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First Post
3 hours ago
- Business
- First Post
Why Trump's threat of 'secondary tariffs' on Russia is bad news for India
India currently imports 1.6 to 1.7 million barrels of discounted Russian oil daily — roughly 35 per cent of its total crude demand. Donald Trump's threat of 100 per cent secondary tariffs on Russian trade partners within 50 days could disrupt these flows and imperil a bilateral trade agreement with the US, just as final negotiations near their August 1 deadline read more US President Donald Trump boards Air Force One at Morristown Airport as he departs for Washington, in Morristown, New Jersey, US, July 6, 2025. File Image/Reuters India now faces a potential economic challenge. US President Donald Trump's latest policy proposition — a sweeping set of 'secondary tariffs' aimed at countries maintaining commercial ties with Russia — could directly disrupt India's critical oil imports and complicate its trade with the United States. The threat of 100 per cent tariffs on Russian trade partners has raised alarm in New Delhi and across many capitals in Asia and South America. Trump has declared that unless the Kremlin agrees to halt its military offensive in Ukraine within 50 days, nations purchasing Russian oil, gas, arms or agricultural products will face severe trade penalties. STORY CONTINUES BELOW THIS AD The move is seen as an attempt to suffocate the Kremlin's economic lifelines by penalising its remaining trading allies, including India, China, Brazil, Turkey, Vietnam and the United Arab Emirates. Why India is a target Speaking from the White House, Trump announced a bold new initiative to apply 100 per cent tariffs on nations that continue economic engagements with Russia, particularly in the sectors that fund the war effort. 'We're going to be doing very severe tariffs if we don't have a deal in 50 days, tariffs at about 100%,' the US president stated. Rather than directly targeting Russian exports, the plan focuses on cutting off Moscow's access to international markets by penalising the buyers — what Washington refers to as 'secondary tariffs.' These would apply to goods imported into the United States from any country that maintains significant trade with Russia, especially in energy and defence. India's role in this ecosystem is significant. Since Western sanctions began taking effect in 2022, following Russia's full-scale invasion of Ukraine, India and China have become the top two destinations for Russian oil. In 2023, both countries surpassed the European Union in seaborne crude imports from Russia, jointly accounting for nearly 85–90 per cent of the total volume exported by Russian state-backed energy firms. India alone currently imports about 1.6 to 1.7 million barrels per day, which fulfils around 35 per cent of its daily oil needs, according to market experts. STORY CONTINUES BELOW THIS AD India's dependence on Russian oil has grown due to the steep discounts offered by Moscow since the start of the war. These discounts brought prices below the $60 per barrel price cap set by the European Union, making Russian oil financially appealing for Indian refiners. Russia's crude grades — medium sour and light sour — are also better suited to India's refining infrastructure than the lighter, sweeter crude grades produced in the US. Brazil, China, UAE and beyond India is not alone in its vulnerability. The secondary tariff threat is aimed at more than a dozen countries across multiple continents. In West Asia, the United Arab Emirates functions as a financial conduit for Russian energy transactions, even if it is not a primary consumer of Russian oil. Dubai, in particular, has become a financial sanctuary for Russian capital and oligarch wealth. Turkey, a Nato member, remains heavily reliant on Russian fossil fuels, including both crude oil and natural gas. Brazil, a major agricultural economy, is one of the largest buyers of Russian fertilizers — a key input for its production of soybeans, sugar and coffee. STORY CONTINUES BELOW THIS AD Vietnam and Thailand, which have tried to maintain a neutral stance in the Russia-Ukraine conflict, also maintain energy and defence ties with Moscow. The secondary tariff scheme is meant to push these countries toward breaking those economic relationships. But of all the countries affected, India stands out — not only for its large-volume oil purchases but also because of its growing strategic partnership with the United States. Support for Trump's pressure campaign Trump's strategy has gained endorsement from key figures in Nato and the US Congress. Mark Rutte, the Secretary General of Nato, expressed strong support for the secondary tariff plan during his recent meetings with US lawmakers and with Trump himself. 'My encouragement to these three countries, particularly is, if you live now in Beijing, or in Delhi, or you are the president of Brazil, you might want to take a look into this, because this might hit you very hard,' said Rutte. US President Donald Trump meets with NATO Secretary General Mark Rutte, in the Oval Office at the White House in Washington, DC, US, July 14, 2025. File Image/Reuters 'So please make the phone call to Vladimir Putin and tell him that he has to get serious about peace talks, because otherwise this will slam back on Brazil, on India and on China in a massive way,' he added. US Republican Senator Thom Tillis also endorsed Trump's move but raised concerns that the 50-day deadline might allow Putin time to escalate the war further. STORY CONTINUES BELOW THIS AD He stated, 'Putin would try to use the 50 days to win the war, or to be better positioned to negotiate a peace agreement after having murdered and potentially collected more ground as a basis for negotiation.' At the same time, bipartisan legislation is gaining momentum in the Senate. A new bill introduced by Republican Lindsey Graham and Democrat Richard Blumenthal would authorise the US president to impose tariffs as high as 500% on countries purchasing Russian uranium, oil or gas. India-US trade deal As Trump pivots toward a more aggressive sanctions policy, Indian officials are working to avoid the fallout. Earlier this year, India was notably excluded from a list of 14 countries subjected to new US import duties — a list that included close American allies like Japan and South Korea. Washington's decision to spare India at the time was seen as a goodwill gesture, especially as both countries were advancing talks on a bilateral trade agreement. However, Trump has made clear that this reprieve will not last forever. Although the US initially imposed tariffs on April 2, their full enforcement was postponed for 90 days, with an extended grace period until August 1. This deadline, if unmet, may bring India back under tariff scrutiny. Indian Commerce Minister Piyush Goyal recently told the Press Trust of India that negotiations with Washington were progressing at 'a very fast pace.' STORY CONTINUES BELOW THIS AD Both countries have finalised a terms-of-reference framework for the trade deal, following a visit to New Delhi by US Vice President JD Vance. Yet critical roadblocks remain. The US continues to press India to open its markets to genetically modified crops — a proposal that has triggered concern among India's large agricultural base. Other unresolved issues include access for US dairy products, regulatory hurdles on Indian pharmaceutical exports, and tariff barriers affecting automobile components and steel. These issues have taken on greater urgency with Trump's 50-day deadline ticking. Indian trade representatives are working intensively to reach consensus before the cutoff. How Russia reacted to Trump's new ultimatum Despite the mounting pressure, Moscow has not shown signs of yielding. Senior Russian officials dismissed the secondary sanctions threat outright, calling Trump's ultimatum 'unacceptable.' Far from causing panic, Trump's comments were met with optimism in Russian markets. Following his announcement, Russia's stock exchange recorded a 2.7 per cent increase, and the ruble appreciated against the US dollar. Analysts suggest that investors may believe either that a diplomatic resolution is still achievable within the 50-day window or that Russia can withstand the sanctions through alternative trade channels. STORY CONTINUES BELOW THIS AD Also Watch: With inputs from agencies
Daily Mirror
9 hours ago
- Politics
- Daily Mirror
Trump insists only 'bad people' want Epstein files as scandal tears MAGA apart
The president has made the release of the alleged Epstein files a central part of his 2024 campaign, having promised his supporters that he would unveil the information once reelected In a press statement on Tuesday, President Donald Trump reiterated his previous remarks, criticising those interested in the existence of information about the high-profile clients of convicted sex trafficker and paedophile Jeffrey Epstein. Amid an unprecedented split within his otherwise loyal MAGA base over the issue, Trump labelled it as "boring" and stated that only "bad people" want the Epstein investigation to continue. Last month, former ally and ousted DOGE head Elon Musk accused Trump himself of being on the Epstein list. The president had made the release of the alleged Epstein files a vocal part of his 2024 campaign, having promised his supporters that he would unveil the highly sought-after information once reelected. Since then, the Trump administration has provided conflicting information about the existence of the files and its willingness to pursue the Epstein investigation further. Attorney General Pam Bondi said in February that the files were on her desk awaiting review, but last week she performed a U-turn, stating instead that the client list did not exist, according to a memo issued by the Justice Department and the FBI. "I don't understand why the Jeffrey Epstein case would be of interest to anybody. It's pretty boring stuff," Trump said Tuesday after Air Force One landed in Maryland following his trip to Pittsburgh. Declaring his frustration with the ongoing Epstein saga, Trump expressed: "It's sordid, but it's boring. And I don't understand why it keeps going. I think, really, only pretty bad people, including 'fake news,' want to keep something like that going.", reports the Mirror US. A new Democracy Institute poll indicates that around 67% of voters from Trump's MAGA base who supported him in the previous election, disagree with his decision not to release the client list. Furthermore, 71% of potential first-time voters for the 2024 elections have expressed their dissatisfaction regarding Trump's handling of the Epstein files. In general, a slight dip to 63% of all Americans still demonstrates a majority discontent with Trump's decision, according to the poll findings. The DOJ memo's assertion that no such Epstein client list exists has opened a divide among Trump supporters, as the Epstein controversy was a major element behind many choosing to back Trump. Kash Patel and Dan Bongino, FBI officials linked to Trump, had previously alleged that a "deep state" was shielding this information. Nevertheless, following an extensive review, the Justice Department has concluded through a memo that releasing any additional information would not be fitting or justified. On Tuesday, following a disjointed rant on his social media platform Truth Social over the weekend, he voiced his support for Bondi while expressing his frustration at some of his followers for their ongoing interest in the Epstein case. As is typical for the former president, he also pointed fingers at Joe Biden, the Democrats and previous administrations for mishandling the Epstein case and trying to hold him accountable. Trump, who was once close friends with Epstein and his partner Ghislaine Maxwell, appeared on several of Epstein's flight logs in the 1990s, which have since been made public. He also utilised the late sex trafficker's private jet for travel to various 2024 campaign events when his own plane experienced engine issues.
The Hill
13 hours ago
- Politics
- The Hill
Trump embraces AI
President Trump instructed Education Secretary Linda McMahon to move forward with plans to dismantle the Department of Education after a Supreme Court ruling allowing the administration to enact layoffs. 'We want to bring education back to the states, take the federal government out of it, little, tiny bit of supervision, but very little, almost nothing, like to make sure they speak English,' Trump told reporters Tuesday on Air Force One. Since taking office, the Trump administration has sought to lay off about half of the agency's workforce, while transferring core functions, including student loans management, to other federal departments. Those efforts were blocked in May by a U.S. district judge, who ruled that Trump needed congressional authorization. The judge ordered about 1,400 workers who had been laid off to be reinstated. The Supreme Court ruled 6-3 along ideological lines on Monday that the administration could move forward. 'The United States Supreme Court has handed a Major Victory to Parents and Students across the Country, by declaring the Trump Administration may proceed on returning the functions of the Department of Education BACK TO THE STATES,' Trump posted on Truth Social. 'Now, with this GREAT Supreme Court Decision, our Secretary of Education, Linda McMahon, may begin this very important process.' The Hill's Lexi Lonas has five takeaways from the Supreme Court's decision. For more Supreme Court coverage, sign up for The Gavel, The Hill's courts newsletter. • Top Democrats are calling for the release of all government files pertaining to convicted sex offender Jeffrey Epstein, after the Trump administration concluded the disgraced financier didn't keep a 'client list.' 'The American people deserve to know the truth,' said House Minority Leader Hakeem Jeffries (D-N.Y.). 'What, if anything, is the Trump administration and the Department of Justice hiding?' Democrats have pivoted from calling the Epstein case a conspiracy theory, to alleging a cover-up meant to protect Trump. 'If there are literally other people on this list who are somehow implicated in these actions, it is dangerous to public health and safety not to release the names publicly,' Rep. Jamie Raskin (Md.), the ranking Democrat on the House Oversight Committee, said on MSNBC 's 'Deadline: White House.' Trump is looking to move on and GOP lawmakers want nothing to do with the controversy, which has provoked anger and disbelief among top Trump-aligned conservatives on the right. The Hill's Alexander Bolton writes: 'Republican lawmakers don't want to go near the Epstein controversy that divides their base. They already have their hands full responding to political attacks from Democrats on Trump's tariff policies and on the Medicaid spending cuts they passed into law this month, along with trillions of dollars in tax relief and new spending on border security and defense.' Trump on Tuesday reiterated his baseless claim that Democrats created the Epstein files as a 'hoax.' He also defended Attorney General Pam Bondi, who has been under fire. 'The Attorney General has handled that very well,' he said. 'She is, she's really done a very good job.' • Former Russian President Dmitry Medvedev dismissed Trump's ultimatum against Russia. 'Trump issued a theatrical ultimatum to the Kremlin,' Medvedev posted on X. 'The world shuddered, expecting the consequences. Belligerent Europe was disappointed. Russia didn't care.' Trump on Monday announced Russia has 50 days to end the war with Ukraine or face steep economic sanctions. The U.S. will also begin selling Patriot missiles and other defensive munitions to NATO to be transferred to Ukraine to assist in the war effort. Trump has been lashing out at Russian President Vladimir Putin for refusing to end the war. 'I'm disappointed in him, but I'm not done with him,' Trump said in an interview with the BBC published Tuesday. But Trump told reporters on Tuesday the U.S. would not give Ukraine long range missiles, and he warned Ukrainian President Volodymyr Zelensky against targeting Moscow. 'No, he shouldn't target Moscow,' Trump said.
News18
a day ago
- Politics
- News18
'Would Have Been In Nuclear War': Donald Trump Again Claims Mediation Between India, Pakistan
'We have been very successful in settling wars. You have India, Pakistan. India and Pakistan would have been in a nuclear war within another week, the way that was going. That was going very badly," Trump said. Pointing to his strategy of using trade as leverage, the US President asserted, 'We did that through trade. I said, we're not going to talk to you about trade unless you get this thing settled. And they did." Before this, Trump had claimed mediation between India and Pakistan in June this year, when he told reporters on Air Force One, 'You know, I did something that people don't talk about, and I don't talk about very much, but we solved a big problem, a nuclear problem potentially with India and with Pakistan." 'I spoke to Pakistan, I spoke to India, they have really great leaders, but they were going at it, and they could have gone at it nuclear," he added. Trump has repeatedly claimed credit for stopping hostilities between India and Pakistan after New Delhi's effective response to Islamabad's aggression following precision strikes on terror infrastructures.
India.com
a day ago
- Politics
- India.com
Trump Reiterates Claim Of Ending India-Pakistan Conflict, Says ‘We Did That Through Trade'
United States President Donald Trump reiterated his claim on Monday (local time) that he stopped the escalation of the recent India-Pakistan conflict after the Pahalgam terror attack. Trump made these remarks during his meeting with the Secretary General of NATO, Mark Rutte. "We have been very successful in settling wars, India, Pakistan... India, by the way, Pakistan would have been a nuclear war within another week, the way that was going. It was going very badly," Trump stated. He pointed to his strategy of using trade as leverage, stating, "We did that through trade. I said, we are not going to talk to you about trade, unless you get this thing settled, and they did." In June, Trump told reporters on Air Force One, "You know, I did something that people don't talk about, and I don't talk about very much, but we solved a big problem, a nuclear problem potentially with India and with Pakistan." "I spoke to Pakistan, I spoke to India, they have really great leaders, but they were going at it, and they could have gone at it nuclear," he added. Trump has repeatedly claimed credit for stopping hostilities between India and Pakistan after New Delhi's effective response to Islamabad's aggression following precision strikes on terror infrastructure. However, India refuted the claims made by the US President, reiterating its policy that India and Pakistan bilaterally address any matter related to the Union territory of Jammu and Kashmir. "As you are aware, we have a long-standing national position that any issues pertaining to the Union territory of Jammu and Kashmir have to be addressed by India and Pakistan bilaterally. That stated policy has not changed. As you are aware, the outstanding matter is the vacation of illegally occupied Indian Territory by Pakistan," the Ministry of External Affairs stated. The MEA further stated that the "issue of trade" did not come up between Indian and US leaders since the commencement of 'Operation Sindoor' and the cessation of hostilities. "From the time OPERATION SINDOOR commenced on 7th May till the understanding on cessation of firing and military action on 10th May, there were conversations between Indian and US leaders on the evolving military situation. The issue of trade did not come up in any of these discussions," MEA further stated. India launched Operation Sindoor early on May 7 and hit terror infrastructure in Pakistan and PoJK in response to the Pahalgam terror attack in which 26 civilians were killed. India repelled subsequent Pakistani military aggression and pounded its airbases. India and Pakistan agreed to a cessation of hostilities following a call made by Pakistan's DGMO to his Indian counterpart.
