US signals trade reset

THE DEVELOPMENT HELPED the Sensex to climb 0.4% on Wednesday, its third straight day of gain.

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Rising for the sixth consecutive day, NSE Nifty closed 0.42% higher.

Trump's statement on Tuesday was the first by him expressing a desire to take the stalled BTA talks with India forward, after he on August 6 issued an executive order doubling the additional tariff on India to 50%, for buying Russian oil.

Both Trump and officials from his administration have been sharply vocal against India for weeks, for its alleged high tariffs, and even singling out the country for keeping trade relations with Russia. The full extra tariff has been effective from August 27 covering more than 60% of India's merchandise exports to the US; the initial reciprocal levy of 25% came into effect on August 7.

"I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries," Trump posted on Truth Social. Modi reciprocated by saying Washington and New Delhi "are close friends and natural partners." He added that both countries are working to conclude the trade discussions at the earliest.