India negotiating trade deal like Indonesia's with US: Trump
What's the story
United States President Donald Trump has said that India is negotiating a trade deal similar to one he struck with Indonesia. The agreement will give the US more access to the Indian market. Under the Indonesia deal, imports into the US are subject to a 19% tariff, while exports from America face no such charges. "India basically is working along that same line. We're going to have access into India," Trump said in Washington on Tuesday.
Negotiation progress
Negotiators aiming to finalize deal by August 1
Negotiators from both countries are reportedly working to finalize the deal before August 1, a deadline set by Trump. He has warned several nations and the European Union of possible tariffs up to 35% if agreements aren't reached by this date. However, it's unclear whether he envisions an exact replica of the Indonesia deal with India or different tariff levels and concessions.
Tariff imposition
Trump hints Putin may reach Ukraine peace deal
Trump also hinted that Russia's President Vladimir Putin may reach a peace deal with Ukraine before the 50-day deadline he announced on Monday. He had threatened "biting" secondary tariffs of up to 100% on Russian export buyers unless a peace deal is reached. When asked why he decided to give Putin nearly two months to comply with his demand, he said, "I don't think 50 days is very long. It could be sooner than that."
White House
No info on secondary tariffs yet
The White House hasn't revealed much about Trump's secondary tariffs yet, but his ambassador to NATO, Matthew Whitaker, stated on Monday that the government would be targeting the biggest buyers of Russian oil. China and India are the top Russian oil buyers. "It's about tariffs on countries like India and China that are buying their oil. And it really is going to I think dramatically impact the Russian economy," he said during an interview with CNN.
Legislation skepticism
Thune delays bill proposing tariff on Russian energy imports
Meanwhile, Senate Republican Party leader John Thune says he has delayed a bill proposing a 500% tariff on Russian energy importers. The Senate legislation, crafted by Senators Lindsey Graham and Richard Blumenthal and boasting 85 co-sponsors, would empower Trump to impose even higher secondary duties, at least 500 percent, on imported commodities from countries like China, Brazil, and India. The three countries are the top buyers of Russian oil.