Trump's trade threat worked? Thailand, Cambodia agree to ceasefire after US President's warning
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Indian Express
10 hours ago
- Indian Express
Will ‘substantially' raise tariffs on India for profiting from Russian oil, says Donald Trump
India Russian oil trade 2025: US President Donald Trump again hit out at India over the latter's substantial imports of Russian crude oil, and threatened that he will 'substantially' raise tariffs on New Delhi for profiting from exporting fuels derived from Russian oil. Trump's latest attack came just days after he announced 25 per cent tariffs and an unspecified 'penalty' on India for its defence and energy imports from Russia. '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 posted on his social media platform Truth Social. Trump's July 31 announcement of 25 per cent tariff and the unspecified penalty has rattled Indian exporters, especially of low-margin products such as apparel and footwear, who have expressed fears of job losses due to increased tariffs. In his post on Monday, however, he did not make any mention of the 'penalty'. The tariff rate Trump announced for India is higher than US tariffs announced for competing countries such as Bangladesh, Vietnam, and several ASEAN nations New Delhi and Washington are yet to reach a trade deal, with differences over market access for American agricultural products among the key roadblocks. India's Russian oil imports, which form a bulk of Near Delhi's total crude oil imports, have also emerged as an irritant in the India-US relationship amid Trump's growing frustration with Russia over the war in Ukraine. This renewed pressure from the US and other Western powers—forcing Russia's top trade partners to cut down on imports from the country—are aimed at forcing the Kremlin's hand into ending the Ukraine war. For Trump, who wants the three-year-old Russia-Ukraine war to end within days, this is an opportune time to pressurise countries like India and China over their Russian imports, given the sensitive trade negotiations that these countries are holding with the US. While the US has raised pressure on India, exporters said that China has begun aggressively cutting prices to retain access to the US market and outcompete Indian goods, even as it continues to face 30 per cent tariffs. China faces an August 12 deadline to reach a durable tariff agreement with the US. 'China — not India — is the largest buyer of Russian oil. In 2024, China imported $62.6 billion worth of Russian oil, compared to India's $52.7 billion. But Mr Trump appears unwilling to criticise China, perhaps because of geopolitical calculations, and instead targets India unfairly,' think tank GTRI said. India—the world's third-largest consumer of crude oil with an import dependency level of over 85 per cent—continues to maintain that its oil purchases are commercial decisions, it being targeted by the US and Europe over these purchases is unjustified and unreasonable. Amid increasing pressure on India from the US and other Western powers over the past couple of months, Indian refiners—led by public sector players—began cutting down on Russian oil imports, much before Trump's announcement the unspecified tariff 'penalty' on New Delhi. Latest vessel tracking data shows that July deliveries of Russian crude—which would have been contracted May or early June—to Indian refiners fell significantly. Industry and trade sources also indicated that Indian public sector refiners have, for the time being, halted future contracting of Russian oil, the mainstay of India's oil imports for the better part of the past three years. India's Russian oil imports in July were at 1.6 million barrels per day (bpd), down 24 per cent from June levels, and 23.5 per cent from volumes delivered in July of last year, according to latest tanker data from global real-time data and analytics provider Kpler. The share of Russian crude in India's oil import basket in July contracted notably to around 33.8 per cent from June's 44.5 per cent. Industry insiders, experts, and trade sources indicate that renewed pressure and threats from the US and Europe over the past few weeks have cast a shadow on India's Russian oil imports, and could mark the beginning of Indian refiners pivoting away from Moscow's oil. So far, India had successfully managed to walk 'the fine line between energy security and geopolitical pressure', but its options now appeared limited, one expert said, adding that Indian refiners 'must now plan not just for commercial shifts, but for systemic geopolitical realignment'. Deliberations are on between the government and other stakeholders—primarily refiners—on managing the situation and assessing the choices on the table for India, sources said. With a pre-emptive reduction in Russian oil imports, some bit of signaling has already taken place. The next steps would most likely be decided on how the India-US dynamic evolves, and more importantly, whether or not Trump decides to further harden the American stance and rhetoric against Russia. Any breakthrough between the White House and Kremlin over the Russia-Ukraine war would most likely ease the pressure on buyers of Russian crude. 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 Sukalp Sharma is a Senior Assistant Editor with The Indian Express and writes on a host of subjects and sectors, notably energy and aviation. He has over 13 years of experience in journalism with a body of work spanning areas like politics, development, equity markets, corporates, trade, and economic policy. He considers himself an above-average photographer, which goes well with his love for travel. ... Read More
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First Post
10 hours ago
- First Post
Cambodia, Thailand discuss ceasefire monitoring, POW issues in Malaysia meeting
Thai and Cambodian officials kicked off high-stakes border talks in Malaysia on Monday, aiming to cement the fragile ceasefire that followed five days of deadly clashes. read more Military attaches from various countries visit a hospital that was damaged after Cambodia fired artillery shells in Sisaket province, Thailand. File image/ AP Thai and Cambodian officials gathered in Malaysia on Monday for the first round of cross-border committee negotiations since a tense truce was agreed upon last week following five days of deadly armed border battles that killed dozens and displaced over 260,000 people. The four-day General Border Committee meetings were originally scheduled to be held by Cambodia, but both parties eventually agreed on a neutral site in Malaysia, the annual chair of the Association of Southeast Asian Nations, which negotiated the cease-fire last month. STORY CONTINUES BELOW THIS AD The truce on July 28 came in response to economic pressure from US President Donald Trump, who had told the warring nations that if the conflict continued, the US would not sign trade deals with them. Following the ceasefire, Washington reduced duties on imports from both nations from 36% to 19% on August 1. Monday's discussions centred on smoothing out specifics to avoid more clashes. Discussions of the decades-long rival territorial claims over the patches of territory near the common boundary are not on the agenda. A history of hostility Thailand and Cambodia have been feuding neighbors for centuries, since both were mighty empires. In modern times, a 1962 ruling by the International Court of Justice awarding Cambodia the land on which the ancient Preah Vihear temple stands marked a new low point in relations, and other border territory remained claimed by both countries. Fighting erupted in 2011 at Preah Vihaer, after which the ICJ in 2013 reaffirmed its earlier ruling, rankling Thailand. Relations deteriorated again sharply in May this year, when a Cambodian soldier was shot dead in a brief fracas in one of the disputed border zones, setting off diplomatic and trade sanctions, one against the other. Soon after two incidents last month in which Thai soldiers were wounded by land mines in disputed territory — for which Thailand blamed Cambodia — the two sides downgraded diplomatic relations and fighting broke out, each side blaming the other for starting the armed clashes. The talks this week will include finalizing details and scope of reference for an ASEAN monitoring team, Malaysian Chief of Defense Forces Gen. Mohamad Nizam Jaffar said Monday. STORY CONTINUES BELOW THIS AD Despite some reports of attacks after the ceasefire came into effect, Nizam said such incidents were typical spillover violence and both sides showed strong commitment during Monday's talks to uphold the ceasefire. The main session of the General Border Committee on Thursday will be led by Thai Deputy Defense Minister Gen. Natthaphon Nakpanit and Cambodian Defense Minister Tea Seih, who also serves as deputy prime minister, and include observers from Malaysia, the United States and China, officials said. Despite the truce, tensions have persisted as both countries organized tours of the former battle areas for foreign diplomats and other observers to highlight damage allegedly caused by the other side. The two countries also continue to accuse each other of having violated international humanitarian laws with attacks on civilians and the use of illegal weapons. The battles are now fought on the propaganda front The propaganda war continues with accusations, denials, and cries of 'fake news,' while supporters of each side also tangle on social media. STORY CONTINUES BELOW THIS AD Each side has blamed the other for starting the fighting and for indiscriminately targeting civilian sites with long-range weapons such as artillery and rockets, and using prohibited weapons. The hottest issue is Cambodia's allegations that Thailand has mistreated and tortured a squad of captured Cambodian soldiers. Two wounded members of the 20-man Cambodian group were repatriated on Friday. However, Thai officials said Monday that the soldiers 'qualify as prisoners of war' and 'will be released and repatriated only when the armed conflict ends,' which it considers a separate matter from last week's ceasefire. Thai military spokesperson Rear Admiral Surasant Kongsiri said at a news briefing Monday that Thailand has invited representatives from the International Committee of the Red Cross, ICRC, and the U.N.'s Office of the High Commissioner of Human Rights, OHCHR, 'to visit the detained Cambodian soldiers on site.' Cambodia had called for such access. Neither the ICRC nor the OHCHR responded to a query from The Associated Press asking about any communications with the two governments. STORY CONTINUES BELOW THIS AD Cambodia's king formalizes former leader Hun Sen's military role A surprise statement on Monday night in the Cambodian capital Phnom Penh announced that Cambodian King Norodom Sihamoni issued a Royal Decree authorizing the country's influential former leader Hun Sen to work together with his son, Prime Minister Hun Manet, in guiding military and national defense affairs. The king's decree said he was acting because the nation 'is suffering from serious violations and threats to its territorial integrity by the Thai soldiers, and in accordance with the spirit of the Constitution of Cambodia.' King Sihamoni generally keeps a low profile and exercises no political power or influence, taking no initiative in any state or government work. The 72-year-old Hun Sen, who is very active on social media, maintained a high profile during the fighting, urging his country's soldiers and hurling invective at Thailand and its leaders. He was once a guerrilla fighter with the Communist Khmer Rouge. STORY CONTINUES BELOW THIS AD It was not clear why Hun Sen would need or want authorization from King Sihamoni, since there has been no open dissent inside the country criticizing his actions during the conflict. The decree appeared to be a response to foreign news stories suggesting Hun Sen was usurping his son's authority. Hun Sen seemed to confirm this, saying on Facebook that he was exercising his rights as a five-star general with experience 'to fight the thieves who invaded my country,' after noting criticism from Thai media.
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Business Standard
14 hours ago
- Business Standard
Thai, Cambodian officials meet in Malaysia to finalise ceasefire terms
Thai and Cambodian officials met in Malaysia on Monday for the first round of cross-border committee talks since a tense ceasefire was brokered last week after five days of deadly armed border clashes that killed dozens and displaced over 260,000 people. The four-day General Border Committee meetings were initially due to be hosted by Cambodia, but both sides later agreed to a neutral venue in Malaysia, the annual chair of the Association of Southeast Asian Nations, which has mediated the halt in hostilities last month. The July 28 ceasefire followed economic pressure from President Donald Trump, who had warned the two warring nations that the US would not conclude trade deals with them if the fighting persisted. Washington lowered tariffs on goods from the two countries from 36 per cent to 19 per cent on Aug 1 following the truce. Monday's talks focused on ironing out details to avoid further clashes. Discussions of the decades-long competing territorial claims over the pockets of land near the shared border are not on the agenda. Thailand and Cambodia have been feuding neighbours for centuries, since both were mighty empires. In modern times, a 1962 ruling by the International Court of Justice awarding Cambodia the land on which the ancient Preah Vihear temple stands marked a new low point in relations, and other border territory remained claimed by both countries. Fighting erupted in 2011 at Preah Vihaer, after which the International Court of Justice in 2013 reaffirmed its earlier ruling, rankling Thailand. Relations deteriorated again sharply in May this year, when a Cambodian soldier was shot dead in a brief fracas in one of the disputed border zones, setting off diplomatic and trade sanctions, one against the other. Soon after two incidents last month in which Thai soldiers were wounded by land mines in disputed territory, for which Thailand blamed Cambodia, the two sides downgraded diplomatic relations and fighting broke out, each side blaming the other for starting the armed clashes. Thai Deputy Defence Minister Gen Natthaphon Nakpanit is leading a delegation that includes representatives of all branches of the military, in addition to the police force and the ministries of foreign affairs, interior and defence, as well as the National Security Council. Thai military spokesperson Rear Admiral Surasant Kongsiri in Bangkok said the main session of the General Border Committee on Thursday would include observers from Malaysia, the United States and China. Deputy Prime Minister and Defence Minister Tea Seiha is leading Cambodia's delegation, accompanied by armed forces commander Gen Vong Pisen. Despite the truce, tensions have persisted as both countries organised tours of the former battle areas for foreign diplomats and other observers to highlight damage allegedly caused by the other side. The two countries also continue to accuse each other of having violated international humanitarian laws with attacks on civilians and the use of illegal weapons. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
