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First Post
11 minutes ago
- First Post
US imports from Russia surge 23% in 2025, India calls out Trump for hypocrisy amid tariff threats
Even as Donald Trump threatens India with tariffs over its oil imports from Russia, fresh data shows the US itself has quietly ramped up trade with Moscow, importing key commodities like uranium, fertilisers, and palladium despite earlier sanctions. read more Even as US President Donald Trump attempts to dictate tariff terms and impose penalties on India for importing oil from Russia, Washington's own trade with Moscow is quietly on the rise, even as it chastises New Delhi over its energy and defence ties. According to a report from The Indian Express, between January and May 2025, American imports from Russia rose by 23 per cent year-on-year to $2.1 billion, driven largely by uranium, palladium, and fertilisers. STORY CONTINUES BELOW THIS AD This surge comes despite earlier heavy US sanctions on Moscow. Following the outbreak of the Ukraine war in 2022, US imports from Russia plummeted from $30 billion in 2021 to just $3 billion by 2024. Crude oil, once the top US import from Russia, valued at over $17 billion in 2021, has virtually disappeared. Yet essential commodities such as fertilisers, uranium, and palladium continue to enter the US in significant volumes. According to data from the US International Trade Commission cited in the report, America imported $806 million worth of Russian fertilisers in the first five months of 2025, a 21 per cent increase from last year and 60 per cent higher than the same period in 2021. Uranium imports surged 28 per cent year-on-year to $596 million, nearly 150 per cent higher than in 2021. Although the US formally banned enriched uranium imports from Russia in 2024, companies are allowed to apply for waivers until 2028, a key reason behind the continuing flow. Palladium, primarily used in catalytic converters to reduce vehicle emissions, also remains a significant import. In 2024, the US imported $878 million worth of the metal from Russia. This growing trade has drawn scrutiny after President Donald Trump threatened steep new tariffs on Indian goods, accusing New Delhi of taking advantage of discounted Russian crude. STORY CONTINUES BELOW THIS AD India hit back sharply. 'The US continues to import uranium, palladium, and fertilisers from Russia even as it criticises us,' the Ministry of External Affairs (MEA) said on Monday. 'India's oil imports are based on economic necessity, not political preference.' The MEA had earlier criticised the US and European nations for what it called blatant hypocrisy. In 2024, the EU traded goods worth €67.5 billion and services worth €17.2 billion with Russia far surpassing India's total trade. European imports of Russian LNG also hit a record 16.5 million tonnes that year, higher than pre-war levels. 'Unlike India, whose trade is driven by national need, many Western countries continue their commerce with Russia by choice,' the MEA said.
Indian Express
11 minutes ago
- Indian Express
China price war, lack of clarity on US ‘penalty': What Indian exporters are discussing in tariff talks with American importers
Amid a sudden escalation of trade tensions between India and the US, with American President Donald Trump threatening to impose tariffs 'substantially' higher than the 25 per cent announced earlier, Indian exporters face a two-pronged challenge in maintaining access to their largest export market — the US. On the one hand, China has begun aggressively undercutting prices to outcompete other countries; on the other hand, the undefined 'penalty' over and above the 25 per cent reciprocal tariffs has complicated negotiations between US importers and Indian exporters, especially in low-margin products such as apparel and footwear. The uncertainty over the 'penalty' on India for purchasing Russian oil has come at a time when Indian exporters typically receive bulk summer orders, including for cotton garments, lightweight footwear, and linen clothing. Normally, exporters and importers share the burden of additional tariffs, but exporters said contracts have stalled due to the unknown penalty amount. 'A lot of exporters, particularly from the apparel and footwear sectors, are facing uncertainty because summer season orders are set to be placed very shortly. They are in touch with buyers, and some of them have even visited the US. But neither the buyer nor the seller is in a position to state what they are willing to negotiate, as the 'penalty' amount is unknown,' Ajay Sahai, director general & CEO of the Federation of Indian Export Organisations (FIEO), told The Indian Express. US retailers and apparel companies typically begin shipping merchandise from global suppliers at least two to three months before the summer season starts in April. Traders, typically, begin negotiating contracts much earlier. 'China has become a little more aggressive because they are outpriced by 5 per cent, and they are looking at the extent to which they can reduce the price. That's also a challenge. It may not be entirely possible for the exporter to absorb the duty, and therefore they are requesting that the government should chip in for a limited period only, as we hope that a bilateral trade agreement (BTA) will be concluded by September or October,' Sahai added. However, after Trump threatened to raise tariffs on Indian goods over its purchase of Russian oil, New Delhi on Monday said the targeting of India was 'unjustified and unreasonable', and that the country would take 'all necessary measures' to safeguard its 'national interests and economic security'. 'India is not only buying massive amounts of Russian oil, they are then, for much of the oil purchased, selling it on the open market for big profits… They don't care how many people in Ukraine are being killed by the Russian war machine. Because of this, I will be substantially raising the tariff paid by India to the USA,' Trump said in a post on his social media platform, Truth Social. Rating agency ICRA said that the higher-than-expected US tariffs on India — and the potential penalty linked to India's crude and defence purchases from Russia — are likely to pose a headwind to India's GDP growth in the current fiscal. 'We have lowered our growth forecast for India for FY2026 by 20 basis points to 6.0 per cent; the extent of the said penalties could result in a further downside,' the agency said. Simon J Evenett, Professor of Geopolitics and Strategy at the International Institute for Management Development (IMD), an independent academic institute in Switzerland, said in a LinkedIn post that tariff threats against India have 'nothing to do with economics'. He said that the United States has now antagonised all five of the original BRICS nations, home to more than 3.2 billion people. 'I struggle to see a coherent grand strategy here — other than to take on every possible pole of alternative power. None of the BRICS have the defence dependence on the USA that the EU, Korea, Japan, and the UK have — and that probably played the greater part in the latter's acquiescence to recent US tariff threats. So what is the US offering to the BRICS?' Evenett said. 'Access to the US market isn't a compelling answer. Take India. Its largest export to the USA is smartphones — does anyone else on the planet buy smartphones? Next biggest export is a variant of diamonds — there are other buyers for these too. Medicines are third on the list — same argument. Light oil next — you get the picture. Only one-sixth of Indian goods exports go to the USA. Big deal,' he added. As Trump has threatened several countries with additional tariffs over the re-routing of goods to the US, Deborah Elms, a trade and economic policy expert with the Hinrich Foundation, said in a LinkedIn post that one key complaint from the business community is the lack of clarity on what the US currently means by 'transshipment'. 'Given that tariffs are about to be 40 per cent on anything deemed to be transshipped, definitions are critically important. Typically, firms are required to 'substantially transform' products. In other words, you aren't allowed to simply take a box, slap a new label on it saying 'from country X', but must take raw materials, parts, and components to create something transformed. The amount of transformation is critically important. In a free trade agreement, officials spend months or years wrangling over these rules. Is there a value threshold that needs to be crossed? Is it a change in tariff heading? Subheading? Unfortunately, with new tariffs coming on August 7, we have no guidance at all on these rules,' Elms said. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
Indian Express
11 minutes ago
- Indian Express
US Justice Department open probe into Obama officials over allegation of Russian interference in 2016 polls
US Attorney General Pam Bondi has ordered federal prosecutors to launch a grand jury investigation into allegations that members of the former Democratic President Barack Obama's administration manufactured intelligence on Russia's interference in the 2016 presidential elections. Also known as the 'Russiagate conspiracy', President Donald Trump had long claimed that the claims of Russian intervention in the 2016 elections was conspired by his political opponents in order to smear his image. However, it remains to be seen what could be the charges levelled in the probe and who would be charged in the 'Russiagate' investigation. Bondi has directed a prosecutor to present evidence to a grand jury after referrals from the Trump administration's top intelligence official, Associated Press reported on Monday. 🧵 New evidence has emerged of the most egregious weaponization and politicization of intelligence in American history. Per President @realDonaldTrump's directive, I have declassified a @HouseIntel oversight majority staff report that exposes how the Obama Administration… — DNI Tulsi Gabbard (@DNIGabbard) July 23, 2025 The Justice Department had said in July that they are going to form a strike force to assess claims made by the Director of National Intelligence Tulsi Gabbard about 'alleged weaponization of the US intelligence community.' Gabbard accused Obama and his national security team of a 'years-long coup' against Trump while releasing a declassified report which the Democrats claimed was false. Gabbard alleged that intelligence inputs about Russian interference in the 2016 presidential election was politicised by the White House then led by the Obama administration to falsely link Trump with Russia. Trump reacted to the revelations made by the National Intelligence director and accused Obama of 'treason'. A spokesperson for Obama had called the claims 'bizarre' and said 'the allegations are ridiculous and a weak attempt at distraction.' Democrats discredited the findings released by Gabbard and said nothing invalidated a US intelligence assessment in January 2017, which said that Russia had sought to damage Democratic presidential candidate Hillary Clinton's campaign and boost Trump's campaign three months prior to voting in 2016. The assessment concluded that the actual impact of Russia's meddling with 2016 polls were limited and had no evidence to show if Moscow's efforts actually changed voting outcomes. However, Russia had denied it played any role during the 2016 US presidential elections.
