&imwidth=800&imheight=600&format=webp&quality=medium "Why US imposed tariffs on India and not China? Trump's Treasury Secretary explains")
United States Treasury Secretary Scott Bessent has defended US action against India and explained why US President Donald Trump imposed tariffs on New Delhi and not Beijing, despite China doing trade with Russia. In an interview, Bessent said that China’s increase in Russian oil imports from 13 per cent to 16 per cent is modest and reflects diversification, while India’s rise from less than 1 per cent to about 42 per cent is seen as profiteering. Bessent criticised India for making $16 billion in excess profits by buying cheap Russian oil and reselling it during the war, calling this practice the "Indian arbitrage" and labelling it unacceptable. His response came a day after White House trade adviser Peter Navarro doubled down on his attack on New Delhi for purchasing Russian oil and has criticised New Delhi for cosying up to China and Russia.
“China importing Russian oil is sub-optimal. But if you go back and look, before the 2022 invasion, 13% of China’s oil was already coming from Russia and now it’s 16%. So China has a diversified input of their oil. If you go back and look back, India had less than 1% of their oil (coming from Russia) and now it’s up to, I believe, 42%. So India is just profiteering,” Bessent said. Earlier on Wednesday, Navarro also claimed that India's crude oil imports from Russia after 2022 was not for meeting domestic consumption and that Indian refiners for “profiteering” by purchasing Russian discounted oil and exporting the processed petroleum products to Europe, Africa and Asia. Meanwhile, Bessent noted that the current situation with China is stable, as the two largest economies have recently agreed to extend a pause in their ongoing trade conflict over tariffs.
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Trump's trade war and India's response
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On July 31, President Trump imposed modified tariffs, including a 25% tariff on India, citing a national emergency. This followed a pause on earlier tariffs, which allowed countries 90 days to negotiate trade deals with the US. Trump added another 25% tariff on India specifically for buying Russian oil and warned other nations against similar actions. In response, India’s Ministry of External Affairs stated on August 4 that its energy imports are essential to ensure affordable prices amid global market conditions. The ministry criticised other countries for trading with Russia while unfairly targeting India. Indian Prime Minister Narendra Modi responded firmly, emphasising he would not compromise the interests of farmers, dairy farmers, and fishermen, even at a cost. During his Independence Day speech on August 15, Modi reaffirmed his commitment to protecting India’s agricultural community, declaring he would stand resolutely against any move harming them.
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