'Trump's threats will not have any impact on India': Asian energy expert makes big statement on US tariffs, says India will only...
New Delhi: In a significant statement amid the US-India trade deal conflict where US President Donald Trump announced an extra 25% tariff on India for buying Russian crude oil in addition to the 25% tariffs already imposed on India from August 7, Clyde Russell, an Asia Commodities and Energy Columnist at Reuters has said that the crude oil market feels that America's threat to India to buy Russian oil will have no effect. Why Trump's tariffs on India will make no impact?
For a background, US President Trump, who has already declared a 25% hike effective August 28, warned of further action if India doesn't halt Russian oil purchases. In response to the threat from the US President, a Reuters expert has said that the warning issued by US President Donald Trump is more about leveraging pressure on Russia ahead of possible talks with Russian President Vladimir Putin than a direct move against India. The expert also said that given current low crude prices, it is unlikely India will change its sourcing strategy. How is Indian Rupees reacting to US tariffs?
In a strong positive reaction to the US tariffs, the Indian rupee opened stronger on Monday, amid additional 25 per cent tariff proposed by US President Donald Trump on India, which is set to take effect from August 27. As per a report by IANS news agency, the rupee likely inched up higher on optimism that the Russia-Ukraine war will end following the upcoming US-Russia negotiations on August 15, leading to removal of additional tariffs on India.
The report also said that the local currency opened 13 paise stronger at 87.53 against the US dollar up from 87.66 on Friday. The immediate trading range is expected to be between 87.25 and 87.80, according to analysts. The Indian rupee was expected to open with small gains today at 87.51, while markets are awaiting US and domestic inflation data.
(With inputs from agencies)
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