The way to counter reciprocal tariffs
1 month ago

The way to counter reciprocal tariffs

New Indian Express  

Indian manufacturing, already in a vulnerable position, is likely to be severely affected by US President Donald Trump’s reciprocal tariffs. With the US being India’s largest export partner, Trump’s reciprocal tariffs will likely have far-reaching consequences. The US administration’s plans to impose tariffs on steel, aluminium, pharmaceuticals, textiles and certain electronics will significantly challenge Indian exports to America. With the current rates ruling at 2.95 percent for steel imports and 3.91 percent for aluminium, the higher tariffs will place a burden on Indian exporters, making their products less competitive in the US market.

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Trade talks conclude, India eyes tariff respite from US
Trending News
2 hours, 3 minutes ago

Trade talks conclude, India eyes tariff respite from US

Hindustan Times  

India and the US concluded their first face-to-face trade talks with “significantly positive outcomes” that may secure New Delhi some exemptions from Washington’s planned April 2 retaliatory tariff action, people close to the development said. Trade talks conclude, India eyes tariff respite from US The four-day discussions, which began on Wednesday and were extended by a day, resulted in both …

DC Edit | India must recalibrate its ties with transactional US
1 day, 9 hours ago

DC Edit | India must recalibrate its ties with transactional US

Deccan Chronicle  

Former US secretary of state Henry Kissinger, widely regarded as a diplomatic guru who reshaped the global order by fostering US-China relations, is said to have made two observations about his country: “America has no permanent friends or enemies, only interests”, and, “It may be dangerous to be America’s enemy, but to be America’s friend is fatal”. The US called …

U.S. tariff on automobiles turns spotlight on India pharma
2 days, 10 hours ago

U.S. tariff on automobiles turns spotlight on India pharma

The Hindu  

Wednesday’s signing of a proclamation by the U.S. President Donald J. Trump to impose a 25% tariff on imports of automobiles and certain automobile parts effective April 3 follows a similar measure for steel and aluminium and bound to turn the spotlight on pharmaceutical imports. Automobiles or pharmaceuticals the expectations behind the proposals imposing high tariff is the move will …

US tariffs on auto, auto parts to have limited impact on India
Top News
2 days, 13 hours ago

US tariffs on auto, auto parts to have limited impact on India

Deccan Chronicle  

Chennai: President Donald Trump has announced a 25 per cent tariff on automobiles imported into the country from April 3 and auto components in May. The impact will be insignificant on automobile exports as the US accounts for less than 1 per cent of India’s exports and that on $6.79 billion exports of auto components will be limited, considering the …

Trump's 25% auto tariffs: Will it impact the Indian industry?
Top News
2 days, 18 hours ago

Trump's 25% auto tariffs: Will it impact the Indian industry?

Firstpost  

While India’s direct automobile export to the US is meagre compared to countries like Japan, Mexico and Canada, the secondary effects of Trump’s tariffs are expected to impact the Indian industry US President Donald Trump has once again made a tariff-related announcement, this time on automobiles, driving strong reactions from the industry. The president on Thursday said that the US …

Trump Tariffs to Hit Indian Auto Parts Makers Harder Than Carmakers
2 days, 18 hours ago

Trump Tariffs to Hit Indian Auto Parts Makers Harder Than Carmakers

Deccan Chronicle  

Indian auto component makers are more likely to be impacted than their vehicle manufacturing counterparts by US President Donald Trump's tariff war, industry observers said on Thursday.Trump on Wednesday announced imposition of 25 per cent tariffs on auto imports from April with another 25 per cent tariffs expected to be applied on imports of major automotive parts -- engines and …

US tariff reprieve for India, may not be treated like China, Canada, Mexico: Sources
Top News
3 days, 2 hours ago

US tariff reprieve for India, may not be treated like China, Canada, Mexico: Sources

India Today  

India may receive a reprieve from the proposed US tariffs and may not be grouped with countries like China, Mexico, and Canada, according to government sources. India’s potential exclusion from the same tariff treatment as China, Mexico, and Canada signals a recognition of its distinct trade relationship with the US. A day ago, it was reported that the government is …

Mint Explainer: Have India-US trade talks blunted Trump’s threat of reciprocal tariffs?
3 days, 15 hours ago

Mint Explainer: Have India-US trade talks blunted Trump’s threat of reciprocal tariffs?

Live Mint  

Ahead of implementing reciprocal tariffs on major trading partners, US President Donald Trump announced another trade offensive: countries buying Venezuelan oil and gas would have to pay a 25% tariff on goods exported into the US. This was a measure to strategically demonstrate to the Trump administration India’s seriousness to address pain points in bilateral trade relations and extract concessions …

How India should respond to Trump’s reciprocal tariff threat
3 days, 17 hours ago

How India should respond to Trump’s reciprocal tariff threat

Firstpost  

India has to take some initiative in market-opening measures to maintain its long-standing relationship with the US. Despite the US being India’s major trading partner and increasing strategic convergences, India and the US have repeatedly failed to secure a comprehensive trade agreement. If Trump imposes reciprocal tariffs, India could face steep barriers to its exports and lose its competitiveness in …

India’s confidence in gaining from Trump’s trade distortions is misplaced
3 days, 17 hours ago

India’s confidence in gaining from Trump’s trade distortions is misplaced

Live Mint  

India’s policymakers should be drawing up strategies to deal with the new age of trade barriers. Perhaps the Indian government takes comfort from the promise Trump made during Prime Minister Narendra Modi’s recent visit to Washington that a new trade deal between the two countries would be signed by autumn. It is, of course, possible that the White House wants …

Trump Tariffs: Electronics, Gems & Jewellery most exposed, auto sector relatively insulated
3 days, 18 hours ago

Trump Tariffs: Electronics, Gems & Jewellery most exposed, auto sector relatively insulated

Live Mint  

With the possibility of broad reciprocal tariffs from the US gaining traction ahead of April 2, 2025, India’s export landscape faces significant uncertainty. Higher tariffs could disrupt Apple’s efforts to shift production from China to India, making the US tariffs counterproductive, according to the Emkay Global report. However, China’s 40% tariffs imposed by the US could help India remain competitive …

Trump’s tariff war forces allies to choose resistance or surrender
3 days, 18 hours ago

Trump’s tariff war forces allies to choose resistance or surrender

Live Mint  

President Trump’s trade war is forcing America’s closest allies to choose between fighting back, or acquiescing. The European Union and Canada have led the charge against Trump’s tariffs, threatening their own duties on tens of billions of dollars of American goods after the U.S. leveled blanket tariffs on steel and aluminum, and on imports in North America. She said the …

India, US trade talks may go beyond tariffs
3 days, 23 hours ago

India, US trade talks may go beyond tariffs

Hindustan Times  

The US is pushing for India to reduce high tariff barriers for all American goods in one comprehensive move rather than adopting a piecemeal approach, according to people familiar with the negotiations ahead of crucial talks this week. The US team led by assistant trade representative Brendan Lynch and the Indian team led by commerce ministry’s additional secretary Rajesh Agarwal …

Will India press for an early harvest in trade talks with US?
4 days, 2 hours ago

Will India press for an early harvest in trade talks with US?

Live Mint  

India and the US will outline the terms of their trade talks, discuss a schedule for tariff cuts, and work towards an early harvest deal at negotiations that kick off in New Delhi today, three officials aware of the matter said. In this category of goods, India is ready to "substantially" lower tariffs or even scrap some entirely, on imported …

$23 Bn US Imports Open for Tariff Cut; Textiles, G&J, Footwear Accept Cut
4 days, 8 hours ago

$23 Bn US Imports Open for Tariff Cut; Textiles, G&J, Footwear Accept Cut

Deccan Chronicle  

Chennai: India is open to reduction of tariffs on more than half of US imports worth $23 billion in the first phase of a trade deal. According to Reuters, India is open to reducing tariffs on 55 per cent of US imports that are now subject to tariffs ranging from 5 per cent to 30 per cent. According to GJEPC, …

With Trump Tariffs On Horizon, India-US Trade Agreement Talks To Begin Tomorrow
4 days, 11 hours ago

With Trump Tariffs On Horizon, India-US Trade Agreement Talks To Begin Tomorrow

ABP News  

Senior officials of India and the US will begin three-day talks on the proposed bilateral trade agrement here on Wednesday amid threats of reciprocal tariffs from the Trump-administration, an official said. While the US has demanded greater market access in sectors like certain industrial goods, auto, wines and agriculture, India may look at duty cuts for labour intensive sectors like …

India to cut levies on more than half of US imports as Trump's reciprocal tariffs deadline nears: Report
Top News
4 days, 13 hours ago

India to cut levies on more than half of US imports as Trump's reciprocal tariffs deadline nears: Report

Firstpost  

Under a new trade deal between India and the US, New Delhi is open to reducing tariffs on 55 per cent of US goods it imports that are now subject to tariffs ranging from 5 per cent to 30 per cent U.S. President Donald Trump and Indian Prime Minister Narendra Modi shake hands as they attend a joint press conference …

India Considers Lowering Taxes On US Imports, As It Tries To Manage Impact Of Reciprocal Tariffs: Report
Trending News
4 days, 16 hours ago

India Considers Lowering Taxes On US Imports, As It Tries To Manage Impact Of Reciprocal Tariffs: Report

ABP News  

India is considering reducing tariffs on more than half of US imports, valued at $23 billion, as part of the first phase of a proposed trade deal aimed at countering the impact of upcoming US reciprocal tariffs, Reuters reported citing two official sources. According to an internal assessment by New Delhi, the new US tariffs, set to take effect on …

What Trump’s 25% tariff threat on Venezuelan oil could mean for India
4 days, 19 hours ago

What Trump’s 25% tariff threat on Venezuelan oil could mean for India

Firstpost  

US President Donald Trump has announced a 25 per cent tariff on countries purchasing Venezuelan oil, starting April 2. Trump’s 25% tariff on Venezuelan oil On Monday, Trump said the US would impose a 25 per cent tariff on all imports from any country that buys oil from Venezuela. Possible impact of Trump tariff on India Energy experts have noted …

India open to tariff cuts on US imports worth $23 billion: Report
5 days, 2 hours ago

India open to tariff cuts on US imports worth $23 billion: Report

India Today  

The government is open to cutting tariffs on more than half of US imports worth $23 billion as part of a trade deal being negotiated between the two countries, news agency Reuters reported, citing two government sources. According to an internal analysis by India, the new US tariffs could impact 87% of Indian exports to the US, which are worth …

Donald Trump to impose sharp tariff on countries buying Venezuelan oil and gas; Is India at risk?
5 days, 10 hours ago

Donald Trump to impose sharp tariff on countries buying Venezuelan oil and gas; Is India at risk?

Hindustan Times  

US President Donald Trump announced Monday steep tariffs on imports from countries buying oil and gas from Venezuela, a punitive measure that could hit China and India, among others, and sow fresh global trade uncertainty. Trump has dubbed the date "Liberation Day" for the world's biggest economy, already promising reciprocal tariffs tailored to each trading partner in an effort to …

India to seek exemption from Trump’s reciprocal tariffs in trade talks with US
5 days, 13 hours ago

India to seek exemption from Trump’s reciprocal tariffs in trade talks with US

Firstpost  

Brendan Lynch, the assistant US trade representative for South and Central Asia will pay a five-day visit to India beginning Tuesday to discuss issues relating to trade and tariff between the two countries. The Indian government plans to request an exemption from President Donald Trump’s reciprocal tariffs during talks with US officials arriving in the country on Tuesday to discuss …

What the Centre told Rajya Sabha about Donald Trump's tariffs
1 week, 1 day ago

What the Centre told Rajya Sabha about Donald Trump's tariffs

Hindustan Times  

The Narendra Modi government on Friday said that there has been no imposition of country-specific, including reciprocal tariffs by the United States on India. US President Donald Trump said he has a “very good relationship” with India, but the “only problem” he has with the country is that it is “one of the highest tariffing nations in the world.” While …

Looming US tariffs could be bad news for India’s Big Five
1 week, 1 day ago

Looming US tariffs could be bad news for India’s Big Five

Live Mint  

There’s less than a fortnight to go before US President Donald Trump ’s 2 April deadline for imposing reciprocal taxes on imports. But throw in the flurry of news last month around the Prime Minister’s visit to the White House about how India might allow imports of Tesla’s cars at a much lower duty than the 110% it charges currently, …

America’s reciprocal tariffs will exacerbate the problems of Indian farmers
1 week, 1 day ago

America’s reciprocal tariffs will exacerbate the problems of Indian farmers

Live Mint  

As part of his ‘America First’ agenda, President Donald Trump has proposed imposing reciprocal tariffs to curb the growing US trade deficit. India exports a variety of agricultural products to the US, including frozen shrimp, prawns, basmati and non-basmati rice, vegetable saps and extracts, natural honey and processed food items. Although India maintains that its tariffs are within the overall …

Reciprocal tariffs are just what the US needs to fix its manufacturing decline
1 week, 1 day ago

Reciprocal tariffs are just what the US needs to fix its manufacturing decline

Live Mint  

Reciprocal tariffs are coming soon. But if you take the politics out of the issue, reciprocal tariffs could be an important first step toward fixing longstanding U.S. problems with trade and manufacturing. Reciprocal tariffs would need to address those differences without overwhelming the U.S. tariff system. A value-chain tariff system is also fairer, as it accurately reflects the value added …

Government says negotiations with US underway for trade-deal framework
1 week, 2 days ago

Government says negotiations with US underway for trade-deal framework

India Today  

With just 11 days left for US President Donald Trump's tit-for-tat tariff to kick in, India on Friday said its negotiations with Washington are underway to build a framework for a bilateral trade pact that would address issues relating to levies and market access. India remains engaged with the US administration at "various levels" to arrive at a mutually-beneficial trade …

EU delays retaliatory trade action to mid-April to work out the impact of Trump’s reciprocal tariffs
Trending News
1 week, 2 days ago

EU delays retaliatory trade action to mid-April to work out the impact of Trump’s reciprocal tariffs

Associated Press  

BRUSSELS — The European Union is delaying until mid-April its retaliatory trade action over the Trump administration’s increase in tariffs on all steel and aluminum imports to 25%, senior officials said Thursday. But U.S. President Donald Trump also plans to impose “reciprocal” tariffs by increasing U.S. duties to match the tax rates that other countries charge on imports “for purposes …

'They’re one of the highest...': Trump flags 'the only problem' he has with India
1 week, 2 days ago

'They’re one of the highest...': Trump flags 'the only problem' he has with India

Firstpost  

“I have a very good relationship with India, but the only problem I have with India is they’re one of the highest tariffing nations in the world,” said Trump in an interview to American-based website President Donald Trump shakes hands with India's Prime Minister Narendra Modi in the Oval Office of the White House on February 13. File image/AP US …

I believe India will cut tariffs substantially on U.S. goods, says Trump
Trending News
1 week, 2 days ago

I believe India will cut tariffs substantially on U.S. goods, says Trump

The Hindu  

U.S. President Donald Trump has said that he believes India will lower its tariffs on American goods, even as he reiterated his threat to impose reciprocal tariffs on the country starting April 2. Asked about his summit with Prime Minister Narendra Modi last month, Mr. Trump said he has a “very good relationship” with India. probably going to be lowering …

Will India lower levies before US rolls out reciprocal tariffs on April 2? Trump says ‘I believe…’ – Firstpost
1 week, 2 days ago

Will India lower levies before US rolls out reciprocal tariffs on April 2? Trump says ‘I believe…’ – Firstpost

Firstpost  

In a White House press conference with Prime Minister Narendra Modi last month, Trump had described India as a “tariff king” and a “big abuser” while discussing trade barriers, emphasizing the difficulties of selling to the country US President Donald Trump and Indian Prime Minister Narendra Modi shake hands as they attend a joint press conference at the White House …

Tariff-proofing India’s exports
1 week, 2 days ago

Tariff-proofing India’s exports

Hindustan Times  

The tariff turmoil from the United States is emerging as the biggest ‘known unknown’ for the global economy in 2025. Indian economy For some time now, the relative stability of the World Trade Organization -refereed trade regime has cultivated a wide-spread complacency with global trade ballooning nearly five times since the creation of WTO. The long entrenchment in stable global …

Donald Trump expects India to cut tariffs on US products, but ‘will charge them same tariffs from April 2’
1 week, 2 days ago

Donald Trump expects India to cut tariffs on US products, but ‘will charge them same tariffs from April 2’

Hindustan Times  

US President Donald Trump, in an interview with Breitbart News on Wednesday, said he believes India would reduce tariffs on American goods, news agency Reuters reported. During Prime Minister Narendra Modi's visit to Washington last month, India and the U.S. pledged to more than double their bilateral trade to USD 500 billion by 2030. India, US commit to doubling two-way …

Trump Believes India May Lower Tariffs On US, But Reiterates April 2 Deadline
1 week, 2 days ago

Trump Believes India May Lower Tariffs On US, But Reiterates April 2 Deadline

ABP News  

US President Donald Trump said on Wednesday that he believes India will likely lower the tariffs imposed on American goods, but reiterated the April 2 deadline. President Trump has repeatedly emphasised the April 2 deadline ever since he announced retaliatory tariffs against several countries imposing high duties on American imports, including India. The development comes just days after Trump made …

Trump thinks India may cut tariffs, but keeps reciprocal duties threat alive
1 week, 3 days ago

Trump thinks India may cut tariffs, but keeps reciprocal duties threat alive

India Today  

US President Donald Trump on Thursday reiterated his confidence that India will lower the trade tariffs it imposes on American goods, adding that his administration will impose the same charges on New Delhi, starting April 2. Speaking to Breitbart News, the President said that he has a "very good relationship" with India but that New Delhi has too many high …

Countries can avoid Trump's April tariffs by cutting trade barriers, Bessent says
1 week, 3 days ago

Countries can avoid Trump's April tariffs by cutting trade barriers, Bessent says

The Hindu  

The Trump administration on April 2 will give trading partner countries a proposed U.S. tariff rate based on their own rates, non-tariff trade barriers and other factors— along with an opportunity to negotiate to avoid a "tariff wall," U.S. Treasury Secretary Scott Bessent said on Tuesday. "On April 2, each country will receive a number that we believe represents their …

Explained: How India can shield itself from Donald Trump's tariff storm
1 week, 5 days ago

Explained: How India can shield itself from Donald Trump's tariff storm

India Today  

A second term for Donald Trump as US President was always expected to shake up the global order, but few anticipated the trade war drums would start beating this soon. "Given that President Donald Trump has been using higher reciprocal policy as an instrument of state policy, shielding India from incessant trade wars in this increasingly VUCA world is uneasy," …

India and US move forward with bilateral trade agreement, but no talks on reciprocal tariffs
1 week, 5 days ago

India and US move forward with bilateral trade agreement, but no talks on reciprocal tariffs

Live Mint  

New Delhi: India is focusing its US engagement on a trade deal rather than Washington's contentious plans to impose reciprocal tariffs. According to three senior government officials, India is not engaging with the US on reciprocal tariffs; instead, discussions remain centered on shaping a proposed Bilateral Trade Agreement. India's focus on the bilateral trade agreement comes amid a lack of …

India’s exports may face 3-3.5% hit from US tariffs, but trade diversification may cushion impact: SBI Research
Trending News
1 week, 5 days ago

India’s exports may face 3-3.5% hit from US tariffs, but trade diversification may cushion impact: SBI Research

Live Mint  

New Delhi: India’s exports to the US could decline by 3-3.5% if Washington implements reciprocal tariffs next month, but this may be offset by ambitious targets in manufacturing and services, along with efforts to diversify exports, SBI Research said in a report on Monday. New Delhi also must boost value addition, tap new markets, and establish alternative trade routes from …

Trump’s tariff threat’s impact on India’s agriculture trade
Trending News
1 week, 5 days ago

Trump’s tariff threat’s impact on India’s agriculture trade

Hindustan Times  

The recent proposal by United States President Donald Trump to impose reciprocal tariffs is aimed at addressing the increasing US trade deficit and aligns with the broader America First policy. India imposes significantly higher tariffs than the US, particularly in agriculture where it imposes a simple average tariff of 39% and a trade-weighted tariff of 65%, compared to the US’s …

India to gain in an uncertain world of tariffs, says SBI report
1 week, 5 days ago

India to gain in an uncertain world of tariffs, says SBI report

The Hindu  

As tariff action by U.S. President Donald Trump looms large, the State Bank of India in a special report said that India however would stand to gain in an increasingly uncertain world of tariffs. Long trends indicate a possible downturn in U.S. economy GDP growth along with a slowdown in U.S. exports and consumption,” SBI said in the report. “We …

Trump says won’t be any exemption on US steel, aluminum tariffs in duties taking effect on April 2
1 week, 5 days ago

Trump says won’t be any exemption on US steel, aluminum tariffs in duties taking effect on April 2

Firstpost  

Trump previously stated that his administration is preparing reciprocal tariffs– which would impose import taxes on each country based on a calculation involving its own tariff and non-tariff barriers US President Donald Trump has been aggressively hiking tariffs imposed on other nations' products. AP United States President Donald Trump stated he has no plans to create exemptions on steel and …

Trump says won’t be any exemption on US steel, aluminum tariffs in duties taking effect on April 2
1 week, 5 days ago

Trump says won’t be any exemption on US steel, aluminum tariffs in duties taking effect on April 2

Firstpost  

Trump previously stated that his administration is preparing reciprocal tariffs– which would impose import taxes on each country based on a calculation involving its own tariff and non-tariff barriers US President Donald Trump has been aggressively hiking tariffs imposed on other nations' products. AP United States President Donald Trump stated he has no plans to create exemptions on steel and …

Will Trump's reciprocal tariffs hit India hard? Here's all you need to know
1 week, 6 days ago

Will Trump's reciprocal tariffs hit India hard? Here's all you need to know

India Today  

The US is set to impose reciprocal tariffs from April 2, which means some Indian exports are set to face higher import duties. According to the report, US tariffs mayonly lead to a 3-3.5% decline in exports, and India’s growing exports in manufacturing and services will negate the impact of reciprocal tariffs. SBI Research pointed out that India has diversified …

Why Trump’s trade war with China is bad news for Indian chemical exporters
1 week, 6 days ago

Why Trump’s trade war with China is bad news for Indian chemical exporters

Live Mint  

Repercussions of US President Donald Trump’s tariffs on China will likely be felt not just in several domestic sectors but also in key export destinations for Indian companies as Chinese firms turn to less-taxing geographies. This is because the US tariffs could force Chinese chemicals companies to flood other markets with cheaper products, depressing global prices and causing stiff competition …

Trade, tariff, traffic & Trump | Choppy trade waters
1 week, 6 days ago

Trade, tariff, traffic & Trump | Choppy trade waters

India Today  

With the sword of reciprocal tariffs hanging over its head, India lost no time in trying to seal a trade deal with the United States that aims to increase bilateral trade from $200 billion at present to $500 billion by the turn of the decade. But neither that deal nor India’s decision to lower tariffs on some US imports like …

How Trump’s tariffs can be opportunity in crisis for India
Trending News
2 weeks ago

How Trump’s tariffs can be opportunity in crisis for India

Firstpost  

While Trump’s tariffs aren’t designed to help India, they may inadvertently provide the external catalyst needed for India’s economic transformation. India’s Historical Inward Focus India has a robust domestic market, which accounts for approximately 60 per cent of its GDP. The result was a 10-18 per cent cost disability in assembly and manufacturing compared to Southeast Asian rivals, leaving India’s …

How Trump’s tariffs can be opportunity in crisis for India
2 weeks ago

How Trump’s tariffs can be opportunity in crisis for India

Firstpost  

While Trump’s tariffs aren’t designed to help India, they may inadvertently provide the external catalyst needed for India’s economic transformation. India’s Historical Inward Focus India has a robust domestic market, which accounts for approximately 60 per cent of its GDP. The result was a 10-18 per cent cost disability in assembly and manufacturing compared to Southeast Asian rivals, leaving India’s …

What are the implications of Trump’s threat to ‘mirror’ India’s tariffs? | In Focus podcast
2 weeks, 1 day ago

What are the implications of Trump’s threat to ‘mirror’ India’s tariffs? | In Focus podcast

The Hindu  

The United States is India’s biggest trading partner. In 2023, the U.S.-India bilateral trade in goods and services stood at $190.08 billion -- $123.89 billion in goods and $66.19 billion in services trade. American exports into India also face a higher rate of tariffs than India’s exports to the US. Now President Donald Trump has said that the US will …

Trump’s tariff war: Who’s fighting back, who’s not? What about India?
2 weeks, 2 days ago

Trump’s tariff war: Who’s fighting back, who’s not? What about India?

Firstpost  

US President Donald Trump has imposed sweeping tariffs, including a 25 per cent levy on steel and aluminium imports and a 25 per cent tariff on goods from Mexico and Canada, with limited exemptions. Trump’s tariffs on Canada and Mexico On March 4, the Trump administration imposed a 25 per cent import tariff on goods from Canada and Mexico, with …

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