U.S. President Donald Trump says India has offered to cut its tariffs 'to nothing,' even as he called the ongoing trade stalemate with the country 'a totally one-sided disaster.'
Last week, U.S. tariffs of 50% on goods from India came into effect, including a 25% penalty for India's continued oil purchases from Russia.
As the dispute intensifies, India has not publicly responded to Trump's remarks. However, the war of words regarding Russian oil has distinctly strained Delhi-Washington relations, hitting an all-time low amid mutual accusations over trade practices.
Trump's commentary aligns with Indian Prime Minister Narendra Modi's attendance at the Shanghai Cooperation Organisation (SCO) summit in Tianjin, during which he interacted with leaders such as Chinese President Xi Jinping and Russian President Vladimir Putin.
Washington has accused Delhi of indirectly funding Russia's actions in Ukraine due to its significant oil imports and military transactions with Moscow, claiming India buys very little from the U.S. compared to its exports to India.
India has described these tariffs as 'unfair, unjustified, and unreasonable.' Indian Commerce Minister Piyush Goyal recently declared that India will maintain its stance in international trade, emphasizing the importance of its energy security amidst the country's growing energy needs.
As global dynamics shift, Modi's interactions with other prominent leaders at the SCO suggest a balancing act for India, potentially navigating between U.S. expectations and the exigencies of its geopolitical relationships.