India says no US deal without tariff edgeExport resilience, fall in oil prices help New DelhiDeal delay risks high tariffs and business uncertaintyOfficials say both sides working, but gaps remainIndia and the US did not reach a consensus on a trade agreement in recent ‌talks, with New Delhi holding out for a better deal as Prime Minister Narendra Modi draws confidence from new trading partners, eased economic risks ​and political gains at home, officials and analysts said.India's ‌Trade Minister, Piyush Goyal, said on Monday both countries remain "fully engaged" in their commitment to an agreement which is balanced and ‌beneficial to both economies.After months of ⁠talks, the two nations failed to ‌finalise an interim trade agreement during US Trade Representative Jamieson Greer's visit ‌to New Delhi last month, despite expectations from both sides that a limited deal was within reach.There was no consensus because Washington did not offer assurances on New ⁠Delhi's key demands: a tariff advantage over competitors such as China and no new US levies after the deal, said an Indian government official aware of the talks."Our position is clear — we don't intend to rush into a deal that is not on favourable terms or compromise on red lines like ceding ground on agriculture," the official said.Washington had hoped for quick trade concessions from a strategic partner as President Donald Trump prepares new tariffs likely to come into effect later this month, officials and analysts said, while India's holdout risks higher levies on its exports and prolonged uncertainty for businesses.Goyal had been upbeat about a consensus but a day after the talks with Greer, he said the US deal would not be implemented unless an advantage is ensured, ​indicating New Delhi's hardened position and lack of urgency despite the risk of higher tariffs.Like most countries, the bulk of goods from India currently face a 10% US tariff. But the Trump administration is expected to introduce steeper tariffs later this month through probes into excess industrial capacity. India has denied US charges of surplus capacity.Washington has already proposed ‌new tariffs of up to 12.5% on dozens of nations, ⁠including India, over allegations they failed ​to curb trade in goods made with forced labour.The US view has been that India needs to earn the preferential treatment ​on trade provisions it has sought by making its own concessions, a US source aware of the talks said.The Indian official and the US source did not wish to be named as negotiations are confidential. The Indian trade ministry and the Office of the US Trade Representative did not respond to emailed requests for comment ahead of the story's publication."I had fantastic meetings with USTR Jamieson Greer when he visited Delhi in June," Goyal said on Monday. "Both sides reaffirmed their commitment to an agreement that is balanced, commercially meaningful, and delivers tangible benefits for businesses, farmers, workers, and consumers in both countries."Indian Trade Secretary Rajesh Agrawal, the top official in the ministry, said: "The framework deal is ready, whenever it is the right time, it will be signed".A US official, speaking on condition of anonymity, said Washington remained engaged with India and still expected an agreement, but did not offer a timeline.The official however added India had at times been slow, bureaucratic and difficult in the negotiations, signalling that no quick deal was likely.Asked about the impasse, White House spokesman ‌Kush Desai said: "The Trump administration continues to productively engage with Indian ‌officials to finalise a historic trade deal that puts Americans and ⁠America First."Rising exports, new trade deals with other countries and blocs and eased economic risks have strengthened India's hand, trade analysts ⁠said.In April-June, India's overall goods exports rose about 15% from a year ⁠earlier despite disruptions from the war on Iran, buoyed by pricier petroleum shipments, officials said.Exports to Gulf countries have recovered to pre-war levels, rising to $5.3bn in May from $2.62bn in March as traders shifted to alternative shipping routes, while exports to the US edged up to $17.29bn during April and May.India is also broadening access to other developed markets, with a UK free trade pact set to take effect this month, and an EU agreement expected by early next year."Indian negotiators have gained some leverage in the talks, given its strong economy, diversification initiatives with other partners, and its strategic standing in the world," said Wendy Cutler, senior vice president at ​the Washington-based Asia Society Policy Institute, and a former US trade official.The interim US-Iran peace deal improved India's economic outlook by easing oil prices, Goldman Sachs economist Santanu Sengupta said in a report.The bank has raised its 2026 growth forecast for India to 6.8%, and lowered its inflation and current-account deficit estimates, suggesting New Delhi has more economic room to hold out for better terms.A weaker rupee has also improved exporters' competitiveness.India is also calculating that some US trade measures could face legal or political setbacks, another Indian official said.A group of 22 Democratic state attorneys general have already filed objections to the Trump administration's proposed tariffs from probes into forced labour.Trade analysts said legal uncertainty over US tariffs, combined with Modi's recent state election victories, have helped India resist a rushed deal.Senior leaders of Modi's Bharatiya Janata Party have argued publicly that trade agreements should protect Indian farmers and small businesses, two politically influential constituencies that New Delhi has long ‌shielded in trade negotiations."India realises that delaying — ​or even abandoning — a rushed deal may be more prudent than locking into obligations whose costs could far exceed any temporary tariff relief," said Ajay Srivastava, founder of the Global Trade Research Initiative, and a former trade negotiator.

Boeing marked another step in a marathon comeback on Friday when it celebrated expanded production of the 737 Max, now an aircraft in heavy demand after earlier disasters tarnished the company's reputation.At a rousing ribbon-cutting ceremony attended by hundreds of Boeing employees, commercial airlines chief Stephanie Pope and Washington state elected officials characterised the new $1bn "North Line" Max production line investment in Everett, Washington as the appropriate next step for an industrial site that has been building Boeing's most storied aircraft for decades."This investment is a vote of confidence in our workforce, in American manufacturing, and the future of aerospace in the city of Everett," said Everett Mayor Cassie Franklin. "This factory has repeatedly shown the world what is possible."Boeing has big plans for the North Line, envisioning a production cadence comparable to that in Renton, 35 miles to the south, which until this week was the exclusive home of Max assembly.But in keeping with Boeing's caution after two deadly Max crashes, executives plan a gradual ramp-up in Everett for a jet that once defined the company's problems but is now at the center of its comeback."It's a rolling start," Jennifer Boland-Masterson, senior director for Boeing's North Line production said earlier this week on a media tour of the new production line."We're going to start off slower and then increase our rates," Boland-Masterson said, describing the work ahead on the site's first 737 Max 10 fuselage that was just beginning to be assembled.The Everett building was used to assemble the Boeing 787 Dreamliner before Boeing shifted the operation to South Carolina.While triumphant music played at Friday's ceremony, the massive Convention Center-scaled space was largely empty earlier in the week, save for dormant cranes, a scattering of workers and the occasional hum of drilling.The Everett operation is based closely on the Max assembly lines in Renton. Operations are spread out over 10 "flow days," including days when wings are added and the structure is outfitted with engines, seats and other components.Boland-Masterson declined to offer a timetable for when the first North Line Max aircraft would complete the process. Boeing is training 1,000 North Line staff, about half from Renton and the rest new recruits.The operation -- located in Everett because of the lack of available land in Renton -- will be a central element in Boeing's goal to lift Max output from the current 47 per month to 63 and possibly higher, in a ramp-up closely overseen by federal aviation regulators.The Max has been a key element in a long period of Boeing stumbles. Those began with a pair of deadly crashes in 2018 and 2019 that together claimed 346 lives and prompted congressional hearings in which Boeing was slammed for degrading safety in the chase for profits, and for misleading Federal Aviation Administration (FAA) regulators during certification.The company replaced its leadership in December 2019, but doubts about the MAX re-emerged in January 2024.Then, a window panel on an Alaska Airlines jet blew out midflight before an emergency landing that miraculously resulted in no fatalities. The incident plunged Boeing back into crisis, prompting another leadership shakeup.Since then, CEO Kelly Ortberg has implemented process and quality control improvements and worked to restore credibility with airline customers and FAA regulators, who greenlighted Max production increases from 38 to 42 and then from 42 to 47.Ortberg told a Wall Street conference in late May that it would take "a few months of stabilisation" at the 47 level in terms of readying the supply chain while monitoring key performance indications.After a "low-rate initial production" at Everett, the "North Line will help enable the 737 Max programme to reach 52 airplanes a month," according to a Boeing handout.But Boeing has key FAA hurdles to clear, including the certification of the 737 Max 10. In addition, the agency must sign off on the company's production plans for Everett before commercial aircraft can be delivered.