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The US said India will lower tariffs on a "vast array" of American industrial and agricultural goods, such as "fruits, vegetables", to zero per cent under the trade deal announced by President Donald Trump. The US described this as a "big win" while noting that India will continue to control "certain key areas" that enjoy protection. "This is it. The time has come, and now we have the deal. We'll finish papering it, but we know the specifics. We know the details. It's a very exciting opportunity," United States Trade Representative Jamieson Greer said Tuesday in an interview to CNBC Squawk Box. Greer said that the US will continue to maintain some level of tariff against India - 18 per cent - "because we have this giant trade deficit with them, but they've also agreed to reduce their tariffs for us on a variety of agricultural products, manufactured goods, chemicals, medical devices, etc. It's an exciting opportunity for both countries," he said. Giving details of the deal, Greer .
Commerce and Industry Minister Piyush Goyal on Wednesday said talks with the US on the proposed bilateral trade agreement are progressing. He said that the US team is in New Delhi for the negotiations. "Talks are continuously progressing with them. We are moving forward towards a bilateral trade agreement," Goyal told reporters here at the Pravasi Rajasthani Divas. He indicated that he may meet the visiting US official team. A delegation led by Deputy US Trade Representative (USTR) Rick Switzer is in the national capital for two-day trade talks with his Indian counterpart Rajesh Agrawal. The US' chief negotiator for the pact, Assistant US Trade Representative for South and Central Asia Brendan Lynch, will hold discussions with India's chief negotiator and Joint Secretary in the Department of Commerce, Darpan Jain. The visit is crucial as India and the US are working to finalise the first tranche of the pact. This is the US officials' second trip since the imposition of a 25 per ce
Commerce Secretary Howard Lutnick has said that the US will have to fix countries like Brazil and India, asserting that these nations need to react correctly to America by opening their markets and refraining from actions that could harm American interests. The Trump administration has imposed 50 per cent tariffs on India, including a 25 per cent tariff on New Delhi's purchases of Russian oil, among the highest tariff rates imposed on any country in the world. "We have a bunch of countries to fix, like Switzerland, Brazil, India - these are countries that need to really react correctly to America. Open their markets, stop taking actions that harm America, and that's why we're off sides with them," Lutnick said in an interview with NewsNation. Lutnick said that these countries have to understand that if "you want to sell to the US consumers, you've got to play ball with the President of the United States." Apart from India and Brazil, Lutnick also mentioned countries like Taiwan and
The Walt Disney Co. will pay a USD 10 million fine to settle a Federal Trade Commission lawsuit alleging it allowed personal data to be collected on kids under 13, violating federal law. The FTC said Tuesday Disney violated the Children's Online Privacy Protection Act, or COPPA, which requires kid-oriented apps and websites to get parents' consent before collecting personal information of children under 13. According to the complaint, Disney failed to properly label some videos that it uploaded to YouTube as Made for Kids. The mislabeling allowed Disney, through YouTube, to collect personal data from children under 13 viewing child-directed videos and use that data for targeted advertising to children, the FTC said. That's because, since the videos weren't labeled as being for kids, they included targeted advertising. Representatives for Disney did not immediately return a message for comment. Google, the parent company of YouTube, agreed to pay USD 170 million in a similar settlem
President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by August 1. The tariffs, or import taxes, paid when Americans buy European products could raise prices for US consumers and dent profits for European companies and their partners who bring goods into the country. Here are some things to know about the trade deal between the United States and the European Union: What's in the agreement? Trump and von der Leyen's announcement, made during Trump's visit to one of his golf courses in Scotland, leaves many details to be filled in. The headline figure is a 15% tariff rate on the vast majority of European goods brought into the US, including cars, computer chips and pharmaceuticals. It's lower than the 20% Trump initially proposed, and lower than his threats of 50% and then 30%. Von der Leyen said the two s