Trump Imposes Higher Tariffs Even As India Boosts Oil, Gas Imports From US

India.com

16 hours ago

New Delhi: Even as former U.S. President Donald Trump imposed a steep 50 per cent tariff on Indian exports, one key detail seems to have gone unnoticed — India has significantly increased its imports of American oil and gas. This growing energy trade has actually helped narrow India's trade surplus with the U.S., aligning with one of the main goals of Trump's own trade policy: reducing trade imbalances.
India's Growing Energy Imports from the US
Official data reveals that India's oil and gas imports from the US soared by 51 per cent between January and June this year. In fact, India nearly doubled its liquefied natural gas (LNG) purchases from the US, rising from 1.41 billion dollars in 2023-24 to 2.46 billion dollars in the financial year 2024-25. (Also Read: ITR Filing 2025: Key Precautions To Take & What Happens If You Miss The Deadline — Know Before You File)
India to Boost US Energy Imports
In February, Prime Minister Narendra Modi promised that India would boost its energy imports from the US to 25 billion dollars in 2025, up from 15 billion dollars in 2024. This move aims to help reduce the US trade deficit. Following this, Indian government-owned oil and gas companies began talks with US firms to secure more long-term energy deals. New Delhi has also emphasized its goal to diversify energy sources and reduce reliance on Russian oil.
India has pointed out that it has been buying Russian oil as no sanctions had been imposed on such purchases that were less than the price cap imposed by the G7 nations. It was, in fact, part of the US policy to allow such purchases, as more oil in the market would prevent prices from soaring in the international market. Moreover, purchases at low prices also helped to restrict Russia's earnings. (Also Read: ITR Filing 2025: Key Precautions To Take & What Happens If You Miss The Deadline — Know Before You File)
India has also pointed out that the US still continues to buy fertilisers, chemicals, uranium and palladium from Russia. Meanwhile, New Delhi has made it clear that India and the US share a very important strategic relationship that goes beyond trade. The government has stated that India-US ties are multi-layered and trade is 'only one aspect' of a 'very important relationship' that also rests on geopolitical and strategic considerations.
The government has also informed the Parliamentary Standing Committee on External Affairs that there is no change of plans for the sixth round of India-US talks, which might lead to a trade agreement between the two countries. (With IANS Inputs)