India Reviews US Sanctions Amidst New Trade Tariffs

In a swift response to the recent US sanctions on companies trading with Iran, India's Ministry of External Affairs (MEA) expressed its attention to the development, stating intentions to assess the situation carefully. MEA spokesperson Randhir Jaiswal highlighted that these sanctions impact seven India-based entities linked to the trade in Iranian petroleum, petrochemical products, and shipping. Jaiswal reiterated India's principle of making energy decisions based on market conditions and geopolitical events.

In the wake of recent remarks from former US President Donald Trump about a new oil deal with Pakistan, and possible implications for Indo-Pak oil commerce, Jaiswal abstained from commenting. He underscored India's broad approach to energy, which remains unaffected by such conjectures. Moreover, he emphasized India's historical and intrinsic relationship with Russia, asserting its immunity from third-party pressures.

Amidst these developments, the US administration, under Trump's directives, has imposed revised tariffs on over 70 countries, influencing global trade dynamics. These new tariffs, which include a 25% rate on Indian goods, are part of an executive order targeting a national emergency situation. However, goods already en route before the new deadline will be exempt from these revised duties.

(With inputs from agencies.)