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US Commerce Secretary Howard Lutnick said India may get more favourable terms from being one of the first pacts agreed.

The trade deal between New Delhi and Washington could be finalised soon, according to US Commerce Secretary Howard Lutnick, who said that India and the United States have “found a place that really works for both countries.” The remarks came ahead of the final round of India-US face-to-face negotiations, which are expected to take place in New Delhi this week.

“You should expect a deal between the United States and India in the not too distant future because I think we found a place that really works for both countries,” Lutnick said in his keynote address at the eighth edition of the US-India Strategic Partnership Forum (USISPF) here on Sunday.

“When they put the right person in India, put the right person on the other side of the table, and we’ve managed (that), I think,” he added.

Lutnick also said India may get more favourable terms from being one of the first pacts agreed.

“Earlier countries get a better deal, that’s the way it is. So those who come in July 4th to July 9th, there’s just going to be a pile,” Lutnick said, adding that India is trying to come in earlier than that.

India Also Optimistic

Meanwhile, India also said it is working actively to finalise the proposed bilateral agreement aimed at significantly expanding trade and offering preferential market access to each other’s businesses. Speaking to the media in France on Monday, Commerce and Industry Minister Piyush Goyal said, “Both countries are committed to work together, and both desire to give preferential access to each other’s businesses. We are working towards the bilateral trade agreement.”

India-US Trade Deal

The India-US trade agreement was announced in February by Prime Minister Narendra Modi and US President Donald Trump. The proposed pact is envisioned as a multi-sector deal with the first phase expected to be finalised by September-October 2025. Its goal is to more than double the bilateral trade volume from the current USD 191 billion to USD 500 billion by 2030.

A delegation from Washington is currently in New Delhi to advance discussions on an interim agreement, expected to be finalised by the end of June. New Delhi is pushing for a complete exemption from the 26 per cent reciprocal tariff imposed by US President Donald Trump on Indian goods exported to US.

Prosecutors said Espino and Young tortured Leger by pouring hot sauce into his eyes and rectum.

Three drug traffickers in the US state of Florida have been sentenced to decades in prison for kidnapping and brutally torturing a rival using hot sauce during an 18-hour ordeal. The violent episode stemmed from a feud over a drug deal gone sour, the New York Post reported. 

According to federal prosecutors, 25-year-old Mario Espino orchestrated the kidnapping of Gabriel Leger, a former associate turned rival, on October 12, 2023. Espino, along with accomplices Jacob James Guest (24) and Joey Lawrence Eugene Young (25), allegedly held Leger captive while demanding 10 kilograms of fentanyl from his cartel contacts.

In a chilling account shared in court documents, prosecutors said Espino and Young tortured Leger by pouring hot sauce into his eyes and rectum. The victim was later found in the backseat of a car with a pillowcase over his head, his wrists bound with zip ties and electrical cords.

The trio reportedly fled when police approached the vehicle, leaving behind 22 kilograms of methamphetamine, 100 grams of fentanyl, a firearm, and over $10,000 in cash.

All three men pleaded guilty to charges including drug trafficking, kidnapping, and possession of a firearm in furtherance of drug crimes. Young received the harshest sentence at 25 years, followed by Espino with 22.5 years. The guest, who was present during the torture but did not directly participate, was sentenced to 20 years.

Court records suggest the attack was triggered by Espino’s anger over being excluded from Leger’s drug operations.

US-India Trade Deal: Negotiations for the pact, that are at an advanced stage, aim to take the annual bilateral trade between the two countries from the current $190 billion to a massive $500 billion by 2030 – and hence aptly titled ‘Mission 500’.

India and the United States are on a cusp of an agreement that will reshape commerce between the two largest democracies in the world. Negotiations for the pact, that are at an advanced stage, aim to take the annual bilateral trade between the two countries from the current $190 billion to a massive $500 billion by 2030 – and hence aptly titled ‘Mission 500’.

After his recent meeting with India’s trade minister Piyush Goyal, US commerce secretary Howard Lutnick said “India has one of the most extraordinary economies”.

The key that makes an extraordinary economy is the determination of the people. How much do your people care about being in business? How entrepreneurial are they? How much do they drive to be better for their families?” he said, adding that “From what I know about India, the core population of India has that drive and ambition, and that’s why the Indian economy will always continue to grow and thrive because it has that from the underpinning and so you can do things in India that many other countries, you just can’t get done.”

CLOSE TO A DEAL

He went on to say that India and the United States are close to finalising a trade pact. “I think to be in a very, very good place, you should expect a deal between the United States and India in the not-too-distant future because I think we found a place that really works for both countries.” His comments – that a deal is on the anvil is indicative of the rapid progress the two countries have made in negotiations that witnessed many roadblocks, including punitive reciprocal tariffs imposed by President Trump.

Though it has been many years in the making, the deal could prove to be a game changer for India. Several sectors like pharmaceuticals and agriculture which have high exposure in the US market are set to be impacted significantly. Experts believe there is a significant upside for India’s agricultural exports, which are currently valued at $4 billion.

‘MISSION 500’

‘Mission 500’ is being viewed by stakeholders as more than just a trade pact. It is being seen as a vision for greater bilateral investment in both countries, as policymakers streamline processes allowing for easier movement of capital.

Greater flow of capital and investments, coupled with higher access to American markets will create important avenues of growth for Indian businesses. While goods from sectors like engineering – which is one of the largest in terms of export to the US – will benefit, the true potential for growth lies in labour intensive sectors like footwear, garments, textiles, and electronics that will act as a catalyst for broad-based growth.

IMMEDIATE IMPACT

For Indian consumers, the pact will allow American products including high-end fashion brands to become more affordable. Duty cuts are likely to make several American FMCG or fast-moving consumer goods cheaper as well. This includes dairy products from brands like Danone and Land O’Lakes. The US alcobev industry will also gain significantly, with Bourbon whiskey brands like Jack Daniels and Jim Beam seeing a drop in prices in the Indian market.

Once the deal fructifies, it will likely lead to greater opportunities for India and the US to align with global supply chains. More so since China tariffs remain high, affecting investor sentiment and global businesses.

While the broad outlook for the trade pact remains positive, for Indian policymakers twin concerns remain. Free flow of labour and data remains a challenge due to the divergent views of New Delhi and Washington partly because of the present political climate in America.

After concluding a crucial trade pact with the UK, India is now giving priority to having trade agreements with both the US and the European Union – the two largest trading partners for New Delhi. Speaking about this, trade minister Piyush Goyal said last week that “We are well on track in our bilateral trade agreement with the US and making fast progress with EU.”

India’s economic forecast has said that a successful trade pact with the US will “turn the current headwinds into tailwinds”.

The announcement came as a delegation from the Ministry of Agriculture and Environment led by Minister Do Duc Duy visited the United States

Vietnam is expected to sign deals with the United States to buy more than $2 billion worth of agricultural products, Hanoi said on Tuesday, as it tries to slash President Donald Trump’s threatened 46 per cent tariff.

The announcement came as a delegation from the Ministry of Agriculture and Environment led by Minister Do Duc Duy visited the United States.

Vietnam has the third-biggest trade surplus with the United States of any country after China and Mexico and is anxious to address the imbalance to head off the tariff threat.

The deals announced on Tuesday include five memorandums of understanding (MOUs) to buy products worth around $800 million from the state of Iowa over three years, the agriculture ministry said in a statement on its website.

This is up from the current average of $44 million of agricultural exports per year from Iowa to Vietnam, the statement said.

The new deals include the purchase of soybean meal, corn, wheat, dried soybeans and dried distillers grains (DDGS), it added. 

Vietnam is due to head into a third round of trade talks with the United States in the coming days.

Last month it said “positive progress” has been made following three days of discussions in Washington.

The Vietnamese team sought help during its time in the United States from US tech and industry giants, including Lockheed Martin, SpaceX and Google.

It also signed an agreement with US company Westinghouse Electric on nuclear power development.

Mr Trump’s real estate group broke ground last month in Vietnam on a $1.5-billion luxury resort and golf course 40 kilometres (25 miles) southeast of the capital Hanoi.

His son, Eric Trump, an executive vice president of The Trump Organization, and his wife Mrs Lara attended the event, as well as local partner the Kinhbac City Development Corporation (KBC).

He has also been scouting locations for a potential tower project in Ho Chi Minh City, Vietnam’s southern business hub.

Hyundai Motor sold its entire stake in Ola Electric, while rival South Korean carmaker Kia trimmed its holding, in a combined share sale worth 6.89 billion rupees ($80 million).

Hyundai Motor sold its entire stake in Ola Electric, while rival South Korean carmaker Kia trimmed its holding, in a combined share sale worth 6.89 billion rupees ($80 million), according to exchange data.

Hyundai, which held a 2.47% stake in the company, sold shares at a price of 50.70 rupees, while Kia offloaded 0.6% of Ola Electric shares for 50.55 rupees, the data showed on Tuesday.

Kia held a less than 1% stake in Ola Electric. Its current holding is not known as exchange data does not disclose stakes below 1%.

Ola Electric’s shares slumped 8% on Tuesday as both disposals were at a nearly 6% discount to its closing price on Monday.

Hyundai Motor sold its entire stake in Ola Electric, while rival South Korean carmaker Kia trimmed its holding, in a combined share sale worth 6.89 billion rupees ($80 million), according to exchange data.

Hyundai, which held a 2.47% stake in the company, sold shares at a price of 50.70 rupees, while Kia offloaded 0.6% of Ola Electric shares for 50.55 rupees, the data showed on Tuesday.

Kia held a less than 1% stake in Ola Electric. Its current holding is not known as exchange data does not disclose stakes below 1%.

Ola Electric’s shares slumped 8% on Tuesday as both disposals were at a nearly 6% discount to its closing price on Monday.

Hyundai Motor sold its entire stake in Ola Electric, while rival South Korean carmaker Kia trimmed its holding, in a combined share sale worth 6.89 billion rupees ($80 million), according to exchange data.

Hyundai, which held a 2.47% stake in the company, sold shares at a price of 50.70 rupees, while Kia offloaded 0.6% of Ola Electric shares for 50.55 rupees, the data showed on Tuesday.

Kia held a less than 1% stake in Ola Electric. Its current holding is not known as exchange data does not disclose stakes below 1%.

Ola Electric’s shares slumped 8% on Tuesday as both disposals were at a nearly 6% discount to its closing price on Monday.

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