'You rub United States the wrong way if you buy Russian warfare': Howard Lutnick tells India
US Commerce Secretary Howard Lutnick said the Indian government 'rubbed US the wrong way' by investing in Russian defence equipment. He stated the relationship is now improving as India is starting to move towards buying military equipment from the United States, 'which then goes a long way'. He also criticised India's relationship being a part of BRICS, 'which is, oh, let's move to not support the dollar and dollar hegemony.'
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Indian Express
20 minutes ago
- Indian Express
Defence equipment, oil, cars: Where India could lower tariffs to reach deal with US
With US trade negotiators set to reach India Thursday for a two-day visit, the India-US trade deal negotiations are entering their final stage and could soon see Delhi opening its market and lowering tariffs on a range of American products – from select agricultural goods to defence equipment. This is in exchange for concessions on reciprocal tariffs and improved access to the US market for India's labour-intensive sectors such as textile and leather products. The White House said Tuesday that the US had asked countries to make their best offers on trade negotiations by Wednesday, as the July 8 deadline for reciprocal tariffs is just five weeks away. 'I can confirm the merits and the content of the letter. The United States Trade Representative (USTR) sent this letter to all of our trading partners just to give them a friendly reminder that the deadline is coming up,' White House spokesperson Karoline Leavitt said. Improving market access for US exports such as oil, armaments, soybeans, corn, whisky and automobiles could help address Washington's concerns over its goods trade deficit with India and high tariff barriers. US Secretary of Commerce Howard Lutnick said Tuesday that the US aimed to bring back advanced manufacturing and bridge the trade deficit by increasing exports to India, adding that both sides had 'found a place that really works' for them. Indian officials have indicated that diversifying oil and defence procurement is in the country's strategic interest and sourcing more from the US could also significantly help bridge the goods trade gap, as India's refining capacity has been increasing alongside oil import dependency, which surged to 90 per cent in April 2025. India's oil import mix has already undergone a significant shift since the Ukraine war, with Russia emerging as the top supplier, replacing Iraq and Saudi Arabia. Official trade data showed that India had already stepped up oil purchases from the US. India's import of crude oil from the US jumped 11.49 per cent to $63 billion in March 2025 compared to the previous year. India has had long standing defence ties with Russia, owing to its reliability during times when Western countries imposed sanctions. However, the US now appears to be leveraging its position as the world's largest market to boost defence equipment exports to India and reduce Delhi's dependence on Russia. Speaking at the US-India Strategic Partnership Forum (USISPF) in Washington DC, Lutnick said: 'There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, they generally buy military gear from Russia. That's a way to kind of get under the skin of America, if you go to buy your armaments from Russia.' He said India is already 'addressing' this issue. According to the Stockholm International Peace Research Institute (SIPRI), the largest share of India's arms imports between 2020 and 2024 still came from Russia at about 36 per cent. However, this was significantly lower than the 55 per cent recorded in 2015-19 and 72 per cent in 2010-14. SIPRI's report released in March suggested that India has increased domestic manufacturing and is shifting its arms supply relations towards Western suppliers – most notably France, Israel and the US – at a time when Russia is prioritising domestic production amid the ongoing Ukraine war. US arms exports grew by 21 per cent between 2015-19 and 2020-24. The US share of global arms exports rose from 35 per cent to 43 per cent – nearly equal to the combined total of the next eight largest exporters, according to SIPRI. From high tariffs on agricultural imports to restrictions on genetically modified (GM) seeds and products, the US has criticised several Indian trade policies that have limited US exports. Under the new trade agreements, the US is seeking increased market access for its agricultural products, especially soya and corn – two of its top export items to China. Amid the likelihood of a protracted trade tussle with China, the US deal with India is likely to ensure greater market access for these two products. Additionally, the US may also secure improved access for its apples. A NITI Aayog working paper in May stated that India could offer some concessions on 'soybean oil imports' to reduce the trade imbalance, without harming domestic production. India is the largest importer of edible oil globally, and the US has a surplus of soybean exports. 'We should also explore the option of importing soybean seed and using it for extracting oil in coastal areas, then selling the oil in the domestic market and exporting the meal, for which there is adequate overseas demand. This will avoid genetically modified (GM) feed entering the Indian market,' the paper, authored by Senior Adviser at NITI Aayog Raka Saxena and Member Ramesh Chand, said. 'Similarly, corn may be imported for ethanol blending, and its by-products – like Distiller's Dried Grains with Solubles (DDGS) – can be entirely exported to avoid GM feed in the country. US corn is cheaper and can be used to meet India's biofuel targets without disrupting local food and feed markets,' it said. Notably, soybeans and corn are among the top exports of US to China and according to a Reuters report, US soybean exports could drop 20 per cent and prices may plunge if the US-China trade dispute remains unresolved. If the trade agreement with the UK is any indication, India is likely to open its highly protected automobile and alcoholic beverage sectors to the US, its largest trade partner. Even before negotiations with the US began, India slashed duties on bourbon whisky to 50 per cent from the earlier 150 per cent. Bourbon whisky is primarily produced in the US, with about 95 per cent made in Kentucky. Under the UK deal, India cut tariffs on automotive imports from over 100 per cent to 10 per cent – although the reduction is phased over 10 to 15 years. A similar, if not more favourable, deal could be offered to the US. President Donald Trump had previously stated that high tariffs in India made it difficult for companies like Harley-Davidson to operate in the country.
The Print
42 minutes ago
- The Print
Zelenskyy calls for meeting with Trump, Putin & Erdogan as Istanbul ceasefire talks fail a 2nd time
'We will be grateful if President Trump supports such an idea. I am confident President Erdogan will support. He told me during our meeting that he wanted a meeting of four leaders. President Erdogan, President Trump, me, and Putin. We are ready for such a meeting on any day,' added the Ukrainian President. In a statement on X, Zelenskyy said, 'We are ready for the leaders' meeting. Any place. Istanbul, Vatican, Switzerland. We propose a meeting starting Monday and further. A ceasefire before is important. When we meet it will become clear if there is will for deescalation. If no, the ceasefire will end on the same day.' New Delhi: Ukrainian President Volodmyr Zelenskyy Wednesday called for a meeting between him, Russian President Vladimir Putin, US President Donald Trump and Turkish President Recep Tayyip Erdogan to broker an end to the Russia-Ukraine war, as ceasefire talks in Istanbul failed for a second time. The Ukrainian president made the comments a day after interlocutors from Kyiv and Moscow met at Istanbul. At the 2 June meeting, the two sides agreed to exchange the bodies of 12,000 fallen soldiers and severely wounded prisoners of war. However, there was no agreement on a ceasefire. This was the second meeting between the two countries in Istanbul. US President Trump has been urging both sides to agree to a ceasefire, applying pressure on Kyiv in particular to ensure such an agreement is reached. The two sides met in the Turkish capital in May as well but there was no agreement on a ceasefire. Russia handed over a 'memorandum' to Kyiv during the 2 June meeting in Istanbul, outlining its demands to resolve the conflict, which includes the recognition of five Ukrainian territories it has partially occupied since the war began as a part of Russia, along with the withdrawal of Ukrainian troops from these territories. I spoke with media on the day of remembrance for Ukrainian children killed by Russia. In Istanbul, Russians gave us an ultimatum, not a 'memorandum'. Peace requires a meeting of leaders. I am ready to meet in the coming days with Putin, as well as presidents Trump and Erdogan. — Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) June 4, 2025 The other demands include the abandoning of Ukraine's aspirations of joining the North Atlantic Treaty Organisation (NATO), as well as a demobilisation of the Ukrainian armed forces. Russia called on Ukraine to retain its neutrality, and terminate some of its international agreements. The territories Russia has called to be internationally recognised as Russian territory are: Luhansk, Donetsk, Kherson, Zaporizhzhia and Crimea. The war has been ongoing for more than three years. It began in February 2022 with Russia launching a full scale military operation on Ukraine. Also Read: Ukraine's Op Spider's Web shows novel drone tactics, offers lessons for India's modern warfare Russian memorandum rejected by Ukraine Zelenskyy rejected all Russian demands Wednesday. The Ukrainian President called the memorandum shared by Russia as an 'ultimatum', while asserting that Moscow is not interested in 'deescalation' of the conflict. 'Why I call what they gave us an ultimatum? Go no further than the first point: international recognition of five Ukrainian regions as Russian and the withdrawal of Ukrainian forces from them. Absolute ultimatum. Contradicts the UN Charter, Ukraine's Constitution, and basic logic,' Zelenskyy said. The Ukrainian president added, 'On NATO. Our document that we passed to the Russians clearly states that Ukraine's membership is a matter for all NATO allies to decide. They need to have unity both to invite us and also to decide not to invite us to NATO. Such decisions are also made by consensus of all allies.' Zelenskyy referred to further demands from Russia as either 'spam' or 'useless items'. He also called for sanctions on Moscow, given there is no interest for a ceasefire emanating from the Kremlin. The Ukrainian president called for the meetings between leaders as the current level of the delegation representing Moscow 'does not decide anything', a fact shared by the delegation itself, according to Zelenskyy. The 2 June meet in Istanbul came a day after Operation Spiderweb was launched by the Ukrainian forces, which struck at multiple airbases deep inside Russia, destroying a number of Tu-95 and Tu-22 strategic bombers, as well as A-50 airborne radar and command planes. Ukraine claims it destroyed at least 41 military aircraft. Russian leaders, including former President Dmitry Medvedev, have vowed 'retribution' for the attack by Kyiv, which included the use of 117 drones, including 34 which were smuggled into Russia, in a maneuver reminiscent of the Trojan Horse, from Greek mythology. 'Had there been a ceasefire before our operation, there'd be no operation. Wanting a ceasefire doesn't mean we do nothing in the meantime,' Zelenskyy said on Operation Spiderweb. Ukraine has been clear that there will be no compromise on its territory and that it will retain the right to foreign policy choices as a sovereign country. In an exclusive interview with ThePrint earlier this year, Foreign Minister Andriy Sybiha made it clear that these are 'the red-lines' for Kyiv. (Edited by Ajeet Tiwari) Also Read: How global & Russian media reported on Ukraine's Op Spiderweb, drone strikes on Russia's key airbases
The Print
42 minutes ago
- The Print
French trade minister meets Piyush Goyal, says France one of India's best economic partners
'With my Indian counterpart Piyush Goyal, I reaffirmed a conviction: France is one of India's best economic partners… Reforms, stability, innovation, access to EU and India markets: there's everything to strengthen our bilateral relationship,' Saint-Martin stated in a post on X. The minister highlighted the potential to further strengthen bilateral ties through 'reforms, stability, innovation, and enhanced market access to the EU and Indian markets.' Paris : French Foreign Trade Minister Laurent Saint-Martin on Tuesday reaffirmed the 'conviction' that France is one of 'India's best economic partners' after his meeting with Union Commerce and Industry Minister Piyush Goyal in Paris. Following his meeting with Goyal, Saint-Martin also expressed optimism about the ongoing India-EU Free Trade Agreement (FTA) negotiations, anticipating a possible agreement in the coming weeks or months. 'It's important to demonstrate that we believe in free trade, not trade wars,' he stressed. 'Minister Goyal arrived with a strong business delegation – over 50 companies, which is significant. At a time when global trade is facing challenges, we believe it's crucial for India and France to strengthen their ties… The European Union and India are progressing toward a Free Trade Agreement, and as a member of the European Commission, we fully support this… I'm optimistic that we could see an agreement in the coming weeks or months… It's important to demonstrate that we believe in free trade, not trade wars,' the French Minister told reporters. He emphasised the importance of fostering deeper cross-border trade and investments between the two nations. 'At the same time, we must foster deeper bilateral relations between France and India, which means enhancing cross-investments, more cross-border trade… All the friendship that President Macron and PM Modi have will, of course, help our bilateral relations to go deeper now,' he added. Earlier on Monday, the Union Minister held a productive meeting with French Minister of Economy, Finance, and Industrial and Digital Sovereignty, Eric Lombard, focusing on deepening the India-France economic partnership with an emphasis on trade, investments, and technology cooperation. The discussions, which took place during Goyal's three-day official visit to France, also reviewed the progress of the India-EU Free Trade Agreement (FTA) negotiations, signalling a strong intent to bolster bilateral ties amidst a shared commitment to innovation and economic growth. 'Held a productive meeting with Eric Lombard, French Minister of Economy, Finance, and Industrial and Digital Sovereignty. Exchanged views on deepening our economic partnership, enhancing trade & investments with a special focus on technology and innovation across key sectors. Also discussed the progress of the India-EU FTA negotiations. Looking forward to stronger India-France economic ties,' Goyal said in a post on X. He also expressed optimism that India could finalise its Free Trade Agreement (FTA) with the European Union (EU) ahead of the year-end deadline, citing minimal divergences between the two economic blocs. Goyal also held a series of high-level meetings in Paris with top French CEOs to explore new opportunities for India's growth across key sectors such as renewable energy, automobile manufacturing, electric vehicles (EVs), and consumer products. The minister commenced his three-day official visit to Paris on Sunday as part of his ongoing visit to France and Italy from 1 to 5 June 2025. This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content Also read: US, India to give preferential access to each other's businesses, says Piyush Goyal
