The duties introduced by Trump can reduce India’s exports by $ 37 billion, which has exceeded savings from cheap Russian oil in recent years.
India could lose its import duties introduced by Donald Trump than he has saved all the time, buying Russian oil in a discount. Reuters reported this on Wednesday, August 27.
Prior to the war, released by Vladimir Putin, India hardly bought oil in Russia – less than 1% of the total import. After the administration of price penalties and ceilings for Russian oil, it began to sell with a discount of about 7% of world types such as Brent. For 3.5 years, India has saved nearly $ 17 billion.
However, the Analytical Center Global Trade Research Initiative (Gtri) estimated that the introduction of 50%duty to goods from India could reduce exports by more than 40%, or nearly $ 37 billion, and this is only for the current year of finance.
Earlier, 25% duty was increased to 50% because the penalties for the purchase of Russian oil, which in Washington were called “laundering and profit.”
US finance minister Scott Immentine told CNBC that Russian oil part in India was imported from less than 1% to 42%. He noted that China at the same time increased its part from 13% to 16%.
“India is simply profitable. They are engaged in resale. It is an Indian arbitration – buying a cheap resource and selling it after processing. It appeared during the war and unacceptable -accept,” he added.
In this regard, India has accused the United States with a double standard, noting that Washington continues to buy Uranus, Palladium and fertilizers in Russia.
As you know, Donald Trump has repeatedly threatened India to increase tariffs as it bought a large amount of Russian oil.
We added that India also accused the United States and Europe of trade in Russia after Trump threatened it with tariffs.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.