India and US strike major trade deal
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What is the main topic discussed in this episode?
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Proteininälkään saarioisten protsku. Ruokaa, jossa on proteiinia ihan luonnostaan. Talvella sekä häikäisee että hämärtää. Siksi talvi vaatii omat lasit. Nyt kahdet lasit yksien hinnalla. Tai kehyksiä puoleen hintaan. Ja muista varata Instrun uusi kattavanäön tutkimus. Nappaa talven parhaat tarjoukset. Instrun talvialesta. This is the Global News Podcast from the BBC World Service. I'm Paul Moss, and at 4.30 GMT on Tuesday, February the 3rd, these are our main stories. The US and India have apparently reached a trade deal, but does India see it the same way as Donald Trump? Bill and Hillary Clinton have agreed to testify in Congress about Jeffrey Epstein, days before they risk being held in contempt if they fail to show up.
Also in this podcast, what's it like being our man in Moscow? The BBC's Steve Rosenberg reveals all. Plus... We said the sport will take girls forward. They will be able to get government jobs that are allocated to sportsperson. How girls in India are using football to fight back against illegal child marriages. And it's dress rehearsal time for Artemis, the NASA space mission to send men and women back to the moon.
This is not going to be just a brief visit. The goal for the future is to get a permanent presence.
Has Donald Trump really pulled off another of his much-touted trade agreements? The US president likes to see himself as a man who makes deals. And on Monday, he was hailing his latest. He announced that America would cut tariffs on goods imported from India and said that in return, India had promised not to buy any more Russian oil. The trouble is, it's not clear that anyone's told India's prime minister. Commenting on the deal, Narendra Modi welcomed the tariff reduction, but he didn't mention anything about Russia or its oil. So what's going on? Here's our Asia business correspondent, Archana Shukla.
So far, no, Paul, there has been no word around any deal on oil purchases. And right after President Trump's Truth Social post announcing this trade deal, the fact that India will be buying $500 billion worth of American goods or that India would reduce tariff to zero for all American products and also stop buying Russian oil and instead buy more from U.S.
and Venezuela. The only thing that Prime Minister Modi tweeted was thanking President Trump for reducing tariffs from 50% to 18% and also showering praises about their friendship and the fact that the two largest democracies would come to work. But no word, neither from the trade minister or even the Home Minister here in India. Could there be a reason why India's Prime Minister, Mr Modi, would promise Donald Trump various things like buying more American oil, not buying Russian oil, but not want to make that public?
Paul, it seems unlikely that India will completely cut down on Russian oil for two main reasons. One, it's cheap for India's import bills.
And secondly, Russia is one of its oldest allies. And even from a geopolitical lens, if you see, since the sweeping tariffs came into effect,
Beijing, Delhi and Moscow have actually strengthened their ties. So completely cutting down on Russian oil may not really be on the cards. But yes, the purchases have come down. And in fact, over the last few months, India has bought more oil from the US. So these could be indicators that Prime Minister Modi and President Trump would have discussed. And there had been a lot of pressure on India to buy more oil and buy more arms from the United States. And those could be some of the bits where India would have pushed it through.
Which sectors of the Indian economy are most likely to benefit?
This really helps big export-heavy sectors like textiles and apparels, auto ancillaries, gems and jewellery. Jewellery is a big segment of exports from India to the US. And also seafood, things like shrimp. The US is the largest consumer of shrimps and India is the second largest seller of shrimps. And these are very export-heavy industries that also employ a lot of people here in India.
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Chapters
7 chapters
1
What is the main topic discussed in this episode?
0:00–6:12
2
What trade deal has the US and India reached?
6:12–7:04
3
What are the implications of the Clintons testifying about Jeffrey Epstein?
7:04–8:46
4
How is Steve Rosenberg navigating journalism in Russia?
8:46–10:26
5
How are Indian girls using football to combat child marriage?
10:26–10:55
6
What challenges is NASA facing with the Artemis II mission?
10:55–25:56
7
Which sectors in India will benefit from the new trade deal?
25:56–30:14