US calls off latest trade talks with India
A delegation led by Assistant US Trade Representative Brendan Lynch was scheduled to visit India from August 25 to August 30, but the trip has been reportedly canceled, the Financial Express reported, citing an anonymous Indian government official.
'From their (US) side, the trade negotiations (are) halted, whether (this is) forever or temporary, there's still no idea,' the source told the outlet. 'They said they won't come for the August 25 meeting.'
The alleged cancelation of the visit comes amid the backdrop of escalating trade tensions between India and the US after President Donald Trump imposed a 25% tariff on Indian imports with a further 25% to be added on August 27 for New Delhi's purchases of Russian oil.
Trade talks between New Delhi and Washington have encountered a hurdle, reportedly due to India's hesitation to allow greater access to its agriculture and dairy sectors for US products.
On Friday, Indian Prime Minister Narendra Modi declared that his government will 'stand like a wall' to protect the interests of the nation's farmers.
Another point of contention for the US is India's oil purchases from Russia. An official source quoted by the Financial Express stated that India cannot afford to stop importing oil from Russia, citing significant cost implications. The source noted that while India's oil imports from the US have increased, Russian oil is still being purchased, and halting these deliveries is not possible.
After his talks with Russian President Vladimir Putin in Alaska on Friday, Trump suggested he may delay the additional 25% tariff on India.
The US president told Fox News that he would consider the question of secondary tariffs on countries buying Russian oil in 'two or three weeks.'
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