Trump's UK visit brings flurry of trade announcements as US-India talk tariffs
President Trump said on Tuesday that he spoke to India's Prime Minister Narendra Modi, in a move aimed at easing tensions between the two major economies as they clash over tariffs and New Delhi's purchase of Russian oil.
“He is doing a tremendous job,” Trump said. “Narendra: Thank you for your support on ending the War between Russia and Ukraine!”
Elsewhere, Trump's visit to the UK has started and with it comes a flurry of deals and announcements. The UK has shelved plans to talk with the US on removing British steel tariffs, meaning current duties will stay in place, according to a report in Bloomberg.
British drugmaker GSK (GSK) said on Wednesday they will invest $30 billion in US research and development. GSK is the largest pharmaceutical firm to scale up its US footprint as Trump threatens to impose import tariffs on the industry and seeks more domestic manufacturing.
Meanwhile, Treasury Secretary Scott Bessent, who is leading the US delegation during ongoing talks with Chinese trade officials in Spain, said in an interview on Tuesday that he is confident a trade deal with China is near.
With reciprocal tariffs set to take effect in November, Bessent told reporters he expects further talks to happen before then.
Bessent also reiterated that he expects a finalized TikTok deal to be announced after President Trump and Xi Jinping talk on Friday.
TikTok is set to go offline Sept. 17 unless parent company ByteDance divests itself of majority ownership of the social media app or Trump extends the deadline again.
On Monday, China accused the US of "unilateral bullying" after Washington called on G7 and NATO allies to impose tariffs on Beijing over its purchase of Russian oil.
In the background, the Supreme Court is reviewing a high-stakes legal challenge to President Trump's tariffs, setting up a resolution as early as this fall.
