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Economic Times
7 minutes ago
- Economic Times
China defends Russian oil buys after Trump's tariff threats
Synopsis China has defended its Russian oil imports as lawful, pushing back against U.S. criticism following Washington's move to impose secondary tariffs on India for similar purchases. The Chinese Foreign Ministry stated it would continue energy cooperation based on national interests. U.S. President Donald Trump suggested that China could also face tariffs, saying 'that may happen,' while Treasury Secretary Scott Bessent noted such action 'could be on the table.' AP China defended its Russian oil imports as legitimate, responding to US pressure after Washington imposed secondary tariffs on India over its energy purchases from Moscow.'It is legitimate and lawful for China to conduct normal economic, trade and energy cooperation with all countries around the world, including Russia,' the Chinese Foreign Ministry said Friday in a statement to Bloomberg News. 'We will continue to adopt reasonable energy security measures in accordance with our national interests.'US President Donald Trump said earlier this week he could punish China with additional tariffs over its purchases of Russian oil, saying 'that may happen.''Let's see what happens. You're going to see a lot more... You're going to see so much secondary sanctions,' Trump said, responding to a question on why India was being singled out despite other nations, including China, also buying Russian asked about Trump's comments on Thursday, Treasury Secretary Scott Bessent told Fox News that tariffs on China over oil purchases 'could be on the table at some point.' China's imports from Russia edged up in July to $10.06 billion — the highest level since March — according to the latest customs data. But overall this year, imports from Russia are still down 7.7% compared to the same period in 2024."China is a much more sensible target for Trump's ire if controlling Russia is really what he wants. Beijing provides far more meaningful support — economic and political — to President Vladimir Putin than New Delhi does," wrote Bloomberg's Mihir China, it appears, is "too big for Trump to bully now." Its negotiators will likely be granted more time than others to come to a deal with the US, and it can continue to support Moscow with an impunity denied to India, he relations have stabilised after both countries agreed to pause steep tariffs while talks continue. Trump said this week he was 'very close' to reaching a deal with China to extend the truce, which is set to expire on Tuesday.
India.com
10 minutes ago
- India.com
Trump tariffs aftermath: Panic among US businesses as orders worth billions cancelled due to..., companies to layoff workers as...
Representational Image Trump tariffs: US President Donald Trump's latest round of tariffs on Indian imports, which came into effect on August 7, has triggered panic among Indian as well as American businesses as orders worth hundreds of crore have either been cancelled or put on hold since Wednesday, when the Trump administration imposed an 25% penalty on India for buying arms and crude oil from Russia. Why US and Indian businesses are in panic? According to media reports, US businesses are apprehensive because of the additional tariffs on Indian imports which will come into effect on August 27, 2025. The issue of purchasing Russian oil has also been the subject of talks between Indian exporters and American importers, they said. 'After 25 percent tariffs, we will have to pay 15 percent import duty, but the burden will become unbearable when the 50 percent tariff rate kicks in. Our product isn't unique and can be easily replaced by other exporters,' the CEO of an an Indian garments firm that exports Rs 600 crore worth of apparel, told his US client in a phone call, the Times of India reported. The Indian exporter said that apart from his business, Trump tariffs will also affect the livelihood of over 8000 workers in his company. How Trump tariffs impact India's marine exports? Similarly, Thomas Jose, a Kerala-based exporter whose family has been exporting lobsters to the US for three generations, said that a majority of his US buyers called him after the Trump tariffs came into effect, and told him to halt shipments. Jose, who runs the Choice Group– a Kerala based export firm that ships goods worth Rs 900 annually, said his clients said that anything above 25 percent import duty would be unbearable for this business, as the imports goods would be too costly to be sold in the US. India exports marine products worth more than Rs 25,000 crore to the US each year. What about textile and jewellery industry? Meanwhile, India's jewellery industry is also under stress due to the fresh tariffs. Vijay Kumar Mangukiya, the MD of Dhani Jewels– a Surat-based jewellery exporter– revealed his US clients are asking to negotiate on diamond prices to circumvent the effect of Trump's additional 25 percent tariffs. The jeweler said price negotiations are possible till the tariff rate is 25 percent, but will become impossible at 50 percent tariffs. 'The buyer has talked about negotiating with his retail customers to bear the increased price, but if it doesn't happen, then we have no other option but to cancel the order,' he said. In the textile industry, which is likely to be hit hardest due to Trump tariffs, the CEO of an Indian textile export firm said he received a call from his American client, asking the exporter to bear the increased cost. The CEO refused, following which the buyer threatened to shift his order to Bangladesh. Indian textile industry exports goods worth Rs 87,525 crore to the US annually, which is about 28 percent of India's textile imports.
India.com
10 minutes ago
- India.com
India's BIG Action Against US Tariffs: Defence Deals With America Put On Hold, Says Report
Amid the ongoing tariff imposition on New Delhi by US President Donald Trump, the Indian government has pressed pause on its plans to acquire new weapons and aircraft from the United States. Reuters, citing three Indian officials, reported that New Delhi is pulling back on plans to procure US weapons and aircraft. They added that Defence Minister Rajnath Singh's scheduled visit to the US in the coming weeks, expected to include an official announcement on parts of the deal, has been cancelled. The White House on Wednesday issued an order imposing an additional 25 percent in tariffs on Indian goods, raising the total levy to 50 percent. According to ANI, the administration had cited national security and foreign policy concerns, pointing specifically to New Delhi's ongoing imports of Russian oil. The Executive Order claimed that these imports, whether direct or via intermediaries, present an "unusual and extraordinary threat" to America and justify emergency economic measures. According to US officials, the initial 25 percent tariff came into effect on 7 August. The additional levy will take effect in 21 days and apply to all Indian goods entering US ports, with exceptions for items already in transit and certain exempt categories. On the other hand, following the directive of his increased tariffs, Trump has ruled out any trade negotiations with India until the dispute over tariffs is resolved. On the other hand, tariff orders on India drew criticism from within the country as House Foreign Affairs Committee Dems warned that Trump's actions risk the carefully developed US-India relationship. In a post on X, House Foreign Affairs Committee Dems said, "RM Gregory Meeks: Trump's latest tariff tantrum risks years of careful work to build a stronger US-India partnership. We have deep strategic, economic, and people-to-people ties. Concerns should be addressed in a mutually respectful way consistent with our democratic values." As the US continues to pressure India over its trade relations with Moscow, as per IANS, Russian President Vladimir Putin said that he hopes for a presidential summit with Trump as early as next week, with the United Arab Emirates (UAE) emerging as a potential venue.
