agreement will be Britain's first trade deal since Brexit, and comes as London seeks to expand commercial and diplomatic links in the Indo-Pacific region. Australian Prime Minister Scott Morrison and his British counterpart Boris Johnson overcame sticking points during talks after the Group of Seven meeting in Britain over the weekend, which Morrison had attended as a guest. "Both prime ministers have held a positive meeting in London overnight and have resolved outstanding issues” in relation to the trade pact, Tehan said in a statement. Britain is Australia's eighth-largest trading partner, with two-way trade worth A$26.9 billion ($20.7 billion). Prior to Britain joining the then European common market in 1973, Britain was Australia's most lucrative trading market. A formal announcement would be made later on Tuesday, Tehan said. The deal will be keenly scrutinised by British farmers, who fear they could be forced out of business if the deal eliminates tariffs on lamb and beef imports from Australia. Australian Minister for Trade David Littleproud declined to reveal specifics but said Australian farmers would benefit from the deal. “Overall, this is going to be a great win for Australian agriculture," Littleproud told 4BC Radio Though details have still to emerge, some official estimates say the agreement could add 500 million pounds ($705.7 million) to British economic output over the long term. For Australia, however, analysts questioned the importance for an economy already focused on Asia. "This free trade agreement is more about symbolism than immediately tangible material benefits," said Ben Wellings, senior lecturer in politics and international relations at Monash University.

Australia touts 'great win' in Britain's first post-Brexit trade deal

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