U.S.-India Tensions Rise Over Russian Oil Purchases
U.S. Treasury Secretary Scott Bessent criticized India for significantly increasing its Russian oil purchases amid the Ukraine war. U.S. President Trump imposed additional tariffs on Indian goods as a response. These moves highlight strained U.S.-India relations over trade, with India responding by suspending a cotton import duty.
In a sharply worded statement, U.S. Treasury Secretary Scott Bessent on Tuesday accused India of exploiting the Ukraine conflict for financial gain by significantly boosting its Russian oil imports. Bessent's comments come as Russian oil now forms 42% of India's total imports.
Meanwhile, U.S. President Donald Trump has announced an additional 25% tariff on Indian goods, citing India's increased engagement with Russian oil as the catalyst. Trump argues that these tariffs exert pressure on Russian President Vladimir Putin to end the conflict in Ukraine.
U.S.-India tensions are further strained by the stalled trade negotiations, despite forecasts of progress. In a conciliatory move, India temporarily lifted an 11% import duty on cotton, suggesting a possible willingness to address American trade concerns.
(With inputs from agencies.)
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