Donald Trump-Putin talks could decide India's tariff fate — will Washington punish Russian oil imports harder? Full details here
Bessent outlines tariff warning
Speaking to Bloomberg TV on Wednesday, US Treasury Secretary Scott Bessent said Washington could raise secondary tariffs already placed on India for buying Russian oil. 'If things don't go well, then sanctions or secondary tariffs could go up,' he said. Earlier this month, the Trump administration imposed a 25% penalty on India in addition to 25% tariffs for purchasing oil and weapons from Russia.
Trade tensions and Russian oil imports
Since the Ukraine war began, India has significantly increased imports of discounted Russian crude from 3% of total oil imports in 2021 to between 35% and 40% in 2024. The US says these purchases have strained bilateral ties and slowed trade negotiations. Delhi argues it must secure the cheapest available crude to protect millions of poor citizens from higher energy costs. Bessent has previously described India as 'a bit recalcitrant' on trade talks, citing reluctance to reduce duties on agricultural and dairy products.
Trump's stance and European involvement
President Trump has warned of 'severe consequences' if Moscow rejects a peace deal. He has also urged European allies to back US sanctions on Russia, including secondary sanctions on countries like India. 'The Europeans need to join us in these sanctions,' Bessent said. Trump maintains that tariffs are part of his strategy to strengthen the US economy and address what he calls unfair trade practices, noting a $45 billion trade deficit with India.
Upcoming negotiations and potential impact
Formal trade talks between Delhi and Washington are set to resume on 25 August, days before the new 50% tariff rate on India takes effect on 27 August. Experts say the increase, which would make India the most heavily taxed US trading partner in Asia, could severely impact export-focused sectors such as textiles and jewellery. Economists warn it could also slow India's growth by as much as half a percentage point.
To stay updated on the stories that are going viral follow Indiatimes Trending.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Deccan Herald
2 minutes ago
- Deccan Herald
Russian Duma speaker Volodin meets North Korea's Kim in Pyongyang
Volodin, a close ally of President Vladimir Putin, conveyed greetings from the Russian leader and thanked Kim for North Korea's support of Russia's military campaign in Ukraine.
NDTV
18 minutes ago
- NDTV
Ahead Of Alaska Summit, Trump Says Putin, Zelensky "Will Make Peace"
Washington: Ahead of his Friday meeting with Russian President Vladimir Putin in Alaska, US President Donald Trump expressed confidence that Putin is now ready to pursue peace. The summit is scheduled for August 15 at Joint Base Elmendorf- Richardson in Alaska. "I think President Putin will make peace and President Zelensky will make peace," Trump told reporters. Asked if the US is prepared to offer Putin access to rare minerals as an incentive to end the war, Trump replied, "We're going to see what happens with our meeting. We have a big meeting. It's going to be, I think, very important for Russia, and it's going to be very important for us and important for us only that we're going to save a lot of lives." "But what I'm doing this for is to save thousands of soldiers a week," he added. Looking beyond the Alaska talks, Trump outlined plans for a follow-up meeting with Ukrainian President Volodymyr Zelensky, possibly joined by European leaders. He called that session potentially more important than the first. "We have a meeting with President Putin tomorrow. I think it's gonna be a good meeting, but the more important meeting will be the second meeting that we're having. We're gonna have a meeting with President Putin, President Zelenskyy, me, and maybe we'll bring some of the European leaders along, maybe not," he said. "We're going to see what happens. And I think President Putin will make peace. I think President Zelensky will make peace. We'll see if they can get along. And if they can, it'll be great," he added. Referring to the Russia-Ukraine conflict as "Biden's war," Trump said, "It would have never happened if I were president. This war would have never occurred under my administration. But now, millions of people have been killed." "And I'm there for one reason: to see if I can solve. This was Biden's war. This is in my war. I want to see if I can stop the killing," he added. Earlier, Trump said he would know "in the first two minutes" whether a deal can be struck. He also expressed optimism about the possibility of normal trade between the two countries. When asked if he sees a time when there could be normal trade between the US and Russia, Trump said, "I do. Russia has a very valuable piece of land. If Vladimir Putin would go toward business instead of toward war, you know, it's a warring nation. That's what they do. They fight a lot of wars. A friend of mine said Russia is tough because they just keep on fighting." "We're going to have a meeting with Vladimir Putin. And at the end of that meeting, probably in the first two minutes, I'll know exactly whether or not a deal can be made," he added.
Time of India
an hour ago
- Time of India
Breaking news live updates, August 15: Police chief orders more cooperation with immigration agents as federal activity takes root in DC
01:37 (IST) Aug 15 The Washington, D.C., police chief stepped up cooperation between her officers and federal immigration officials as President Donald Trump's law enforcement takeover of the nation's capital took root Thursday. National Guard troops watched over some of the world's most renowned landmarks and Humvees took up position in front of the busy main train station. The police chief's order establishes that Metropolitan Police Department officers may now share information with immigration agencies regarding people not in custody — such as someone involved in a traffic stop or checkpoint. MPD officers may also provide 'transportation for federal immigration employees and detained subject,' the order states. The changes, which raise collaboration between the two forces in notable ways, erodes the district's long-standing policy against cooperating with civil immigration enforcement. They are effective immediately. Mayor Muriel Bowser, walking a tightrope between the Republican White House and the constituency of her largely Democratic city, was out of town Thursday for a family commitment in Martha's Vineyard but would be back Friday, her office said. In a city tense from days of ramp-up toward federal law enforcement intervention, volunteers helped homeless people leave long-standing encampments — to where, exactly, was often unclear. Trump told reporters that he was pleased at how the operation — and, now, its direct link with his immigration-control efforts — was unfolding. 'That's a very positive thing, I have heard that just happened,' Trump said of Police Chief Pamela Smith's order. 'That's a great step. That's a great step if they're doing that." A boost in police activity, federal and otherwise For an already wary Washington, Thursday marked a notable — and highly visible — uptick in presence from the previous two days. The visibility of federal forces around the city, including in many high-traffic areas, was striking to residents going about their lives. Trump has the power to take over federal law enforcement for 30 days before his actions must be reviewed by Congress, though he has said he'll re-evaluate as that deadline approaches. The response before Thursday had been gradual and, by all appearances, low key. But on Wednesday night, officers set up a checkpoint in one of D.C.'s popular nightlife areas, drawing protests. The White House said 45 arrests were made Wednesday night, with 29 people arrested for living in the country illegally; other arrests included for distribution or possession of drugs, carrying a concealed weapon and assaulting a federal officer. Troops were stationed outside the Union Station transportation hub as the 800 Guard members who have been activated by Trump start in on missions that include monument security, community safety patrols and beautification efforts, the Pentagon said. 'They will remain until law and order has been restored in the District as determined by the president, standing as the gatekeepers of our great nation's capital,' Pentagon press secretary Kingsley Wilson said. 'The National Guard is uniquely qualified for this mission as a community-based force with strong local ties and disciplined training.' Wilson said the troops won't be armed and declined to give more details on what the safety patrols or beautification efforts would entail or how many Guard members have already been sent out on the streets. National Guard Major Micah Maxwell said troops will assist law enforcement in a variety of roles, including traffic control posts and crowd control. The Guard members have been trained in de-escalation tactics and crowd control equipment, Maxwell said. The White House said Thursday that Guard members aren't making arrests but are 'protecting federal assets, providing a safe environment for law enforcement officers to make arrests, and deterring violent crime with a visible law enforcement presence.' Although the current deployment is taking place under unprecedented circumstances, National Guard troops are a semi-regular presence in D.C., typically being used during mass public events like the annual July 4 celebration. They have regularly been used in the past for crowd control in and around Metro stations. Trump on Thursday denied that the federal law enforcement officials he sent into Washington's streets to fight crime have been diverted from priority assignments like counterterrorism. Asked if he was concerned about that, Trump said he's using a 'very small force' of soldiers and that city police are now allowed to do their job properly amidst his security lockdown. For homeless residents, an uncertain time is at hand Meanwhile, about a dozen homeless residents in Washington packed up their belongings with help from volunteers from charitable groups and staffers from some city agencies. Items largely were not forcibly thrown out by law enforcement, but a garbage truck idled nearby. Several protesters held signs close by, some critical of the Trump administration. Once the residents had left, a construction vehicle from a city agency cleared through the remains of the tents. The departures were voluntary, but they came in response to a clear threat from the Trump administration. Advocates expect law enforcement officers to fan out across D.C. in the coming days to forcibly take down any remaining homeless encampments. In Washington Circle, which still contains a few tents, city workers put up signs announcing 'general cleanup of this public space' starting at 10 a.m. Monday. For two days, small groups of federal officers have been visible in scattered parts of the city. But more were present in high-profile locations Wednesday night, and troops were expected to start doing more missions Thursday. Agents from Homeland Security Investigations have patrolled the popular U Street corridor, while Drug Enforcement Administration officers were seen on the National Mall, with Guard members parked nearby. DEA agents also joined MPD officers on patrol in the Navy Yard neighborhood, while FBI agents stood along the heavily trafficked Massachusetts Avenue.
