US official says differences with India cannot be resolved overnight for deal

US President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington DC, US, April 2, 2025. (Reuters/File)
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Updated 01 August 2025
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US official says differences with India cannot be resolved overnight for deal

  • Washington was still negotiating with India on trade after announcing a 25 percent tariff on goods imported from the country starting on Friday
  • The 25 percent figure singles out India more severely than other US trading partners, threatens to unravel months of talks between both nations

WASHINGTON: Differences between the US and India cannot be resolved overnight to arrive at a trade deal, a senior US official told reporters late on Thursday, citing geopolitical disagreements.

President Donald Trump said on Wednesday Washington was still negotiating with India on trade after announcing earlier that day the US would impose a 25 percent tariff on goods imported from the country starting on Friday.

The 25 percent figure would single out India more severely than other major trading partners, and threaten to unravel months of talks between the two countries, undermining a strategic partner of Washington’s and a counterbalance to China.

“Our challenges with India, they’ve always been a pretty closed market... there are a host of other kind of geopolitical issues,” the US official said.

“You’ve seen the president express concern about, you know, membership in BRICS, purchases of Russian oil and that kind of thing.”

While saying there were constructive discussions with India, the official added: “These are complex relationships and complex issues, and so I don’t think things can be resolved overnight with India.”

India has faced pressure from the West, including the US, to distance itself from Moscow after Russia invaded Ukraine in early 2022. New Delhi resisted that pressure, citing its longstanding ties with Russia and its economic needs.

Trump has cast the BRICS group of developing nations — of which India is a key part — as hostile to the US Those nations have dismissed that accusation and the group says it promotes the interests of its members and of developing countries at large.

Trump has also drawn India’s frustration by repeatedly taking credit for an India-Pakistan ceasefire that he announced on social media on May 10. The ceasefire halted days of hostilities between the nuclear armed Asian neighbors.

India’s position has been that New Delhi and Islamabad must resolve their issues directly without outside involvement.
Trump has reached a trade deal with India’s rival Pakistan.


Pakistan launches digital tools to trace life insurance claims, tighten motor insurance enforcement

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Pakistan launches digital tools to trace life insurance claims, tighten motor insurance enforcement

  • SECP rolls out SMS-based Life Insurance Policy Finder, orders insurers to join Motor Insurance Repository
  • The regulator says centralized data will help authorities verify coverage, reduce long-unclaimed benefits

KARACHI: Pakistan’s securities regulator on Monday announced two digital initiatives aimed at overhauling how insurance data is stored and accessed, in a push to strengthen enforcement, improve transparency and make it easier for citizens to trace insurance coverage.

The Securities and Exchange Commission of Pakistan (SECP) announced in two separate statements it had introduced a nationwide Life Insurance Policy Finder to help families identify policies held by deceased relatives. It also directed all non-life insurers to join a centralized Motor Insurance Repository (MIR).

Both systems, developed with the Central Depository Company (CDC), seek to address longstanding gaps in a sector where weak records, low compliance and limited data-sharing have left motorists, policyholders and beneficiaries without reliable recourse.

“The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Central Depository Company of Pakistan Limited (CDC) and the Insurance Association of Pakistan (IAP), has introduced the Life Insurance Policy Finder Service,” it said in one of the statements. “This initiative is designed to facilitate the general public in locating life insurance policies of deceased loved ones.”

“The service addresses a long-standing challenge faced by families who remain unaware of life insurance policies held by their deceased relatives,” it added. “This lack of awareness often results in legitimate claims and benefits remaining unclaimed for years.”

The SECP said the initiative aims to strengthen consumer protection, promote transparency and provide structured and secure access to insurance benefits for rightful heirs and beneficiaries.

Under the new policy-finder service, which goes live on Dec. 15, individuals can send the CNIC number of the deceased via SMS to 99833.

If a policy exists, the relevant insurer will contact the beneficiary to verify details and guide them through the claims process. Life insurers and family takaful operators have also been instructed to participate fully and respond to queries within set turnaround times.

Separately, on the motor insurance side, all non-life insurers underwriting vehicle policies are required to sign a service-level agreement with the CDC within 60 days and begin uploading complete and validated policy data to the MIR.

The repository will allow provincial and federal authorities to verify third-party insurance coverage, a requirement that exists on paper but remains loosely enforced nationwide.

The SECP said the measures form part of its broader effort to promote digital transformation, improve compliance and safeguard consumer interest.

“A centralized and validated data repository will allow authorities to verify insurance coverage efficiently, addressing significant gaps in compliance,” it added.