India pushes ahead with US trade talks despite tariff hike to 50%
Last week, President Donald Trump imposed an additional 25% tariff on Indian goods due to Delhi's continued purchase of Russian oil, bringing the total duty on Indian exports to the U.S. to 50% - among the highest of any American trading partner.
"Our relations with the U.S. are multi-dimensional, and should not be seen only through the prism of trade," one of the lawmakers said, citing the foreign secretary's briefing to the panel.
Shashi Tharoor, an opposition Congress party leader, who heads the panel, said trade talks would continue.
"As of now, there is no change in the existing plans for the sixth round," he said, referring to a scheduled visit of a U.S. trade delegation to New Delhi from August 25.
Earlier, junior finance minister, Pankaj Chaudhary told lawmakers that about 55% of India's merchandise exports to the United States would covered by the new tariff.
His estimate factored in the initial 25% levy, he said in a written response to a lawmaker's query.
"The Department of Commerce is engaged with all stakeholders" for their assessment of the situation, Chaudhary added.
Goods trade between the United States and India - the world's biggest and fifth-largest economies, respectively - was worth about $87 billion in the last fiscal year, according to Indian government estimates.
The panel separately voiced concerns over Pakistani army chief Field Marshal Asim Munir's reported remarks on nuclear threats in South Asia during a visit to the U.S.
"Nuclear blackmail will not work with India, and no party, or representative disagrees with this view," Tharoor said, adding the external affairs ministry had condemned the comments.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
9 minutes ago
- Reuters
Shadow tanker fleet grows more slowly as Western sanctions target Russian oil
LONDON, Aug 13 (Reuters) - Dozens of tankers have joined the shadow fleet this year compared with hundreds in previous years as the harshest Western sanctions yet target Russia's oil exports and add to the difficulty of finding suitable vessels, shipping sources said. The European Union and Britain last month imposed further sanctions on Russia over its war in Ukraine. Together with U.S. restrictions, they mean more than 440, opens new tab shadow fleet tankers face sanctions, including tankers Moscow needs to ship oil to its biggest buyers, China and India. The shadow fleet of vessels is used by Venezuela and Iran, as well as Russia to evade Western sanctions. Typically, the vessels are old, their ownership is opaque, and they sail without top-tier insurance cover to meet international standards for oil majors and many ports. Since the Ukraine war began in 2022, the shadow fleet has been especially used by Russia, which has relied on oil revenues to help finance its war effort. In addition to the sanctions, the Group of Seven countries has imposed a cap over what price level Russian oil can be sold at, adding to trade complexities. The size of the fleet is between 1,200 and 1,600 tankers, according to estimates from industry sources and analysts, including Lloyd's List Intelligence and shipbroker Gibson. This represents an estimated fifth of the overall global tanker fleet. That compares with a few hundred vessels operating before the Ukraine war, but sources say its growth has slowed year-on-year as the list of sanctions has grown and sales of second-hand ships have been under more scrutiny from authorities and legal compliance teams. The estimate of the shadow fleet's size does not include hundreds of smaller coastal tankers, which are not ocean-going but have transported oil, chiefly for Russia. "Regulators are closing the net," Anna Giacomello, analyst with British maritime cyber defence and risk intelligence company Dryad Global, said in a July report. For all the risks, the potential for profit remains a lure for some. "Operators may still enter the shadow fleet because it can be highly lucrative," said Leigh Hansson, sanctions partner at law firm Reed Smith, who advises shipping and trading companies on oil sanctions compliance. But she said the major established players would stay away and that only those with little experience of the shipping market may be willing to engage in risky operations, with older vessels that major ship insurers will not cover.
Scottish Sun
10 minutes ago
- Scottish Sun
Trump and Putin ‘plan West Bank-style occupation of Ukraine' to secure truce – as Zelensky & Europe hold emergency talks
Russia would have military and economic control over Ukraine under the plans PEACE PLOT Trump and Putin 'plan West Bank-style occupation of Ukraine' to secure truce – as Zelensky & Europe hold emergency talks Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) RUSSIA and the US are considering a West Bank-style occupation of Ukraine to secure a truce, according to reports. The superpowers have discussed using Israel's occupation of the West Bank as a model for ending the war in Ukraine, sources said. Sign up for Scottish Sun newsletter Sign up 2 President Vladimir Putin welcomes US envoy Steve Witkoff during a meeting Credit: Reuters 2 Trump and Putin will sit down for what the White House calls a 'listening exercise' Credit: Reuters This would give Russia military and economic control of occupied Ukraine, which would run its own governing body, reports The Times. The idea was first raised weeks ago in discussions between US envoy Steve Witkoff and his Russian counterparts, a source close to the US national security council told the paper. Meanwhile, German Chancellor Friedrich Merz says European leaders and Zelensky had a "constructive" meeting with Trump about Ukraine. Zelensky insisted there must be a meeting between all the three leaders of Ukraine, Russia and the US after he was snubbed from Trump and Putin's head-to-head on Friday. He said hopes a ceasefire will be the main topic of discussion in Alaska - and Merz reassured that Trump will make that his "priority". Ursula von der Leyden, European Commission President, said they had a "very good" call with Trump. She said: "Today Europe, the US and NATO have strengthened the common ground for Ukraine. "We will remain in close coordination. Nobody wants peace more than us, a just and lasting peace." More to follow... For the latest news on this story, keep checking back at The U.S. Sun, your go-to destination for the best celebrity news, sports news, real-life stories, jaw-dropping pictures, and must-see videos. Like us on Facebook at TheSunUS and follow us on X at @TheUSSun
Reuters
10 minutes ago
- Reuters
Norway spy chief blames Russian hackers for dam sabotage in April
ARENDAL, Norway, Aug 13 (Reuters) - Russian hackers briefly took control of a dam in Norway earlier this year, the head of the Nordic country's counter-intelligence agency said on Wednesday, the first time Oslo has officially attributed the cyberattack to its neighbour. While in command of the dam in Bremanger, western Norway, on April 7, the hackers opened a flood gate and released 500 litres (132 gallons) of water per second for four hours before the attack was detected and stopped, authorities previously said. No one was injured during the attack. Norway produces most of its electricity via hydropower dams and intelligence authorities have previously warned of the risk of attacks on its energy infrastructure. "Over the past year, we have seen a change in activity from pro-Russian cyber actors," Beate Gangaas, head of Norway's PST security police agency, said in a speech. The incident at Bremanger was one such activity, Gangaas added. "The aim of this type of operation is to influence and to cause fear and chaos among the general population," she said. "Our Russian neighbour has become more dangerous." The Russian embassy in Oslo did not immediately reply to a request for comment. Last September, Britain's spy chief accused Russia of waging a "staggeringly reckless campaign" of sabotage in Europe, partly to scare European countries from helping Ukraine. Moscow denies this is true. After her speech, Gangaas told Reuters that she was going public with the attribution to warn the general population and to try to prevent Russia launching further attacks. "I want Norwegians to be prepared," she said in an interview. NATO-member Norway shares a border with Russia in the Arctic. Like the other Nordic countries, it is a staunch supporter of Ukraine. It is also Europe's largest supplier of gas, which is mostly transported via a network of pipelines under the North Sea.
