logo
Sri Lanka to continue discussions with US on trade tariff

Sri Lanka to continue discussions with US on trade tariff

COLOMBO: Sri Lanka will continue trade discussions with US officials, the South Asian nation's treasury secretary said on Friday after President Donald Trump announced a reciprocal tariff of 20% on imports from the country.
The island nation 'remains positive' that Sri Lanka and the US can reach a mutually beneficial situation on tariffs, the official told reporters.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump says will ‘substantially' raise tariffs on goods from India over Russian oil purchases
Trump says will ‘substantially' raise tariffs on goods from India over Russian oil purchases

Business Recorder

time2 hours ago

  • Business Recorder

Trump says will ‘substantially' raise tariffs on goods from India over Russian oil purchases

WASHINGTON: US President Donald Trump said on Monday he will substantially raise tariffs on goods from India over its purchases of Russian oil. '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. They don't care how many people in Ukraine are being killed by the Russian War Machine,' Trump said in a post on Truth Social. 'Because of this, I will be substantially raising the Tariff paid by India to the USA.' He did not elaborate on what the tariff would be. Indian state refiners pause Russian oil purchases, sources say India's trade ministry did not immediately respond to a request for comment. Trump last week said he would impose a 25% tariff on goods imported from India and added that the world's fifth-largest economy would also face an unspecified penalty but gave no details. Over the weekend, two Indian government sources told Reuters that India will keep purchasing oil from Russia despite Trump's threats. The sources did not wish to be identified due to the sensitivity of the matter.

India's biggest refiner buys US, Middle East crude as Trump slams Russia purchases
India's biggest refiner buys US, Middle East crude as Trump slams Russia purchases

Business Recorder

time2 hours ago

  • Business Recorder

India's biggest refiner buys US, Middle East crude as Trump slams Russia purchases

SINGAPORE/NEW DELHI: Indian Oil Corp has bought 7 million barrels of crude from the United States, Canada and the Middle East, four trade sources said on Monday, as U.S. President Donald Trump ramped up his criticism of the country over its purchases of Russian oil. India is the biggest buyer of seaborne crude from Russia, which is under Western-led sanctions over its war in Ukraine. Its main refiners paused buying Russian oil last week as discounts to other suppliers narrowed after Trump threatened hefty tariffs on imports from countries that make any such purchases, Reuters reported last week. Indian government officials denied any policy change. On Monday, Trump said on Truth Social he would substantially raise the import levy on Indian goods, accusing the country of not only buying massive amounts of Russian oil but 'they are then, for much of the Oil purchased, selling it on the Open Market for big profits'. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by trade sources. IOC, India's largest refiner, bought crude via a tender from the United States, Canada and the Middle East for September arrival, the trade sources said on Monday. They declined to be named because they were not authorised to speak to the media. Trump: will 'substantially' raise tariffs on goods from India over Russian oil purchases The refiner bought 4.5 million barrels of U.S. crude, 500,000 barrels of Western Canadian Select (WCS) and two million barrels of Das oil produced in Abu Dhabi, the sources said. The higher-than-normal purchases are partly to replace Russian barrels, two of the sources said. Indian state refiners - IOC, Hindustan Petroleum Corp , Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - had not sought Russian crude in the past week or so, Reuters reported last week. Indian companies do not comment on oil purchases. In IOC's tender that closed on Friday, P66 and Equinor will each ship 1 million barrels of U.S. West Texas Intermediate Midland crude while Mercuria will ship 2 million barrels of the same grade, the sources said. Vitol will deliver 1 million barrels of WTI Midland and WCS, they added. Trafigura will deliver 2 million barrels of Das. Prices for the deals were not immediately available. U.S. criticism of India's oil purchases from Russia sharpened after New Delhi and Washington failed to reach an agreement on a trade deal, prompting the Trump administration to levy a 25% import tariff on Indian goods.

Trump: will ‘substantially' raise tariffs on goods from India over Russian oil purchases
Trump: will ‘substantially' raise tariffs on goods from India over Russian oil purchases

Business Recorder

time2 hours ago

  • Business Recorder

Trump: will ‘substantially' raise tariffs on goods from India over Russian oil purchases

WASHINGTON: U.S. President Donald Trump said on Monday he will substantially raise tariffs on goods from India over its purchases of Russian oil. '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. They don't care how many people in Ukraine are being killed by the Russian War Machine,' Trump said in a post on Truth Social. 'Because of this, I will be substantially raising the Tariff paid by India to the USA.' He did not elaborate on what the tariff would be. Indian state refiners pause Russian oil purchases, sources say India's trade ministry did not immediately respond to a request for comment. Trump last week said he would impose a 25% tariff on goods imported from India and added that the world's fifth-largest economy would also face an unspecified penalty but gave no details. Over the weekend, two Indian government sources told Reuters that India will keep purchasing oil from Russia despite Trump's threats. The sources did not wish to be identified due to the sensitivity of the matter.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store