Tariff row deepens: US rejected India’s WTO consultations request over import tariffs, says minister (Financial Express)
The United States has rejected India’s formal request for consultations under the WTO Agreement on Safeguards regarding steep US tariffs on steel and aluminium, which India believes should have been notified and discussed multilaterally before implementation, as per global trade norms. India, calling these actions non-compliant with WTO rules, has now reserved its right to impose proportionate trade restrictions, especially since the US had already raised duties on these metals by 25% and later doubled them to 50% citing national security—a justification India strongly contests. While the two countries are currently engaged in broader talks on a Bilateral Trade Agreement expected to conclude by November, India has expressed disappointment that crucial issues like steel and aluminium tariffs have been deliberately left out of those discussions.
India, Philippines start talks for bilateral trade pact (Financial Express)
India and the Philippines have formally begun negotiations for a Preferential Trade Agreement (PTA) that aims to build upon the ASEAN-India Trade in Goods Agreement (AITIGA), allowing both nations to fine-tune trade concessions and open up markets in key sectors such as agriculture, pharmaceuticals, energy, and seaweed technology. India is seeking improved access for products like potatoes and grapes, while the Philippines is looking to boost its seaweed exports and infrastructure collaboration, with both sides also exploring digital payment linkages and coordinated platforms for large-scale infrastructure development. With bilateral trade already valued at $3.3 billion and Indian investments in the Philippines exceeding $5 billion, both countries have expressed strong political will to complete the AITIGA review swiftly and deepen economic ties through mutually beneficial, sector-specific cooperation.
India has not been a good trading partner, says Donald Trump (The Economic Times)
U.S. President Donald Trump has sharply escalated trade tensions by announcing a "very substantial" hike in tariffs on Indian imports—beyond the current 25%—accusing India of profiting from large-scale Russian oil purchases, a move that has triggered bipartisan condemnation within India and a formal rebuttal from its foreign ministry. New Delhi has pushed back strongly, pointing out that both the U.S. and EU continue major trade with Moscow—including record LNG imports and Russian uranium—while unfairly singling out India, which currently imports 1.75 million barrels per day from Russia and refuses to recognise unilateral sanctions. Trade experts warn this sudden rift could cause Indian exports to the U.S. to plummet by nearly 30%, from $86.5 billion to $60.6 billion this fiscal year, potentially delivering a serious blow to India’s economy amid broader global uncertainty.
