US trade official Brendan Lynch is on a five-day visit to India ahead of Donald Trump's reciprocal tariffs.
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00:00Let us bring you some international news as well now, days before Donald Trump's reciprocal
00:05tariff kicking in, US trade official Brendan Lynch is on a visit to India.
00:10The Assistant American Trade Representative for South and Central Asia will be on a five-day
00:14visit to India and he will hold talks with Commerce Minister Piyush Goyal, besides a
00:18meeting with senior number of Indian officials as well.
00:23It is learnt that Indian officials are also hopeful to discuss with Lynch the possibility
00:27of a waiver for India by Trump administration from the reciprocal tariff at least temporarily
00:33that remember has to come into effect from the 2nd of April.
00:38The two sides expected to hold meanwhile negotiations to firm up a framework for a bilateral trade
00:43agreement that will address issues relating to levies, market access and more.
00:47Speaking exclusively at the Business Today Mindrush event, External Affairs Minister
00:51Dr. S.J.
00:52Shankar made it very clear that India will put its own interests first in the future
00:55trade deal and stressing that free trade agreements are no longer just economic tools
01:01but also strategic choices sometimes.
01:06The underlying issue has been the accumulated consequences of over-concentrated manufacturing
01:14as well as massive subsidies and sectoral protection.
01:20The full impact of that was visible during the COVID-19 pandemic on the fragility of
01:27supply chains.
01:30The Ukraine conflict created an additional set of concerns, especially those pertaining
01:36to food, fuel and fertilizers.
01:41And when sourcing from key producers became challenging, its ripple impact spread across
01:48all businesses and geographies.
01:52The fighting that we have seen since October 2023 in West Asia has added another dimension
02:01because we have seen maritime shipping disrupted and this has particular consequences for the
02:07Asia-Europe traffic.
02:11From time to time, business, in fact international economy, has also experienced the effects
02:19of extreme climate events.
02:24On top of all this, there are the economic consequences of sharper geopolitical competition.
02:32The digital and technology worlds have felt the implication of this polarization most
02:39visibly.
02:41After decades of hearing the virtues of globalization, today the world is grappling with the reality
02:50of industrial policies, export controls and tariff wars.
02:58In such a scenario, it is essential to identify advantageous trends and adapt our policies
03:07accordingly.
03:09First and foremost, there is the widespread concern today about de-risking the global
03:15economy.
03:17The solution lies in more diversified manufacturing, Mr. Birla referred to it, in more innovation
03:26and technology, and in stronger trade, including those that pertain directly to food and health
03:32security.
03:34Put together, what that means is a re-globalization that is fairer, that is more democratic, that
03:44is less riskier than its earlier model.
03:50What is so exciting is April 2nd is just around the corner and that's American Liberation
03:56Day.
03:57It's a day when the rest of the world starts to treat America with respect and your leadership,
04:05understanding how the rest of the world treats us and what balance and what fair trade finally
04:10is going to be, is going to take care of America, it's going to launch the External Revenue
04:14Service to start to build the power and prestige of America back and I'm honored to be helping
04:21you on that course.