US-India Trade Deal: US President Donald Trump on Monday (local time) took to Truth Social and announced that India and America have ‘agreed to a Trade Deal’. Both countries agreed to the deal after several months of talks. During the negotiation process, the Trump administration imposed a 50 percent tariff on Indian exports to US. Of this, 25 percent was linked to New Delhi’s crude oil purchases from Russia which Washington said was indirectly funding Russia’s war against Ukraine. Under the current deal, India will stop purchasing Russian crude oil and buy more from America and potentially, Venezuela’s crude oil. Following the major announcement, Asia-Pacific markets have started to rise on Tuesday. Investors are taking the India-US decision to cut tariffs on each other’s goods very positively. The US President took to Truth Social and wrote that PM Modi had agreed to step up purchases of US goods.
It is to be noted that President Trump and PM Modi had a telephonic conversation but no details were shared by either government. US ambassador to India Sergio Gor took to X and wrote ‘stay tuned’.
Asia Markets Rise On US-India Trade Deal Optimism
After the announcement Japan’s Nikkei 225 started showing gains, adding 2.44 percent, while Topix added 1.94 percent. South Korea’s Kospi witnessed a jump of 5 percent, indicating a buy emotion.
According to Korea Exchange, the jump witnessed after KOSPI 200 futures climbed more than 5 percent for more than a minute. On Monday, the sidecar was activated following Kospi 200 futures’ 5 percent drop. This development also prompted authorities to temporarily halt trading. The small-cap Kosdaq rose 2.32 percent.
Also Read: US, India seal trade deal: Trump, PM Modi’s phone call changed 5 things overnight
| Symbol | Company | Index Name | Price | Change | % Change |
|---|---|---|---|---|---|
| .AXJO | S&P/ASX 200 | ASX 200 | 8,884.50 | +105.90 | +1.21% |
| .HSI | Hang Seng Index | HSI | 26,995.76 | +220.19 | +0.82% |
| .KS11 | KOSPI Index | KOSPI | 5,176.61 | +226.94 | +4.58% |
| .N225 | Nikkei 225 Index | NIKKEI | 54,187.44 | +1,532.26 | +2.91% |
| .NSEI | NIFTY 50 | NIFTY 50 | 25,088.40 | UNCH | UNCH |
| .SSEC | Shanghai | SHANGHAI | 4,015.746 | UNCH | UNCH |
Hang Seng Futures Trade Higher, Australia’s ASX 200 Climbs 1.3 percent
Hong Kong Hang Seng index futures climbed above the benchmark at 26,953, it was last closed to 26,775.57.
Meanwhile, Australia’s S&P/ASX 200 also witnessed a rise of 1.3 percent.
| Index | Closing Level | Change (%) |
|---|---|---|
| Dow Jones Industrial Average | 49,407.66 | +1.05% |
| S&P 500 | 6,976.44 | +0.54% |
| Nasdaq Composite | 23,592.11 | +0.56% |
Close Eye On Gold And Silver Prices
Investors are keeping a close eye on gold and silver prices following recent volatility during which silver prices dipped around 30 percent on Friday. It was the silver’s worst one-day performance since 1980. The yellow metal also plunged to 10 percent.
Spot gold added 2.22 percent to USD4,769.33 per ounce. Silver added 3.81 percent to USD82.39 per ounce.
Overnight in America, stocks jumped as Wall Street started the new month. Investors are brushing aside recent losses in silver and bitcoin.
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