India Stands Ground Amidst U.S. Tariffs in Trade Negotiations
India's foreign minister emphasized defending national interests in ongoing trade talks with the U.S. amidst looming tariffs due to India's Russian oil imports. A planned visit by U.S. negotiators was canceled, highlighting tensions. The tariffs could significantly impact India's economic growth and its aspiration as a manufacturing hub.
India's foreign minister affirmed on Saturday that trade negotiations with the United States are ongoing, but New Delhi must stand firm on certain non-negotiable points, especially in light of imminent U.S. tariffs.
These tariffs, set to hit Indian goods with up to 50% levies, are linked to India's increased purchases of Russian oil. Currently, 25% of the tariffs are already in effect, with an additional 25% planned for enforcement from August 27, after a scheduled visit by U.S. trade representatives was canceled, hindering chances of postponement or reduction of these fees.
In a statement at an Economic Times forum event, Indian Foreign Minister Subrahmanyam Jaishankar underscored the need to protect farmers and small producers, underscoring the collapse of previous U.S.-India trade discussions due to disagreements over opening India's agricultural markets. As the U.S. tariff strategy unfolds, Jaishankar pointed to inconsistencies regarding concerns over Russian oil purchases, noting other major economies, including China and the EU, remain significant buyers.
(With inputs from agencies.)
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