🇺🇸 India and US hit reset on trade talks

Good morning. Emmy 2025 roundup - The Pitt took the drama crown, The Studio made comedy history, and Adolescence ruled limited series while Noah Wyle, Britt Lower, Tramell Tillman, and Kristin Milioti grabbed the spotlight with acting gold.

TV felt like it’s so back 📺️ 👀 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🇺🇸 India and US hit reset on trade talks

• 🛵 Festive gig hiring booms, but background checks lag

• Bite-sized summaries

  • 🎵 TikTok deal reached

  • 🌎️ Oil tariffs tangle

• 🧑‍🍳 What else is cookin’?

MARKETS

🇮🇳 India

• Indian stocks ended mostly lower, breaking an eight-session winning streak. Profit-taking in IT, auto, and pharma stocks drove the decline, although realty and capital goods outperformed. Midcap (+0.44%) and smallcap (+0.76%) indices rose. Weakness reflected caution ahead of the US Federal Reserve’s upcoming policy decision and persistent global uncertainty.

🌍️ International

• US stocks closed at record highs, buoyed by gains in technology and consumer stocks. Alphabet hit $3 trillion in market capitalization and Tesla surged, driving the rally as rate-cut expectations and upbeat trade talks with China boosted sentiment heading into the Fed's Wednesday meeting.

TARIFFS

🇺🇸 India and US hit reset on trade talks

After months of tariff wars and frosty rhetoric, India and the US are back at the negotiating table. Brendan Lynch, the US Trade Representative for South and Central Asia, lands in Delhi tonight to reboot stalled trade talks—talks that broke down earlier this year over one thorny issue: American access to India’s dairy and agriculture markets.

Here’s the backdrop: Washington slapped a 25% tariff on Indian exports after New Delhi refused to open up its dairy sector, then doubled it to 50% in retaliation for India’s purchase of Russian oil. That put huge pressure on Indian exporters, particularly in textiles, gems, and leather.

Now comes the thaw. Both sides are signaling flexibility. The US, for instance, is no longer demanding broad entry into India’s dairy market. Instead, it’s eyeing a narrow slice: premium cheeses (think blue-veined and artisanal), a niche that doesn’t threaten India’s millions of small dairy farmers. On agriculture, India might allow imports of genetically modified corn—but only for ethanol, not for food, which skirts around its strict GMO rules.

The big unknown: tariffs. Washington hasn’t promised a rollback, but even limited concessions from India could set the stage for a phased reduction.

Why it matters: For the US, India is both a massive market and a crucial counterweight to China. For India, access to US markets is vital to its export story. If both sides can strike a middle ground, this could be the first step toward a more durable trade partnership.

Read more: Economic Times

GIG ECONOMY

🛵 Festive gig hiring booms, but background checks lag

India’s festive season has sparked a hiring frenzy across quick-commerce and e-commerce platforms, with Amazon, Blinkit, Swiggy, Meesho and others adding lakhs of temporary workers to meet soaring demand. Lower GST slabs have further fueled this surge, making deliveries cheaper and jobs more plentiful.

But there’s a catch: the rush to onboard riders and delivery partners has led to serious gaps in due diligence. From fudged IDs and fake addresses to incomplete background checks, companies are facing a spike in hiring lapses that raise concerns about customer safety, compliance, and brand reputation.

ID verification firm IDfy estimates that of the 12 lakh workers it will screen this season, over 35,000 may pose potential risks. Platforms like Zomato and Blinkit have responded with a zero-tolerance policy, cracking down on impersonation and stepping up monitoring with measures like regular selfie checks and blacklisting offenders.

Recruitment experts warn, however, that many lapses are often spotted only after an incident occurs—be it a safety issue or fraud. That’s why continuous monitoring, post-onboarding audits, and stricter checks have become non-negotiable.

Despite these challenges, the festive hiring surge shows no signs of slowing. Amazon alone is adding 1.5 lakh seasonal jobs, while Meesho is creating 12 lakh positions across its network—40% higher than last year.

The growth underscores India’s booming gig economy. But as the numbers rise, the balance between speed and safety in hiring will define how sustainable—and trustworthy—this growth truly is.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🎵 TikTok deal reached - Donald Trump announced that U.S. and Chinese officials have reached a deal over TikTok’s future, hinting that “a certain company young people wanted to save” has been spared. The Republican president has repeatedly delayed TikTok’s shutdown deadline, but said he will discuss further with Xi Jinping on September 19. TikTok, owned by Beijing-based ByteDance, has faced U.S. pressure to divest over data security and Chinese ownership concerns. While the app remains hugely popular, especially since the pandemic, its fate has been clouded by national security debates. Trump also hinted a “very wealthy” group would buy the platform.

🌎️ Oil tariffs tangle - India, now the largest buyer of Russian seaborne crude, faces steep U.S. tariffs after Donald Trump imposed an additional 25% duty—raising total tariffs on Indian goods to as high as 50%. Washington argues that India’s Russian oil purchases, which surged from under 1% pre-war to 42% of imports, help fund Moscow’s Ukraine war. Unlike Biden’s administration, which tolerated these imports to stabilize global oil prices, Trump is pushing back hard. India defends the imports as essential for energy security and affordable fuel for 1.4 billion people. While discounts on Russian crude have narrowed sharply, making refiners cautious, New Delhi insists its national interest will drive energy policy.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Alphabet hits $3 trillion in market capitalisation for the first time

• Two-wheeler maker Ola Electric files Rs 400 crore PLI claim.

• Musk questions Nadella over Microsoft staff posts mocking assassinated conservative Charlie Kirk.

• Indian Pilots Federation urges DGCA to withdraw draft norms for fatigue risk mgmt system.