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Economic Times
21 minutes ago
- Economic Times
'Trump is speaking nonsense against India & Modi is silently listening': Congress slams govt over US' latest tariff threat
The Congress on Monday criticised the Modi government following U.S. President Donald Trump's tariff announcement against India. Calling out Modi's silence, the party questioned why he was 'afraid of Trump.' Jairam Ramesh mocked past BJP slogans and diplomacy, saying the U.S. actions expose the failure of an image-driven foreign policy. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Trump's latest threat Tired of too many ads? Remove Ads India-US Trade ties Congress on Monday criticised the central government over U.S. President Donald Trump's announcement of slapping more tariffs on India. "Trump is speaking nonsense against India every day, and Narendra Modi is silently listening to everything," said the grand old party in a post on social media platform X."Why is Modi so afraid of Trump?," the party asked in its Secretary in-charge of Communications, Jairam Ramesh echoing a similar sentiment, said, "So much for Howdy Modi. So much for Namaste Trump. So much for Ab ki Baar Trump Sarkar. So much for BJP MPs hailing Narendra Modi as India's trumpcard.""Despite all the hugs, all the handshakes, all the high-decibel bromance — 'My friend Dolaand' has delivered yet another jolt. What has come of the much-vaunted front-row seat for our EAM at his inauguration? Or for the PM being one of the first to land at the White House?""Tariffs are being slapped. Negotiations are going nowhere. But Asim Munir, the man whose invective was the backdrop for the Pahalgam terror attacks, gets lunch at the White House."This is what happens when foreign policy becomes about image-building, not national interest, he a fresh trade threat against India, Trump on Monday said he will "substantially" raise US tariffs on New Delhi, accusing it of buying massive amounts of Russian oil and selling it for big week, the Trump administration slapped a 25 per cent duty on all Indian goods. The US president also announced a penalty for buying "vast majority" of Russian military equipment and crude oil, but no mention was made in the notification."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," Trump said in a social media post on Monday."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," he its reaction, India said it will take all necessary steps to safeguard and promote national interest and that the implications of the tariffs are being import of crude oil from Russia has risen from 0.2 per cent of total purchases before the Russia-Ukraine war to 35-40 per cent. New Delhi is the largest buyer of Russian oil after August 1, Trump signed an Executive Order titled 'Further Modifying The Reciprocal Tariff Rates', raising tariffs for over five dozen countries, including a steep 25 per cent for executive order, however, did not mention the 'penalty' that Trump had said India will have to pay because of its purchases of Russian military equipment and House Deputy Chief of Staff Stephen Miller, in an interview to Fox News Sunday, stated that President Trump has said very clearly that 'it is not acceptable for India to continue financing" the Ukraine war by purchasing oil from week, Trump mounted a sharp attack on India and Russia for their close ties and said the two countries can take their "dead economies down together", a remark which prompted New Delhi to say that India is the world's fastest-growing major that the US has a massive trade deficit with India, Trump had said that 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."Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of energy, along with China, at a time when everyone wants Russia to stop the killing in Ukraine — All things not good!' Trump had announcements are being seen as a pressure tactic to get New Delhi to agree to demands made by the US in the proposed trade agreement with India. The US is seeking duty concessions for its agriculture, dairy and genetically modified (GM) foods. India is against giving any concessions in these sectors as they involve the livelihood of millions of small and marginalised Delhi has said that it is studying the implications of these tariffs and is still hopeful of concluding a fair, balanced and mutually beneficial trade far five rounds of negotiations have been held between the two countries. For the next round of talks, the US team is coming to India on August 25. The talks will go on till August historically bought most of its oil from the Middle East, including Iraq and Saudi Arabia. However, things changed when Russia invaded Ukraine in February the world's third-largest crude importer after China and the US, began snapping up Russian oil that was available at a discount after some in the West shunned it as a means to punish Moscow for its invasion of a market share of just 0.2 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia overtook Iraq and Saudi Arabia to become India's No.1 supplier, with a share as high as 40 per cent at one point of July, Russia supplied 36 per cent of all crude oil, which is converted into fuels like petrol and diesel, that India 2021-25, the US was India's largest trading partner. The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in bilateral America, India had a trade surplus (the difference between imports and exports) of USD 35.32 billion in goods in 2023-24. It was USD 41 billion in 2024-25 and USD 27.7 billion in 2024-25, bilateral trade between India and the US reached USD 186 billion. India exported USD 86.5 billion in goods while importing USD 45.3 services, India exported an estimated USD 28.7 billion and imported USD 25.5 billion, adding a USD 3.2 billion surplus. Altogether, India ran a total trade surplus of about USD 44.4 billion with the 2024, India's main exports to the US included drug formulations and biologicals (USD 8.1 billion), telecom instruments (USD 6.5 billion), precious and semi-precious stones (USD 5.3 billion), petroleum products (USD 4.1 billion), vehicle and auto components (USD 2.8 billion), gold and other precious metal jewellery (USD 3.2 billion), ready-made garments of cotton, including accessories (USD 2.8 billion), and products of iron and steel (USD 2.7 billion).Imports included crude oil (USD 4.5 billion), petroleum products (USD 3.6 billion), coal, coke (USD 3.4 billion), cut and polished diamonds (USD 2.6 billion), electric machinery (USD 1.4 billion), aircraft, spacecraft and parts (USD 1.3 billion), and gold (USD 1.3 billion).
Hindustan Times
24 minutes ago
- Hindustan Times
'India targeted by US for importing oil from Russia': Govt's strong response to Trump tariff threat
The Indian government has issued a strong-worded statement on Monday in response to US President Donald Trump's fresh tariff warning. In a s HT Image
Mint
24 minutes ago
- Mint
Targeting of India unjustified and unreasonable: MEA after Trump says US will hike tariffs over Russian oil
The Ministry of External Affairs (MEA) on Monday said that the targeting of India is unjustified and unreasonable after US President Donald Trump threatened to 'substantially raise' the tariff on Indian exports to the US over New Delhi's purchases of Russian oil. India will take measures to safeguard national interests and economic security. India has been targeted by the United States and the European Union for importing oil from Russia after the commencement of the Ukraine conflict. In fact, India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict. The United States at that time actively encouraged such imports by India for strengthening global energy markets stability. 2. India's imports are meant to ensure predictable and affordable energy costs to the Indian consumer. They are a necessity compelled by global market situation. However, it is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion. 3. The European Union in 2024 had a bilateral trade of Euro 67.5 billion in goods with Russia. In addition, it had trade in services estimated at Euro 17.2 billion in 2023. This is significantly more than India's total trade with Russia that year or subsequently. European imports of LNG in 2024, in fact, reached a record 16.5mn tonnes, surpassing the last record of 15.21mn tonnes in 2022. 4. Europe-Russia trade includes not just energy, but also fertilizers, mining products, chemicals, iron and steel and machinery and transport equipment. 5. Where the United States is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilizers as well as chemicals. 6. In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.
