- 5 months ago
US President Donald Trump has announced a 25% tariff on Indian goods, plus an additional penalty, effective from August 1. The move is linked to India's trade with Russia, particularly in energy and military equipment, and what Trump calls high tariffs and "obnoxious" non-monetary trade barriers.
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00:00Okay, let's go straight also to raise those big questions.
00:03How will Donald Trump's tariffs really hit India?
00:07Is this simply a pressure tactic by Trump
00:09ahead of that August 1st initial deadline?
00:12How should India be responding?
00:14Is an India-U.S. trade deal still possible?
00:16Remember, that deal was to be worked out in the autumn,
00:19so more likely in September, October now.
00:22Before that, let's just explain to you
00:24what this Trump announcement means.
00:27It's 25% plus tariffs.
00:30Now, what does it mean?
00:32Our exports may not be as competitive anymore,
00:35particularly in a highly competitive United States markets
00:38where other competitors, Vietnam, for example,
00:41go into that market now with lower tariffs, around 20%.
00:45Smartphones, electronics, auto, marine products,
00:48gems and jewelry could be hit.
00:52Textiles and apparel may see mixed income,
00:54mixed outcomes because India there will compete
00:57with other countries like Bangladesh, for example.
01:01And companies may, some companies may shift out of India
01:04to bypass tariffs if, of course,
01:06all of this was to still be in place
01:08in the weeks and months ahead.
01:10And the rupee may weaken due to reduced dollar inflows.
01:15Stock markets may be hit.
01:16Economists estimate if this carries on,
01:19a 0.2 to 0.5%, according to some estimates,
01:23a hit on India's GDP.
01:25An impact of the penalty surcharge on procurement
01:28from Russia is unclear.
01:30Pharma, semiconductors, critical minerals
01:33are exempt for now.
01:36So, there are some gains.
01:39Some are hoping we may find alternative markets.
01:42But at least as far as the United States goes,
01:44this isn't really what India had hoped for,
01:48at least not in the interim.
01:50How will all of this play out in the weeks ahead?
01:53Joining me now, Casey Singh,
01:55former Secretary, Ministry of External Affairs,
01:58is with us.
01:59Siddharth Zarabi, editor at Business Today,
02:02who tracks this very closely, is with us.
02:04And Raymond Vickery, Senior Associate Chair
02:07on India and Emerging Asia Economies,
02:09former U.S. Assistant Secretary of Commerce
02:11and Trade Development,
02:12is joining me from Washington.
02:15And I want to come to you, Mr. Vickery, first,
02:17because give us a sense from your vantage point there
02:20in Washington.
02:22How are you seeing what Donald Trump has done today?
02:25Along expected lines,
02:27particularly when he says he's going to impose
02:30penalties on India
02:31for trading in energy with Russia?
02:36Well, thanks very much for having me.
02:39I think this is an unfortunate development,
02:42but is in accordance with the Trump transactional approach
02:47to international affairs.
02:49You know, since World War II,
02:52we've had a multilateral approach.
02:54The first, the General Agreement on Tariffs and Trade,
02:58and then the World Trade Organization.
03:01And Donald Trump has cast this all aside
03:03for his great man theory
03:06of how international relations work.
03:09And he would like to have this done
03:12like a real estate transaction
03:14in which he comes out on top
03:17and can show a, quote, profit, unquote.
03:20This is not the way in which friends,
03:23great democracies like India and the United States
03:26ought to treat each other.
03:29There really is no problem internationally
03:33that couldn't benefit from U.S.-India cooperation,
03:37whether it be in security versus China,
03:39climate change, world health, and so on.
03:43But all that having been said,
03:46the reality is what it is.
03:48And both India and the United States
03:50must deal with the present reality of Donald Trump.
03:56That means, in my judgment,
03:58that India needs to assess what's in its own interest
04:03and look toward the middle and longer term.
04:07It needs to assess what's in its own interest
04:09in terms of further opening up its own economy.
04:13It is true that since independence,
04:15or going back to independence,
04:17there was an idea that India needed to protect
04:21all of its economic activities
04:23so it could build, in that instance,
04:26socialism in one country.
04:28Now, those days have passed,
04:31but there's still a lot of remnants of protectionism,
04:34which India needs in its own self-interest to reassess.
04:38One of the interesting aspects of the statement has to do with Russia.
04:44And on that, India needs to take another look itself.
04:48Where are its values?
04:50Russia is bent on reestablishing the empire,
04:54which it had when it was head of the USSR.
04:59That's not in India's interest.
05:02India has gotten some cheaper oil,
05:05not cheap oil, but cheaper oil,
05:08and arms for years.
05:10But India needs to take a leadership role among democracies.
05:15It does not need to be able to just pander to Russia,
05:20or even to China,
05:22to be able to survive.
05:25And what it needs is to operate in the international arena
05:30in accordance with its own democratic values.
05:34And those are not those of Russia.
05:36So it's very interesting to see what India will decide in that area.
05:42Casey Singh, you're hearing Raymond Vickery
05:44particularly sort of emphasizing the Russia factor.
05:48India needs to decide what's in its own interest.
05:51Now, Raymond Vickery says possibly that India needs to re-look at their arrangement.
05:55India will say, look, who is the United States to dictate terms?
05:58Your first reactions to what Donald Trump has done.
06:02The opposition is already gunning for the Modi government,
06:05saying that the Modi government's strategy of reaching out
06:07to the Trump administration has not worked on the flip side.
06:11You could argue that India is holding tough
06:13and not bowing down before Donald Trump?
06:17I think it's very interesting.
06:18The truth social tweet kind of thing of Trump
06:23in which he has put all this
06:25ends with capital letters.
06:27It says, all things not good.
06:30And I think Russia comes towards the end of it.
06:33So what has changed?
06:34Till now, the impression we had was
06:36that we had it till autumn
06:38to finalize a deal.
06:40The US delegation is coming here
06:42in the third week or third or early fourth week of August.
06:45And so there were some stumbling blocks
06:48and they were trying to get rid of that
06:50or see how they could manage the US.
06:54But I think what has probably shifted is
06:56the Russian, the US approach,
06:59Trump's approach to Russia.
07:02You see, on Ukraine, he's given the weapons back.
07:04He's saying he's unhappy with Putin.
07:07Putin's not listening to him.
07:08So all of a sudden, Ukraine,
07:10which during the first three, four months
07:13of his presidency,
07:13he was not paying as much attention to.
07:16He was more siding with Russia.
07:18He's reversed his position considerably.
07:21And I think that is one of the things
07:23which is probably irritating him,
07:25that he wants to exert pressure on Russia
07:27to get a ceasefire in Ukraine.
07:30That is one thing.
07:32Now, that may or may not happen,
07:33but that's the way Trump thinks.
07:35Now, the other thing is that
07:36he's got a deal with the EU.
07:39Now, countries are falling into a couple of,
07:41two or three different groups.
07:42One is those who are defying him.
07:44You've got Brazil, you've got Canada,
07:46you've got China.
07:47Now, how did China get away with it?
07:50Massive tariffs were put,
07:52but the Chinese pulled back on rare earths
07:54and magnets,
07:55which started affecting the US economy
07:57and Trump climbed down.
07:59Now, what is the leverage that we have?
08:01You see, Brazil doesn't require America
08:04as much as we do.
08:05America has a trade surplus.
08:06Brazil has simply shifted
08:09their agricultural crops to China.
08:12Our problem is,
08:13we have outstanding problems with China.
08:15We can't become totally aligned with China.
08:18And at the same time,
08:19what is the leverage we have with America?
08:21For the last 10 years,
08:23it's been based on
08:24US giving India a long rope
08:26because we were supposed to be balancing China.
08:31Now, in Trump's approach,
08:33that does not work.
08:34He's interested in dealing with China directly.
08:37He's not interested in using India as a balancing force
08:40and therefore giving any long rope to anyone.
08:42So I think that's what has happened.
08:44India should have foreseen it coming.
08:46And I think they have just quietly submitted.
08:49And now the problem is,
08:51you can humor him.
08:52One way of humoring is,
08:53Pakistan has gone ahead,
08:55promised minerals,
08:56and therefore economic.
08:57One is bribery, minerals,
08:59his family gaining wealth.
09:01And the other one is,
09:02you humor him.
09:03And it's Pakistan,
09:03which went and nominated him
09:05for a Nobel Prize.
09:07Whereas in India,
09:07we are debating
09:08whether he is mediated
09:10or not mediated
09:11between India and Pakistan.
09:13So I think BJP has got into a jam
09:15because Prime Minister
09:16can't be seen as bowing to him.
09:18At the same time,
09:19you basically adopted
09:21a submissive role
09:23not taking on America.
09:25And therefore,
09:26how do you handle Trump?
09:28Okay, how do you handle Trump?
09:30That's a question
09:31many, many governments
09:32are asking
09:33at the moment,
09:34Casey Singh.
09:34But you make important points.
09:36I want to take that also
09:37to Surjit Bhalla,
09:38who's joining us.
09:39Remember,
09:39Surjit Bhalla has
09:40tracked the economy for years
09:42and he's been
09:43someone who's worked
09:44very closely
09:45also as former
09:46executive director
09:47at IMF for India,
09:49looking at the region.
09:50Surjit Bhalla,
09:50your first reactions
09:51to what Donald Trump has done.
09:53I recall a few months ago,
09:54you said
09:55a potential tariff deal
09:57between India and America
09:58is a huge opportunity
09:59for India.
10:00Given what Trump has done,
10:01do you still hold on to that?
10:03Absolutely.
10:04You know,
10:06nothing has changed.
10:07We've had trade negotiations
10:09for five months
10:10and what I want to emphasize
10:13is what I emphasize then
10:15is that it's in India's interest
10:18to have a trade deal.
10:21We can say
10:22it is Trump
10:23that is making
10:24But a fair trade deal.
10:25A fair trade deal.
10:26Somebody else.
10:27Sorry?
10:28A fair trade deal.
10:29You need a fair trade deal.
10:30Yes, exactly.
10:31Now,
10:32you know,
10:32at the beginning
10:33you had said
10:34that the opposition
10:35is gunning
10:36for Mr. Modi
10:39and the BJP government.
10:41But the strange reality
10:43is
10:43that there's no difference
10:45in the BJP government's
10:48approach
10:49to the trade deal
10:50and the Congress
10:52government's approach
10:53to the trade deal.
10:55Nothing has changed.
10:57We are still
10:58as...
10:58Trump is threatening
10:59to impose penalties,
11:00Dr. Bhalla.
11:01Trump is threatening
11:02to impose penalties.
11:03I mean,
11:03this seems to be
11:04an open-ended attempt
11:05to try and put pressure
11:07on India
11:08to come to a deal
11:09on U.S. terms.
11:10Okay.
11:11There are two points
11:12to this.
11:13The first one
11:14is a trade deal
11:15and then we'll come
11:17to the penalty,
11:18which is still
11:19up for negotiation.
11:21And mind you,
11:22that penalty
11:23is part
11:24of the geopolitics
11:26of the world,
11:27has to do
11:27with the Ukraine war,
11:29has to do
11:30with various
11:31other things.
11:32So,
11:32if we can compartmentalize
11:35and do
11:36one by one,
11:37we'll be better
11:38able to reach
11:40what should be
11:41a solution,
11:43what should be
11:43our negotiating strategy.
11:45So,
11:46first and foremost,
11:48we should negotiate
11:49in our own
11:50best interests.
11:52Now,
11:53one of the
11:54sticking points,
11:55so to speak,
11:57between India
11:58and the U.S.,
11:59as far as the trade
12:00deal is concerned,
12:02is tariffs
12:03on farm
12:04and dairy products.
12:07Yes.
12:07Now,
12:08right after
12:09the Congress
12:10and the opposition
12:12went all out
12:13to stop
12:15the farm laws,
12:17which they were
12:18stopped,
12:18unfortunately,
12:20by the Modi
12:21government,
12:22the Supreme Court
12:23did a survey
12:25of farmers
12:26as to
12:27who they would
12:28want,
12:29as to whether
12:30they would want
12:31the farm laws
12:32to come into effect.
12:3487%
12:35of Indian farmers,
12:3887%,
12:40Supreme Court survey
12:42said they wanted
12:43the farm laws.
12:45So,
12:45the point is,
12:46we have to look
12:46beyond our narrow
12:48thing and look at
12:49what the deep state
12:51is doing.
12:51Somebody else
12:52is controlling.
12:53So,
12:53are you saying
12:54a broader trade deal
12:55should include
12:56very quickly
12:56the agriculture
12:58products,
12:59dairy products
13:00as well?
13:00Otherwise,
13:01I don't know
13:02what a broader
13:02trade deal
13:03means.
13:04Second,
13:04let me stop you
13:07for a moment.
13:08Okay,
13:08go ahead.
13:09Finish up.
13:09Finish up.
13:10Yeah.
13:10Second,
13:11we have been
13:12touting the fact
13:14that we have
13:14reached a trade deal
13:16with the UK.
13:17Now,
13:18part of the trade deal
13:20was supposed to be
13:21BITS,
13:22bilateral investment
13:23treaties.
13:25They haven't been
13:25dealt with at all
13:27with the UK trade deal.
13:29We've been negotiating
13:30that for ages
13:31to come out
13:33and it was announced
13:34in the budget
13:36on February the 1st
13:38that we will
13:39re-look at
13:40BITS,
13:41bilateral investment
13:42trade deals.
13:43We haven't done
13:44a thing on it.
13:45So,
13:46let us be a little bit
13:47objective
13:48and in the interests
13:50of India,
13:52what the BJP
13:53should do.
13:55And in the interests
13:56of India,
13:57the BJP
13:58should try
13:59and negotiate
14:00a trade deal
14:01that is good
14:02for Indian manufacturers,
14:04that is good
14:05for Indian farmers.
14:07Okay.
14:07So far,
14:07it doesn't appear
14:08that they have done that.
14:10I'm just stopping you
14:11for a moment
14:12because Siddharth Zarabi,
14:13you've been tracking it.
14:14How are you seeing it,
14:15Siddharth Zarabi?
14:17Do you believe
14:17that one shouldn't
14:19overreact
14:19to what has happened?
14:20It could be
14:21Donald Trump
14:21simply negotiating hard
14:23as he's done
14:24with other countries
14:25as well
14:25and then may push back.
14:27He's just looking
14:28from America's
14:29interest point of view.
14:30How do you see it?
14:32Well,
14:32the first part
14:34to that question,
14:36statement was issued
14:37by the Government
14:38of India
14:38at 8.30pm
14:40and I think
14:41in response
14:41to what our other
14:42guests have said,
14:43Rajdeep,
14:44just two lines
14:44are very,
14:45very critical
14:45which reveal
14:47the Government
14:48of India's stance.
14:50The first point
14:51is that
14:51Government of India
14:53is saying
14:53we want a mutually
14:54beneficial
14:55bilateral trade agreement.
14:58That's point
14:58number one.
14:59And the last point
15:00it says
15:01alongside
15:02is that
15:02the Government
15:03attaches
15:04the utmost importance
15:05to protecting
15:06and promoting
15:07the welfare
15:08of farmers,
15:09entrepreneurs
15:10and small
15:11and medium-sized
15:12companies.
15:13So,
15:14in response
15:15to what
15:15has been discussed
15:16for the past
15:1720 minutes
15:18on the show,
15:19it's very clear
15:20that there is
15:21no go
15:22as far as
15:23farm sectors,
15:24dairy sectors
15:25are concerned.
15:26Off record,
15:27we've also published
15:28a story
15:29where
15:29top officials
15:32are saying
15:32that this is
15:33an unfair
15:34pressure tactic
15:35and that brings
15:36me to the
15:36most critical
15:37spanner
15:38that has been
15:39thrown
15:39in what
15:40were otherwise
15:41protracted
15:42but very
15:42detailed negotiations.
15:44The quality
15:44of the negotiations
15:45from what
15:46I have learned
15:46was of a very,
15:48very high caliber
15:48and those
15:49negotiations
15:50had reached
15:51some sort
15:52of finality
15:53in the form
15:54of a proposal
15:54according to
15:55sources in the
15:56United States
15:57as of last week
15:58were on
16:00President Trump's
16:01table.
16:01What Mr.
16:02Singh said
16:03if you were
16:03to take it
16:03forward,
16:04the Russia
16:05factor seems
16:06to have come
16:06in and the
16:07penalty percentage,
16:09this is going
16:09to be very,
16:10very important
16:10for a future
16:11conversation,
16:13negotiation,
16:14and meeting
16:14between the
16:15two teams.
16:16Trump had
16:16in the past
16:17said 10%
16:18on BRICS
16:19nations.
16:21Senator
16:21Lindsey Graham
16:22has proposed
16:24100%
16:25and he has
16:25also said
16:26to crush
16:27the economies
16:28of countries
16:29like Brazil,
16:30China,
16:30and India.
16:31Is it
16:31going to be
16:3210% or
16:32100% or
16:33somewhere in
16:34between?
16:34If this were
16:35to come
16:36through,
16:37it's very
16:37clear that
16:38President Trump
16:39will put
16:40our negotiators
16:41in a very,
16:43very tight
16:43corner.
16:44One final point,
16:45Rajdeep,
16:46which perhaps
16:46is being
16:47overlooked by
16:48what seems
16:49to be
16:49President Trump's
16:50personal
16:50discussion
16:51and not
16:52really fully
16:53in line
16:53with what
16:54his negotiating
16:55team have
16:56proposed,
16:57is this
16:58whole factor
16:58before April
17:001,
17:01it was
17:013%
17:02in trade
17:03weighted
17:03average
17:04terms,
17:04the duty.
17:05That's
17:06gone up
17:06to almost
17:0712%.
17:08Now it
17:08is going
17:09to be
17:0925%
17:10plus penalty.
17:11Imagine
17:11the consequences
17:12for a
17:13negotiation.
17:14So has
17:15President Trump
17:16decided to
17:17put the
17:18future of
17:19the India-US
17:20relationship,
17:21which is
17:21all-encompassing
17:23on the
17:24stake.
17:25I don't
17:25know,
17:26but it's
17:26clearly going
17:27to be a
17:27tough negotiating
17:29environment in
17:29the future.
17:30I just want
17:31to,
17:31given what
17:32we've just
17:32heard,
17:33before I
17:33come to
17:33you,
17:34Mr.
17:34Vickery,
17:34for a
17:34final round,
17:36look at
17:37what Trump
17:37has been
17:38saying,
17:39because
17:39ultimately
17:40Donald
17:41Trump's
17:41quotes are
17:43the ones
17:43that make
17:44the headline.
17:44He warned
17:45only yesterday
17:46a 20-25%
17:48tariff on
17:48India.
17:49He's gone
17:49to the higher
17:50end and
17:50also added
17:51penalties.
17:52This is
17:52what Donald
17:53Trump's
17:53been saying.
17:54Just take
17:54a look at
17:54his sound
17:55vibes.
17:57India's
17:58been,
17:59they're my
17:59friends,
18:00and he's
18:00my friend.
18:02And,
18:02you know,
18:02the end of
18:03the war
18:03with Pakistan
18:04at my
18:04request,
18:05and that
18:05was great.
18:06And Pakistan
18:07did also.
18:08You know,
18:08we did a
18:09lot of,
18:10a lot of
18:11great
18:11settlements,
18:12including the
18:13recent one,
18:13as you know,
18:14with Cambodia,
18:15blah, blah,
18:15blah.
18:16So,
18:16that was a
18:19great one.
18:19I think that's
18:20been pretty
18:20well finalized.
18:21Is that right?
18:22I don't know.
18:22I'm asking you.
18:23Did I do a good
18:24job on that one?
18:25I did a good
18:26job in about
18:26five different
18:27wars.
18:29Do you think
18:29I'll get credit
18:30for it?
18:30No.
18:31Will I get credit
18:32for it?
18:32She'll say yes.
18:33No.
18:34Is the deal
18:35with India
18:36finalized?
18:38No, it's not.
18:39Okay.
18:39So what rate
18:40are you expecting?
18:40Oh, we're going to
18:41see.
18:41We're going to
18:42see.
18:42But India's been
18:44a good friend.
18:44But India
18:45has charged
18:46basically more
18:47tariffs than
18:48almost any
18:49other country.
18:51I want quick
18:52comments this
18:53time from all
18:53of you as a
18:54final round.
18:54Raymond Vickrey,
18:55Donald Trump
18:56keeps saying
18:57India is a
18:57good friend
18:58and then goes
18:59on to say
18:59good friend
19:00but very high
19:00tariffs.
19:01How are we
19:01to see this?
19:02Is this
19:02pressure tactics?
19:03Is this at
19:04the end of
19:04the day,
19:05Donald Trump
19:05trying to
19:05squeeze India?
19:06Very quickly,
19:07sir.
19:09With Donald
19:09Trump,
19:10nothing is
19:11about friendship.
19:12What it's
19:13all about
19:14is the
19:14transaction
19:15and the
19:17aggrandizement
19:18of Donald
19:20Trump.
19:21That's his
19:22approach.
19:23It's not
19:24the right
19:25approach,
19:26but it is
19:28the reality.
19:29And what
19:30must happen
19:31is that
19:32saner heads
19:33on both
19:33the Indian
19:35and the
19:35U.S.
19:36side must
19:37continue to
19:39value the
19:40relationship
19:40between the
19:41U.S.
19:41and India
19:42and work
19:43our way
19:44through the
19:45difficulty
19:46which President
19:47Trump
19:48basically has
19:49created.
19:50That's his
19:50stock and
19:51trade.
19:52To create
19:52a problem
19:53and then to
19:54back off
19:55at least
19:56somewhat
19:56and then
19:57claim a
19:58great victory.
19:59That is
20:00the real
20:02estate moguls
20:03approach in
20:03the United
20:04States to
20:05business.
20:06So we've
20:07worked our
20:08way through
20:09the nuclear
20:10test problem.
20:11We've worked
20:11our way
20:12through sanctions
20:12there.
20:13We've gotten
20:13a U.S.-India
20:14civil nuclear
20:16agreement and
20:16we can work
20:17our way
20:18through this.
20:19But it is
20:20going to
20:20require India
20:21to assess
20:23its own
20:24interest in
20:25regard to
20:25its values
20:27as well as
20:28the United
20:28States.
20:29And that has
20:30to do with
20:30Russia and
20:31it has to
20:31do with
20:32protectionism.
20:34Very quickly,
20:35Casey Singh,
20:35let's just look
20:36at it from a
20:37diplomatic point
20:38of view.
20:38How should
20:39Indian diplomacy
20:41now work?
20:42We've ignored
20:42Trump's
20:43comments where
20:44he's tried to
20:44link a
20:46ceasefire,
20:47Indo-Park
20:47ceasefire to
20:48trade so
20:48far.
20:49The Prime
20:49Minister has
20:50kept away
20:50from the
20:51T-word.
20:52Should he
20:52now be
20:53speaking out?
20:54Or should
20:54our diplomat
20:55speak out and
20:56call out
20:57Donald Trump?
20:58No, I
20:59think speaking
20:59out will not
21:00help because
21:01we do not
21:02have much
21:02leverage with
21:03the U.S.
21:04As I said,
21:05the Chinese
21:06did.
21:06They just
21:06withheld their
21:08rear earths and
21:08the Americans
21:09climbed down.
21:10But what we
21:12can do is
21:13you'll probably
21:13have to
21:14compromise.
21:14It's what the
21:15Europeans did.
21:16It's not
21:16popular there.
21:17There's a lot
21:18of dissension.
21:19Countries like
21:20France are very
21:20critical of it.
21:22But they've
21:22accepted a 15%
21:24across-the-board
21:25duty.
21:26It's going to
21:26have long-term
21:27impact.
21:28But I think
21:28they're playing
21:29for time.
21:29They realize
21:30that by
21:30midterms next
21:32year, Trump
21:33may be
21:33completely
21:34handicapped if
21:35he loses
21:35the Congress.
21:36And so it's
21:37a question of
21:37playing over
21:38the next one
21:38year.
21:39So I suspect
21:40India will
21:40have to
21:41basically
21:42compromise
21:43and appear
21:44to come.
21:45They'll have
21:45to appear
21:46not to
21:46compromise
21:47and yet
21:47compromise.
21:49I don't
21:49see any
21:50other option
21:50at this
21:51stage.
21:51You don't
21:52see any
21:52other option.
21:53Surjit Bhala,
21:54you've
21:55continuously said
21:55you're the
21:56one person
21:56who's been
21:57saying that
21:57this is a
21:58trade deal
21:58that's a
21:59win-win
21:59possibility.
22:01So you
22:01would suggest
22:02just stick at
22:03it and make
22:03it as broad
22:05a trade
22:05deal as
22:06possible.
22:06Am I
22:06correct?
22:08Without
22:08getting into
22:09the numbers?
22:10Yeah.
22:11Well, without
22:12getting into
22:13the numbers,
22:13what I would
22:14say is
22:15taking a
22:16cue from
22:16Mr. Casey
22:17saying is
22:18that we
22:19shouldn't
22:20compromise,
22:21but we
22:22should negotiate.
22:24There's no
22:25pride lost
22:27in negotiating.
22:29That's what
22:29diplomats are
22:30there for.
22:31And that's
22:32what countries
22:33do.
22:33they negotiate
22:35in their
22:36best interest
22:37to offer
22:38a win-win
22:39for themselves
22:40and for
22:41the other
22:41partner.
22:42And you
22:43maintain that
22:45it should
22:45also involve
22:46farm products.
22:47There will
22:48be those
22:49listening to
22:49you who
22:50will say
22:50politically
22:50that's
22:51unviable,
22:51not possible.
22:53Well,
22:53then explain
22:54to me,
22:55Rajdeep,
22:56when a
22:56Supreme
22:57Court
22:57survey of
23:00farmers in
23:00India says
23:02that reduction
23:03in farm
23:05laws or
23:06whatever,
23:06or continuation
23:07of farm
23:08laws,
23:08whichever way
23:09you want
23:09to phrase
23:09it,
23:10is in our
23:10best interest.
23:12That is
23:12what a
23:13trade deal
23:14with the
23:14U.S.
23:15would do,
23:16would bring
23:16farm laws
23:18that we
23:19ourselves
23:19wanted,
23:20that Prime
23:21Minister
23:21Modi
23:21himself
23:22wanted,
23:22to come
23:24into place.
23:25I see
23:26no
23:26pride
23:27lost,
23:28I see
23:28no harm,
23:29I see
23:30it's a
23:30win-win.
23:31We should
23:31present it
23:32that we
23:33are doing
23:34what's in
23:34the best
23:35interest of
23:35our farmers.
23:37Okay,
23:37final word
23:38from you,
23:38Siddharth Zarabi,
23:39what do we
23:39expect over
23:40the next
23:4048 hours
23:41leading to
23:41August 1?
23:42Will India
23:43simply now
23:44respond right
23:45away or
23:46be more
23:46patient over
23:47the next
23:48few weeks
23:48because there
23:49is an
23:49American
23:49delegation
23:50likely to
23:50come to
23:51India next
23:52month?
23:53Rajdeep,
23:53the immediate
23:54response has
23:55come.
23:55I expect
23:56that further
23:57negotiations
23:58will continue
23:58but let's
24:00not imagine
24:01that India
24:02has no
24:02leverage.
24:03Remember,
24:03this conversation
24:04is about
24:05a goods
24:05deal.
24:07It doesn't
24:08concern
24:09services and
24:11you have
24:12massive amounts
24:13of money
24:13that American
24:15tech companies
24:16make from
24:17India by
24:17one research
24:18estimate,
24:19$25 billion
24:19by the big
24:20tech companies
24:21alone.
24:22Billions of
24:23dollars being
24:23spent by
24:24Indian students
24:25in the
24:25United States,
24:26other forms
24:27of services
24:27cooperations,
24:28the GCC
24:29hubs that we
24:30have created
24:30which American
24:31companies are
24:32exploiting.
24:33It's not
24:34one-way street
24:35and I think
24:36increasingly
24:37India is
24:38also going to
24:38demonstrate and
24:39flex the
24:40leverage that it
24:41has.
24:42It's not going
24:43to be one-way
24:43street for sure.
24:44very interesting
24:47and of course
24:47a debate that
24:49will engage
24:50us for a few
24:51more weeks I
24:51suspect given
24:52Donald Trump's
24:53repeated attempts
24:54to shift the
24:56goalposts.
24:56But I appreciate
24:57my guests
24:58joining me here
24:59on what the
25:00implications could
25:01be of that big
25:02tariff announcement.
25:03report.
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