
US President Donald Trump renewed his threat on Monday to raise tariffs on Indian goods over its purchase of Russian oil. Meanwhile, New Delhi called Trump's attack "unprovoked" and vowed to protect its economic interests, deepening a trade rift between the two countries.
In a social media post, Trump wrote, "Not only does India buy large quantities of Russian oil, but they also sell most of that purchased oil on the open market for huge profits. They don't care how many people in Ukraine are killed by the Russian war machine."
"Therefore, I will substantially increase the tariffs India pays the United States," he added. An Indian Foreign Ministry spokesperson responded by saying that India would "take all necessary steps to protect its national interests and economic security."
"India's targeting is unwarranted and unreasonable," the spokesperson added. Trump said that starting Friday, he would impose new sanctions on Russia and countries that buy its energy exports unless Moscow takes steps to end its 3.5-year war with Ukraine. Russian President Vladimir Putin has shown no public signs of changing his stance despite the approaching deadline.
Over the weekend, two Indian government sources told Reuters that India would continue to buy oil from Russia despite Trump's threats.
India has faced pressure from the West to distance itself from Moscow since Russia invaded Ukraine in early 2022. New Delhi has resisted, citing its long-standing relationship with Russia and economic needs.
In July, Trump announced 25% tariffs on Indian imports, and US officials have cited various geopolitical issues as standing in the way of a US-India trade agreement. Trump has also portrayed the broader BRICS group of developing nations as hostile to the United States. The countries have dismissed his accusations, saying the group promotes the interests of its members and developing countries in general. (alg)
Source: Reuters
Renewed tensions between the United States and Russia have resurfaced following an incident involving an oil tanker, sparking market concerns about potential disruptions to global energy supplies. Was...
According to a report from the US Department of Labor (DOL) released on Thursday, the number of Americans filing new applications for unemployment insurance rose to 208,000 for the week ending January...
Geopolitical issues have heated up again after statements and political signals from the United States sparked speculation about a possible US takeover of Greenland. Although no concrete action has be...
Private employment rose less than economists expected in December, according to the ADP report. Private employment rose 41,000 (Estimate +50,000) in December, compared with a revised -29,000 in Novem...
Greenland is not only a strategic location, but also a world-class mineral repository. The island holds vast reserves of rare earth elements (REEs), essential for modern technology. These minerals are...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...