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India unlikely to get U.S. exemption on steel, aluminium tariffs
India has asked the United States for an exemption from U.S. steel and aluminium tariffs, in exchange for removing some tariffs on U.S. agricultural goods but Washington is not seriously considering the offer, sources familiar with the discussions said. Key Points
ReutersEurope Votes to Slap China-Made EVs With Tariffs—but Tesla Gets Off Easy
Despite opposition from Germany, the European Union will start imposing tariffs as high as 45 percent on Chinese-made electric vehicles. Elon Musk’s marque takes the smallest hit. Key Points
WIREDUniform tariff for renewable energy on the anvil
The Indian government is working on finalizing procedures to pool tariffs of renewable energy capacities, aiming to make electricity tariffs uniform for power distribution companies. This plan involves creating separate pools for different types of renewable energy projects, such as solar, wind, and hybrid, based on their technologies. The weighted average of tariffs from these pools will be determined and could be revised monthly. Key Points
Economic TimesU.S. review of China tariffs won't depend on trade 'breakthrough'-Deputy USTR
The United States is taking an analytical approach to its review of whether to keep tariffs on Chinese goods in place and will not base outcomes on any “breakthrough” in U.S.-China trade relations Key Points
The HinduBharti Airtel announces 10-21 per cent hike in mobile tariffs from July 3
Mobile tariff hike from mobile operators comes immediately after the 10th spectrum auction. Bharti Airtel on Friday announced between 10 and 21 per cent hike... Key Points
The Tribune India
Why Modi govt’s big bet on Elon Musk in India might just work
On the one hand, this looks like business as usual. Officials have made a habit of using the supposed potential of the domestic market as an inducement for foreign investors. The stick of high tariffs together with the carrot of possible consumer demand growth should be enough to lure in people like Musk, they think. That said, theres a deeper story to be told here. Key Points
Economic TimesIndia will have to eventually move to lower customs duty regime, says DPIIT Secy Rajesh Kumar Singh
India will eventually move to a lower customs duty regime and cannot continue protecting domestic manufacturers by citing the infant industry argument. The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said tariffs are not considered a revenue source but are used as a policy tool to ensure higher protection for certain sectors to boost domestic manufacturing. Key Points
Economic TimesIndia’s trade policy is working great — for Vietnam
Elsewhere in Asia, the contest is about semiconductors, the high-value heart of communication, transportation, artificial intelligence, and a lot else besides. From Thailand to Singapore and Malaysia, several countries are now in the fray to shift the locus of front-end chip manufacturing from East to Southeast and South Asia. India is trying tostep on that ladder via packaging and testing. While those plans are yet to bear fruit, cheap labor has already made the nation an upcoming rival to Vietnam in a low-value-added activity like assembling electronics parts. Key Points
Economic TimesUS, India agree to end six WTO disputes, lift some tariffs
India also agreed to remove retaliatory tariffs on certain US products such as chickpeas, lentils and almonds, the US Trade Representative's (USTR) office added in a statement. The USTR announcement came during a visit of Indian Prime Minister Narendra Modi to the United States, and both nations have also reached major deals on engines for fighter jets, semiconductor investment and space cooperation. Key Points
Economic TimesModi’s Big Bet on Musk in India Might Just Work
The government is a believer in the transformative potential of a single large investor. It was a success with Apple and TSMC, and it may well be with Tesla, too. Key Points
mint
Japan asks India to rescind plan to appeal ICT ruling at WTO
Japan has asked India to withdraw its appeal to the World Trade Organization's (WTO) ruling against New Delhi's tariff on technology goods. The WTO had found in favour of Japan, Taiwan and the European Union in April, stating that India had breached global trading rules. At a DSB meeting on Tuesday, the US supported Japans appeal, claiming that India's tariffs negatively affect foreign businesses and limit access to technology for Indian firms and consumers. The EU and Canada urged India to resolve this dispute via the MPIA alternative. Key Points
Economic TimesChecking predatory pricing for port tariffs need of hour
The ports, shipping, and waterways ministry in India has proposed restrictions on port tariffs to prevent predatory pricing by public-private-partnership (PPP) ports. The proposal suggests that port tariffs should not be less than the operating cost per tonne of the asset. This could have implications for private sector port operators in the country. The ministry aims to implement regulatory caps within the next two years to address the issue of predatory pricing and restrict mergers and acquisitions that result in a dominant position in the maritime sector. The Competition Commission of India will oversee any deals that breach competition laws. Key Points
Economic TimesAirtel CEO says users are using more data than what they pay for, confirms tariff hike soon
Airtel might increase prices of its recharge plans in mid-2023. Company’s CEOSunil Bharti Mittal says that people are consuming more than what they are paying for and this is impacting company’s profit. Key Points
India TodayDiscoms seek tariff hikes up to 40% as demand, costs soar
The weighted average price on IEX so far in FY23 has been ₹5.95 per unit, compared with ₹4.40 last fiscal Key Points
mintFlush with funds, US factories stare at China challenge
The Biden administration invests $2 trillion in US factories and infrastructure to strengthen American industry and combat climate change. However, low-priced products from China pose a threat, leading President Biden and his aides to consider protectionist measures. Concerns about China violating global trade rules have prompted calls for higher tariffs on Chinese imports in the US and Europe. Key Points
Economic Times
Stocks dip, longer-dated US yields higher after inflation data
By Chuck Mikolajczak NEW YORK (Reuters) -A gauge of global stocks fell for a second straight session on Wednesday and longer-dated U.S. Treasury yields rose in choppy trading as investors assessed the Key Points
ThePrintIndia should sign more FTAs, cut tariffs: Niti CEO
India needs to sign many more free trade agreements (FTAs) with other countries and reduce tariffs to compete with the rest of the world, Niti Aayog CEO... Key Points
The Tribune IndiaGovt slashes import duty on mobile parts
The Indian government has cut import taxes on some components of mobile phones in a bid to make the local industry more competitive. The move will help the likes of Apple and Samsung to ramp up exports, according to exports. The India Cellular and Electronics Association (ICEA) had earlier submitted a report comparing import duties among India, China, Vietnam and other countries, where they flagged a steep cost disability due to high tariffs on input parts. Key Points
Economic TimesIndia vs Australia: Airfares surge eightfold, hotels 29X as cricket excitement reaches fever pitch in Ahme
The highly anticipated ICC World Cup final between India and Australia at the Narendra Modi Stadium in Ahmedabad is causing a surge in demand across various industries. Over 100 charter flights have been booked, leading to skyrocketing airfares and hotel tariffs. Car rental companies and liquor permit applications are thriving. The surge in demand has affected flight prices, with the cheapest one-way fare from Hyderabad to Ahmedabad costing Rs 40,000. Key Points
Economic TimesUK PM Rishi Sunak likely to visit India as and when FTA is ready to be announced
There are reports that the deal could be sealed in December after the state assembly elections. The two sides have differences whether taxation will be included in a proposed investment protection pact, as well as the UKs demand that tariffs be cut on electric vehicle exports to India. Key Points
Economic Times
Why Trump Is Right About Tariffs
Taxing imported goods is unpopular with economists, but it could help the U.S. lower the trade deficit, strengthen its industrial base and safeguard national security. Key Points
mintIndustry pricing structure should change, pay more for higher usage: Gopal Vittal
Indias current telecom services pricing architecture, he said, is more of a one-size fits all approach that and cant work in the long run as a customer, typically, pays the same independent of the level of usage. “Our pricing structure is broken, and (data) allowances should ideally be linked to price as is the case in markets like Indonesia, Thailand or Philippines,” Vittal said at Airtel's fiscal fourth quarter earnings call Wednesday. Key Points
Economic Times