
"Have we become so weak?" Congress MP Sukhdeo Bhagat on Trump's 25% tariff on India
Congress MP Sukhdeo Bhagat has criticised PM Modi's silence on the 25% tariff imposed by the US, questioning the government's vulnerability to US interference in strategic matters. Trump's announcement of tariffs and threats of further penalties for importing Russian oil have sparked concern. The government is examining the impact and engaging with stakeholders to safeguard national interests.
ANI Congress MP Sukhdeo Bhagat New Delhi: Congress MP Sukhdeo Bhagat criticised Prime Minister Narendra Modi for his silence on the 25 per cent tariff imposed by US President Donald Trump on Wednesday.He questioned whether the BJP government has become so vulnerable that discussions regarding strategic initiatives or oil procurement are subject to interference from US President Trump."Trump has created a state of confusion. Neither the government nor PM Modi made any statement in the House or took responsibility... Have we become so weak that even discussing strategies prompts interference from Trump?... The saddest part is when we discuss the trade balance, especially since we have about 130 billion dollars worth of trade with the US. Our position is strong on this, so there is no reason for America to dominate us... PM Modi should come forward and clarify the entire situation regarding India's decision... We are a sovereign country, but such interference contradicts the dignity of the nation," he said.Trump on Wednesday made a shocking statement on his social media platform Truth Social after the announcement of 25 per cent tariffs against India and threatened an additional "penalty" for importing Russian oil."I don't care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India; their tariffs are too high, among the highest in the world," Trump said.
He later signed a fresh executive order imposing revised tariffs for 70 countries, including India.Tariffs imposed on India's neighbouring countries are less than India's 25 per cent, except for Myanmar at 40 per cent. The new tariffs for Pakistan, Afghanistan, Bangladesh, Indonesia, Japan, and Sri Lanka are 19%, 15%, 20%, 19%, 15%, and 20%, respectively.The new tariffs, outlined in a sweeping order signed on Friday (IST), will come into effect from 12:01 a.m. Eastern Daylight Time on August 7.Meanwhile, the government told the Parliament on Thursday that it is examining the impact of the recent events and will take all necessary steps to safeguard the national interest.
Commerce and Industry Minister Piyush Goyal made a statement in the lower House of Parliament a day after Trump announced the tariff. He later made a similar statement in the Rajya Sabha. Goyal said the Ministry of Commerce and Industry is holding talks with exporters, industries and all stakeholders and gathering information on their assessment of this issue.

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Hindustan Times
26 minutes ago
- Hindustan Times
CM Yogi launches UP's first integrated township in Meerut
Uttar Pradesh chief minister Yogi Adityanath on Monday flayed the Congress and the Samajwadi Party (SP) for protecting criminal networks as he specifically referred to the 2008 Malegaon blast case. The CM said the Congress falsely implicated Hindus in the Malegaon blast case as he demanded an apology for what he called their 'anti-India and anti-Sanatan' actions. UP CM Yogi Adityanath dedicated ₹ 2,570 crore integrated township in Meerut to former PM Atal Bihari Vajpayee. (Sourced) 'Congress never acted on terrorist incidents. In the Malegaon case, it shamelessly pursued a false agenda against Hindus. When will they apologise to the nation for their sins,' he said, citing the recent acquittal of all accused in the case as proof of 'Satyamev Jayate' (truth prevails). The CM was speaking during the foundation laying ceremony of Uttar Pradesh's first integrated township in Meerut's Mohiuddinpur. Yogi said the Congress and the SP divided the society along the caste lines, incited riots and shielded criminal markets like Sotiganj, a former hub for stolen vehicle parts in Meerut. 'Freedom fighters didn't sacrifice their lives for us to be divided by caste and caught in riots. Sotiganj was the identity of the Congress and the SP; our identity is development,' he said. Yogi further said now Meerut has a new identity in the form of the Meerut expressway, rapid rail and the state's first sports university. On the occasion, the CM dedicated the ₹2,570 crore, 295-hectare integrated township to former PM Atal Bihari Vajpayee, emphasising its potential to generate employment, attract industries and include schools, a medical college and consolidated divisional offices. 'This township will redefine Meerut with residential, industrial and commercial zones, offering affordable housing for NCR residents and connectivity via the rapid rail corridor,' he said. Yogi also highlighted plans to enhance tourism at Bhola Ki Jhaal, a water body in Meerut, and redevelop the Circuit House. The CM praised PM Narendra Modi's vision for promoting indigenous goods, urging citizens to avoid foreign products that could fund terrorism. 'Your money should not end up in the hands of terrorists. This is new India and new Uttar Pradesh — no place for mafia or crime,' he said. Yogi also announced progress on India's largest expressway from Meerut to Prayagraj, set to reduce travel time to Lucknow to six hours and revealed plans for a new expressway to Haridwar and approval for Meerut's inner road projects. Targeting the opposition further, he likened those dividing society on caste lines to 'termites' and criticised their hypocrisy. 'They send their children abroad but feel pain when the poor get better facilities. They want you to travel by bullock cart,' the CM said.


Mint
26 minutes ago
- Mint
Russian oil import cuts could hit Indian OMCs GRM by $1–1.5/bbl, says report
US President Donald Trump last week targeted Indian imports by announcing a 25% tariff on goods imported from India, effective August 7, 2025, along with an unspecified penalty for the country's ties with Russia. He has been threatening to impose hefty tariffs on countries that continue importing Russian crude, claiming that these nations are directly financing Russia's continued attacks on Ukraine On July 15, 2025, Trump gave Russia 50 days to end the Ukraine war and agree to a peace deal; otherwise, he threatened to impose a 100% tariff on buyers of Russian oil. On July 29, he shortened this timeline to 10–12 days (down from 50 days). The US Treasury Secretary also warned China, the largest buyer of Russian oil, that it could face huge tariffs if it continued its purchases, with threats further extended to India to stop buying the Russian crude. India is among the major buyers of Russian crude, with imports witnessing a significant surge since the onset of the Russia-Ukraine conflict in 2022 and the subsequent drop in Russian crude prices. The share of Russian crude in India's total crude petroleum imports rose from just 1.5% during FY2018–FY2022 to 19.3% in FY2023 and further to 33–35% in FY2024–FY2025. Discounted Russian oil has also helped stabilize prices during periods when global crude prices spiked sharply, reaching as high as $135 per barrel. Analysts at JM Financial believe this move is likely part of a broader US negotiation strategy aimed at pressuring Russia into agreeing to a peace deal with Ukraine. A significant reduction in Russian crude imports could otherwise trigger a sharp rise in crude prices, counteracting Trump's efforts to push the US Federal Reserve toward cutting interest rates, they added. The US threat of secondary tariffs and penalties has prompted Indian refiners to seek government guidance on Russian crude purchases. Reports suggest state refiners halted Russian oil buys last week due to narrowing discounts and sanction risks, with tankers idling off India's west coast. However, India's MEA stated energy imports are driven by market dynamics, not US pressure. While the US president claimed India may stop buying Russian oil, government sources clarified that refiners continue sourcing based on price, crude grade, and economic factors. According to analysts at JM Financial, if India stops importing Russian crude, it would significantly impact OMCs and CPCL/MRPL, while having only a slight negative effect on Reliance Industries. The brokerage noted that this would end the USD 1–1.5/bbl GRM benefit that Indian refiners have enjoyed since FY23, driven by Russian crude discounts of USD 3–4/bbl, which account for 30–40% of India's crude requirements. It further stated that every USD 1/bbl hit to GRM could negatively impact FY26 EBITDA by 8–10% for OMCs, 20–25% for MRPL/CPCL, and approximately 2% for RIL's consolidated EBITDA. This impact could be partially offset by a potential rise in diesel cracks due to supply-side concerns arising from possible US and EU sanctions. The brokerage also noted that crude oil prices could rise sharply if India halts Russian crude imports, assuming the shortfall is not offset by increased purchases from China or other countries. China already buys a substantial 2–2.5 mmbpd of Russian crude compared to its total oil demand of around 16.5 mmbpd. However, a sustained upside in crude prices is likely to be capped due to the current global oil oversupply of 1.5–2 mmbpd, aided by the easing of OPEC+'s 2.2 mmbpd voluntary output cut and a 1.5 mmbpd growth in non-OPEC+ output in CY25. Global oil supply is expected to grow 2.1 mmbpd in CY25 versus demand growth of approximately 0.7 mmbpd. Additionally, Saudi Arabia has spare capacity of around 2 mmbpd, and elevated crude prices could hinder a key priority of the US President, pushing the US Federal Reserve to cut interest rates, the brokerage noted. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.


NDTV
26 minutes ago
- NDTV
Trump Threatens To "Substantially" Raise Tariffs On India Over Russian Oil
US President Donald Trump has threatened India yet again over its purchase of Russian oil. "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," Trump said in a post on Truth Social. "Because of this, I will be substantially raising the Tariff paid by India to the USA," he said without specifying what tariff level he had in mind. His post comes days after his announcement that 25 percent tariff would be imposed on goods imported from India, adding that the country would also face an unspecified penalty, but gave no details. Government sources, however, told NDTV that the tariff would have a "negligible" impact on the Indian economy. The GDP loss is not likely to exceed 0.2 per cent, sources said. Over the weekend, sources in the government told NDTV that Indian oil firms will not be halting Russian imports as "India's energy purchases are driven by national interests and market forces". Trump's threat follows his increasingly souring relationship with Russia for failing to agree to a ceasefire in Ukraine. He even threatened new economic sanctions if progress was not made. India, the world's third-largest crude importer after China and the US, historically bought most of its oil from the Middle East, but this changed after Russia began selling its oil at discounted rates after the West shunned it as punishment for its full-scale invasion of Ukraine in February 2022. The same year, External Affairs Minister S Jaishankar defended India's decision and said, "India's total purchase of oil from Russia in a month is probably less than what Europe does in an afternoon". He was addressing a press conference in Washington. India purchases up to 2 million barrels per day of oil, accounting for 2 per cent of global supply. Other top buyers are China and Turkey. Last week, Trump declared that the US has a massive trade deficit with India, accusing it of having the "most strenuous and obnoxious non-monetary Trade Barriers of any country". "While India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any country," he said.