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Trump delays tariffs on China over Russian oil, says 'may revisit in weeks'
US President Donald Trump said in an interview on Fox News that he does not need to immediately impose higher tariffs on countries such as China for buying Russian oil, though he may revisit the issue 'in two or three weeks.'
Trump had earlier warned that nations continuing to purchase Russian crude could face secondary penalties if Moscow did not move towards ending the war in Ukraine. India and China remain the two largest buyers of Russian oil since Western sanctions were imposed after the 2022 invasion.
Trump's tariff policy on Russian oil buyers
Trump has sought to use tariffs as leverage against countries purchasing Russian energy. Earlier this month, he announced that tariffs on Indian goods would double from 25 per cent to 50 per cent from August 27, citing the country's continued oil imports from Moscow. These measures added to the existing sanctions on Russia's financial and energy sectors.
While India has faced immediate tariff hikes, Beijing has so far avoided similar action. However, Trump's comments suggest the reprieve could be temporary.
Can the delay benefit India?
The pause on Chinese tariffs could indirectly help India in the short term. If Beijing continues to escape penalties, it avoids a potential reshuffle in global crude markets that could push more Russian oil towards China at discounted prices, competition that could disadvantage Indian refiners.
Moreover, any cooling in US-China trade tensions could stabilise commodity prices and freight rates, easing cost pressures for Indian importers. However, some analysts warn that the benefit may be limited if Washington decides to target both countries simultaneously in the coming weeks.
India won't curb its Russian oil imports
India has firmly resisted external pressure to curb its Russian oil imports, with the government defending such purchases as legitimate and vital for its energy security. At an industry conference, Oil Minister Hardeep Singh Puri asserted, 'I'm not worried at all. If something happens, we'll deal with it,' highlighting India's diversified supply network spanning roughly 40 countries.
Meanwhile, the Ministry of External Affairs reiterated that India's energy strategy is rooted in national interests, accusing the US and EU of 'double standards' and describing the targeting of India as 'unjustified and unreasonable'.
Talks with Putin and ongoing diplomacy
Trump's remarks came after his Alaska summit with Russian President Vladimir Putin, where the two leaders discussed a potential ceasefire in Ukraine, but fell short of finalising a deal. Trump described the meeting as 'very productive' and said they had agreed on 'many points,' while acknowledging that one major sticking point remained.
'I think the meeting went very well,' he told Fox News, adding that the progress made was the reason he was not taking immediate tariff action against China. 'We don't have to think about that right now… maybe in two or three weeks.'
At the same time, Trump and Chinese President Xi Jinping are negotiating a trade agreement to lower duties and ease tensions between the world's two largest economies, a process that could be disrupted if new tariffs are introduced.
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