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Indian Express
7 minutes ago
- Indian Express
‘Right to choose trading partners': Russia calls Trump's trade ‘threats' to India ‘not legal'
The Kremlin on Tuesday hit out at US President Donald Trump's recent remarks targeting India over its continued trade ties with Russia, calling such pressure tactics 'not legal'. Responding to Trump's announcement of a 25 per cent tariff on Indian imports, Kremlin spokesperson Dmitry Peskov said, 'We hear many statements that are in fact threats, attempts to force countries to cut trade relations with Russia. We do not consider such statements to be legal.' In a sharp rebuke of Trump's stance, Peskov added, 'We believe that sovereign countries should have and do have the right to choose their own trading partners, partners for trade and economic cooperation, and to choose for themselves the forms of trade and economic cooperation that are in the interests of a particular country.' The comments came days after Trump, in a July 31 post on Truth Social, vowed to impose steep tariffs on India for what he described as 'obnoxious' trade barriers. His threat included an unspecified 'penalty' for buying Russian crude. New Delhi has called Trump's threats 'unjustified' and vowed to protect its economic interests, deepening a trade rift between the two major economies.
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Business Standard
7 minutes ago
- Business Standard
Rupee closes lower as tariff tensions weigh; ends at 87.80/$
The Indian Rupee ended lower on Tuesday, extending early losses, as fresh pressure emerged following US President Donald Trump 's escalation of tensions with India over its continued oil imports from Russia. The domestic currency closed 14 paise lower at 87.80 against the dollar on Tuesday, according to Bloomberg. The rupee has declined 2.6 per cent so far in the calendar year and recorded its worst monthly fall in July since September 2023. The domestic currency remained under pressure and is likely to stay weak this week after Trump signalled the possibility of higher tariffs, analysts said. Trump, in the social media platform Truth Social, threatened to 'substantially' raise tariffs on Indian goods, accusing the country of profiting from the resale of Russian oil and ignoring the human toll in Ukraine. Rupee traded weakly as panic gripped markets following a late-evening post by Trump hinting at higher tariffs on India, according to Jateen Trivedi, VP Research Analyst - commodity and currency at LKP Securities. "Additionally, expectations that the US may pressure India to reduce Russian oil imports sparked fears of a higher import bill, pushing the rupee briefly below the 88 mark overnight." "The rupee is expected to trade in the 87.40-88.25 range," Trivedi said. The currency has also faced sustained pressure from foreign portfolio investors (FPIs) who extended their selling streak in equities. FPIs remained net sellers for the 11th straight session on Monday, selling equities worth ₹2,403 crore in the previous session. In this calendar year so far, global funds have sold stocks worth ₹1.03 trillion, as per NSDL data. Meanwhile, the focus will be on RBI Governor Sanjay Malhotra as the Monetary Policy Committee (MPC) begins its meeting yesterday, August 4, to decide on key interest rates. The RBI is likely to remain status quo as per a Business Standard poll, with all analysts expecting a further reduction in the 2025-26 (FY26) inflation forecast. The dollar index, the measure of the greenback against a basket of six major currencies, was up 0.17 per cent at 98.94. In commodities, crude oil prices extended their three-day fall amid looming trade tensions between India and the US. Brent crude price was down 1.12 per cent at 67.99 per barrel, while WTI crude prices were lower by 1.30 per cent at 65.43, as of 3:30 PM IST.
India.com
7 minutes ago
- India.com
Masterstroke by Modi government as India plans to launch Rs 200000000000 mission to help exporters, Donald Trump's tariffs will now be...
Donald Trump vs PM Modi- File image India-US trade relations: In a massive development for the Indian exporters who are expected to be largely impacted by the recently announced US tariffs, the government of India is reportedly planning to launch a Rs 20,000 crore Export Promotion Mission to support its exporters. As a part of the Export Promotion Mission, the central government will help exporters in key areas including trade finance, non-trade finance covering regulations. Here are all the details you need to know about the Rs 20,000 crore Export Promotion Mission and how it can help the exporters of India. How will Export Promotion Mission help Indian exporters? After the US tariffs on Indian exporters are implemented, a lot of critical sectors of the Indian economy including electronic equipment, Textiles and Auto parts. Therefore, in order to protect their interests, the government of India is launching the Export Promotion Mission which will focus on easing export credit, overcoming non-tariff barriers, promoting indigenous brands, expanding ecommerce infrastructure, and improving trade facilitation, as per a report carried by the Economic Times. Also, as a part of the mission, special attention is being given to MSMEs through collateral-free loans and credit support. Why Trump has threatened to 'substantially' raise tariffs on India? In a significant development after announcing 25 percent tariffs on Indi, US President Donald Trump issued a fresh threat to 'substantially' increase tariffs on India as a penalty, for what he alleged, for selling imported Russian oil on the open market for 'big profits'. Why is Donald Trump frustrated on India? As per a report carried by news agency IANS, Trump has been frustrated by Russia's President Vladimir Putin's refusal to end the Ukraine War and is directing his ire against India to pressure Moscow. He wrote on Truth Social: '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.' Notably, Trump had initially said the penalty, known as secondary tariffs, applying to all buyers of Russian apply would be 100 per cent. (With inputs from agencies)
