India Offers to Remove Tariffs on US Goods in Response to Trade Dispute
US President Donald Trump claims India offered to cut tariffs 'to nothing' amid ongoing trade tensions.
US President Donald Trump has stated that India has offered to remove its tariffs on US goods, despite the current trade stalemate between the two countries.
This announcement comes as both nations engage in a war of words over Russian oil imports.
The existing 50% tariffs imposed by the US on Indian goods, including those affected by Delhi's refusal to halt oil purchases from Russia, went into effect last week.
India has yet to formally respond to Trump's latest comment, which further escalates tensions between the two nations.
Prime Minister Narendra Modi is currently attending the Shanghai Cooperation Organization (SCO) summit in Tianjin, where he met with Chinese President Xi Jinping and Russian President Vladimir Putin, highlighting the complex geopolitical dynamics at play.
Washington accuses India of indirectly funding Russia's war in Ukraine by continuing to purchase oil and military products from the latter.
Trump emphasizes that India should have reduced its tariffs on US goods 'years ago' given the minimal trade conducted between the two countries.
India maintains that Russian oil is crucial for meeting its significant population's energy needs, while also deeming the imposed tariffs 'unfair, unjustified, and unreasonable.' The Indian government asserts its readiness to engage in free-trade agreements with interested nations, reaffirming its stance on economic resilience.
Trump's claims of an imbalance in their trade relationship date back several decades, as the US has traditionally been India's largest trading partner until recent shifts began to emerge.
These new tariffs have sparked concerns about potential exports and growth impacts within India, now the world's fifth-largest economy.
Meanwhile, at the SCO summit, Modi and Putin engaged in a private meeting that lasted over 45 minutes, reflecting ongoing strategic dialogues between key global players.
The SCO, comprising major members like China, India, Iran, Pakistan, and Russia, presents an alternative to US dominance on the international stage.
This announcement comes as both nations engage in a war of words over Russian oil imports.
The existing 50% tariffs imposed by the US on Indian goods, including those affected by Delhi's refusal to halt oil purchases from Russia, went into effect last week.
India has yet to formally respond to Trump's latest comment, which further escalates tensions between the two nations.
Prime Minister Narendra Modi is currently attending the Shanghai Cooperation Organization (SCO) summit in Tianjin, where he met with Chinese President Xi Jinping and Russian President Vladimir Putin, highlighting the complex geopolitical dynamics at play.
Washington accuses India of indirectly funding Russia's war in Ukraine by continuing to purchase oil and military products from the latter.
Trump emphasizes that India should have reduced its tariffs on US goods 'years ago' given the minimal trade conducted between the two countries.
India maintains that Russian oil is crucial for meeting its significant population's energy needs, while also deeming the imposed tariffs 'unfair, unjustified, and unreasonable.' The Indian government asserts its readiness to engage in free-trade agreements with interested nations, reaffirming its stance on economic resilience.
Trump's claims of an imbalance in their trade relationship date back several decades, as the US has traditionally been India's largest trading partner until recent shifts began to emerge.
These new tariffs have sparked concerns about potential exports and growth impacts within India, now the world's fifth-largest economy.
Meanwhile, at the SCO summit, Modi and Putin engaged in a private meeting that lasted over 45 minutes, reflecting ongoing strategic dialogues between key global players.
The SCO, comprising major members like China, India, Iran, Pakistan, and Russia, presents an alternative to US dominance on the international stage.
