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Indian Express
17 minutes ago
- Indian Express
Trump's 25 per cent tariff on India: An opportunity, and a step too far
US President Donald Trump's announcement of a 25 per cent tariff on Indian imports, along with a penalty for procuring energy and military equipment from Russia, is a shocker at first sight. But, it also presents a moment for India to seize the initiative and do what is right without losing any more time. A free trade agreement that allows greater access for Indian products to the world's largest market and, at the same time, opens up its economy to American goods and services, is a win-win for both sides. India's exports to the US, at $86.5 billion in 2024-25 (April-March), were higher than those to any other country. Imports from the US, at $45.7 billion, were below only those from China ($113.5 billion), Russia ($63.8 billion) and the UAE ($63.4 billion). A no-deal, simply put, is not in India's interest. The effort should be to not just preserve, but enhance the gains from trade. Trump, no doubt, has overturned the predictable rules and principles governing the global trading order that delivered high growth and lifted the fortunes of millions across countries. His latest unilateral measure, subjecting India to a higher tariff than the UK (10 per cent), the European Union, Japan and Korea (15 per cent), Indonesia (19 per cent) or Vietnam (20 per cent), runs counter to the larger story of growing cooperation between the two countries. The last couple of years alone have seen significant movement towards the signing of a new 10-year defence partnership framework, an MoU to expand and diversify critical mineral supply chains and proposed amendments to India's nuclear liability law. For all the jarring notes in Trump's imperious actions and pronouncements, India must not lose sight of the big picture. If anything, it must hasten the process of clinching a long-delayed agreement that will also give a push to much-needed domestic economic reforms. And the approach should be based on export proactiveness rather than import defensiveness — as was evident in the recent India-UK Comprehensive Economic and Trade Agreement. While Trump's 25 per cent import levy may be a pressure tactic for forcing India to lower both duties and non-tariff barriers on American products, his threatening to impose an additional 'penalty' for the country buying Russian oil and defence hardware is unacceptable. Just as signing a trade deal with the US is in India's interest, securing the energy needs of its population — including by sourcing oil from any country offering crude at discounted prices — is non-negotiable. It is possible this may entail a cost in the form of secondary sanctions linked to Russian supplies, which India will have to factor in going ahead. Recognising this cost is as important as converting the Trump threat into an opportunity to be seized.
Mint
17 minutes ago
- Mint
Indian state refiners stopped buying Russian oil amid Trup tariff threat: Report
Indian state refiners have stopped buying Russian oil in the past week as discounts narrowed this month and US President Donald Trump warned countries not to purchase oil from Moscow, industry sources said. India, the world's third-largest oil importer, is the biggest buyer of seaborne Russian crude, a vital revenue earner for Russia as it wages war in Ukraine for a fourth year. The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. IOC, BPCL, HPCL, MRPL and the federal oil ministry did not immediately respond to Reuters' requests for comment. The four refiners regularly buy Russian oil on a delivered basis and have turned to spot markets for replacement supply - mostly Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil, sources said. Private refiners Reliance Industries and Nayara Energy, majority owned by Russian entities including oil major Rosneft, have annual deals with Moscow and are the biggest Russian oil buyers in India. On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said. Refiners fear the latest EU curbs could complicate overseas trade including fund raising — even for buyers adhering to the price cap. India has reiterated its opposition to "unilateral sanctions". Trump on Wednesday announced a 25% tariff on goods imported from India from August 1, but added that negotiations were ongoing. He also warned of potential penalties for purchase of Russian arms and oil. On Monday Trump cut the deadline to impose secondary sanction on buyers of Russian exports to 10-12 days from the previous 50-day period, if Moscow does not agree a peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35% of India's overall supplies. Private refiners bought nearly 60% of India's average 1.8 million barrels per day of Russian oil imports in the first half of 2025, while state refiners that control over 60% of India's overall 5.2 million bpd refining capacity, bought the remainder. Reliance purchased Abu Dhabi Murban crude for loading in October this month, an unusual move by the refiner, traders said. (Reporting by Nidhi Verma; editing by Philippa Fletcher)
Economic Times
17 minutes ago
- Economic Times
'Coolly, calmly and collectively forge a deal that is good for America, good for India,' says US Diplomat
ANI 'Coolly, calmly and collectively forge a deal that is good for America, good for India,' says US Diplomat American diplomat and the President of the US-India Business Council, Atul Keshap, spoke on the decision by the United States to impose 25 per cent tariffs on India and said that the two countries should calmly forge a deal which benefits them made the remarks while speaking to answering a question on how the American companies are viewing the scenario, Keshap said, "I represent 200 of the largest companies in America and India. Let me tell you that they are all nervous. Indian companies in America are feeling very exposed and vulnerable right now. American companies in India are uncertain. Business doesn't like uncertainty; it likes predictability. If the US and India can't agree on a deal that frames the economic relationship and sends a positive psychological message to investors, it is going to very hard to see growth".Highlighting the commitment of both governments to enhance bilateral trade, he said, "Both the President and the PM advocated for getting a 500 billion dollar target in annual trade. We can't do it if we don't get this deal done because the deal is the foundation of what is going to be further deals. So, I think, speaking for the business community, everybody wants to see this drama come to an agreed deal." Also Read: Trump unleashes new tariffs on 69 countries, set to take effect in 7 days: Full list and details Answering a query on the latest slew of remarks which emerged from the US in regards to India, Keshap said, "I think people have to understand that Secretary Bessent and the President were talking about their concerns about India's purchases of Russian oil even before he began his second tenure. So, clearly, some of that is being reflected in all of these President's frustration has clearly risen and it is starting to impact other countries that he feels directly or indirectly are helping sustain President Putin's very unhelpful stance."Bringing to the forefront the wide-ranging cooperation between India and the US, Keshap highlighted that the two countries have to act collectively and see where the interests are best served. He said, "I think what you are seeing in here is genuine frustration coupled with US and India are the two largest and greatest democracies on earth. We have a people-to-people, business-to-business, scientific, academic, outer space, law enforcement, counter-terrorism, relationship that goes to very great extents and reflects the great relationship of our two nations well beyond Washington and I think we have to take a deep breath collectively, not overreact. Great nations think things through and they act based on interest. We have to see where the interest is best served. In my humble and respectful view, that is in coolly, calmly and collectively forging a deal that is good for America, good for India and good for our businesses." Also Read: Trump increases tariff on Canada to 35% from 25%, cites fentanyl ahead of August 1 deadline United States Treasury Secretary Scott Bessent has blamed India for "slow-rolling things" in the talks for a Free Trade Agreement and said "the whole trade team has been frustrated with them".The comments, made in an interview with CNBC, came a day after the US President announced a 25 per cent tariff on India and an unspecified penalty for purchasing Russian oil. The new US tariffs on Indian goods are set to take effect from August announcing a 25 per cent tariff and penalty for purchasing Russian oil, US President Donald Trump said on Wednesday (local time) that Washington is continuing trade negotiations with New Delhi. He emphasised that India is one of the countries imposing high tariffs on the United has said that it is examining the impact of Trump's tariff announcement and will take necessary steps to safeguard its national and Industry Minister told the Parliament on Thursday that the government is examining the impact of the recent events and will take all necessary steps to safeguard the national interest. Also Read: While House announces 25% tariff on India, releases list of levies for several countries
