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Trump again says Indian tariffs on US goods unacceptable

US president Donald Trump repeated his complaints on Tuesday (9) that India's tariffs on US products were unacceptable but he did not indicate whether he would take any further action in the trade row between the two nations.

"India has long had a field day putting Tariffs on American products. No longer acceptable!" Trump tweeted.


There was no immediate comment from India's foreign and trade ministries.

But an Indian government source with close knowledge of the matter said Trump and Indian prime Minister Narendra Modi had a "very good meeting" in Osaka in June and they were continuing to engage on the issue.

Trump and Modi met on the sidelines of the G20 summit in Japan.

Christopher Wilson, the US assistant trade representative for South and Central Asia, was expected to meet Indian government officials in New Delhi on Friday, two senior Indian trade ministry officials said.

Indian government sources said last month that Indian tariffs were not that high compared to other developing countries and some US tariffs much higher.

The United States and India are grappling with issues that include access to Indian markets for US firms, New Delhi's demand for foreign firms to store Indian data in the country and Indian exports of steel and aluminium to the US market.

The trade row has prompted both countries to raise tariffs and created unease over the depth of their security alliance.

In May, Trump scrapped India's trade privileges under the Generalized System of Preferences (GSP), under which New Delhi could make duty-free exports worth up to $5.6 billion.

In response, New Delhi slapped higher tariffs on 28 US products.

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UK house price growth slows to 0.3 per cent in October.

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UK house price growth slows as buyers delay decisions ahead of budget

Highlights

  • Average UK house price rose 0.3 per cent in October to £272,226, down from 0.5 per cent growth in September.
  • Annual house price growth edged up to 2.4 per cent, with market remaining resilient despite mortgage rates being double pre-pandemic levels.
  • Buyers delaying purchases amid speculation that November budget could introduce new property taxes on homes worth over £500,000.
British house prices grew at a slower pace in October as buyers adopted a wait-and-see approach ahead of the government's budget announcement on 26 November, according to data from mortgage lender Nationwide.

The average house price increased by 0.3 per cent month-on-month in October to £272,226, down from a 0.5 per cent rise in September. Despite the monthly slowdown, annual house price growth accelerated slightly to 2.4 per cent, up from 2.2 per cent in the previous month.

Robert Gardner, Nationwide's chief economist, said the market had demonstrated broad stability in recent months. "Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all-time highs".

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