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The Trump administration has told the US Supreme Court that it imposed tariffs against India for purchasing Russian energy products as part of its strategy to address the war in Ukraine.
Reliance Industries Ltd has consistently remained compliant with international sanctions and is expected to adhere to upcoming measures on Russian oil, analysts said, estimating that oil sourced from Russia contributes just 2.1 per cent to its consolidated EBITDA. Reliance operates the world's largest single location refining complex, with more than half of the capacity exclusively dedicated for exports.
Former White House trade advisor Peter Navarro has criticised India for continuing to procure Russian oil, alleging profiteering and contributing to the Russia-Ukraine war. India defends its energy procurement as driven by national interest and market dynamics.
'Given the lag in transmission, further softening of lending rates may happen in the coming months.'
From just 0.2 per cent before the Russia-Ukraine war to now accounting for 35-40 per cent of total crude imports, India's reliance on Russian oil has surged -- drawing fresh scrutiny with US President Donald Trump announcing a penalty on top of a 25 per cent tariff, or tax, on all goods going to the US.
'If the near-term economic pain is absorbed more by those who have the ability and the financial strength to do so, then small and medium enterprises in downstream industries will emerge stronger from the trade imbroglio.'
"I understood tariffs better than any human being in the world. And now with my tariffs, they were all dropping them. India was the most highly tariffed nation... And you know what, they've offered me no tariffs in India anymore. No tariffs," Trump said.
China showcased its latest military hardware, including hypersonic and ballistic missiles, during a parade commemorating the 80th anniversary of its victory against Japanese aggression in World War II. President Xi Jinping called for world peace and national rejuvenation.
With him is a letter he had brought for Melania Trump, thanking her for a letter she sent to Putin on Friday, raising the plight of Ukrainian children kidnapped by Russia.
Businesses are testing new markets, tapping into domestic demand, and pushing the government for relief.
'Things may get much worse before they get better,' predicts Ajay Chhibber.
British Prime Minister Keir Starmer joined European allies in a video call to discuss the Ukraine conflict ahead of President Zelensky's visit to the White House for talks with President Trump.
External Affairs Minister S Jaishankar defends India's purchase of Russian oil, stating it is not the largest purchaser and that the US had previously supported such actions to stabilize energy markets. He also addresses concerns about tariffs and trade relations with the US.
He added that India sells to the US, its biggest "client", "massive" amounts of goods, "but we sell them very little - Until now a totally one sided relationship, and it has been for many decades."
Equity benchmark indices Sensex and Nifty ended lower on Thursday after US President Donald Trump announced the imposition of a 25 per cent tariff on all goods coming from India starting August 1 and an unspecified penalty for buying Russian crude oil and military equipment.
'While the President has been critical of India, he has gone out of his way to compliment PM Modi. They have an incredible relationship.'
New Delhi, while opting not to retaliate yet to the American tariffs, has in recent weeks sought to reinforce its friendship with Moscow, and recalibrate its ties with Beijing rather than surrender to Washington's diktats.
In response to US criticism of India's oil imports from Russia, the Indian Army shared a 1971 news clip highlighting the US's role in arming Pakistan.
The crisis may not be as visible this time, but the stakes are just as high, points out Rajeswari Sengupta.
United States President Donald Trump once again mounted a sharp attack on India and Russia for their close ties and said that the two countries can take their 'dead economies down together'.
If India caves in to US pressure as Trump hopes it will, he will further try to blackmail it into submission, points out Ramesh Menon.
A US official has stated that India's continued purchase of Russian oil is a point of contention in the relationship between the two countries, as it helps fund Russia's war efforts in Ukraine.
India-US relations, like Rome, were not built in a day, nor can they be demolished in a day.
All said and done, when the new global order emerges, India can only remain with the democracies, asserts Ambassador T P Sreenivasan.
For India, the challenge is to strike a balance between tactical necessity and economic priorities, point out Pravin Krishna and Monil Sharma.
Glimpses from around the world that will make you smile and cry.
'India is cosying up to Xi Jinping. They don't need the Russian oil. It's a refining profiteering scheme.'
'Due to tariff uncertainty, automotive customers reduced their steel uplift by almost 15 per cent.'
The textile and apparel sector is India's second-largest employment provider, after agriculture, and it is now caught in a wave of uncertainty following the Donald Trump administration's tariff policy.
'No respite from economic pain is worth the loss of dignity and self-respect,' asserts former foreign secretary Shyam Saran.
'The reported deal between the European Union and China should mitigate it (shortage) for the medium to long term. Let's wait and watch how this plays out.'
Commerce and Industry Minister Piyush Goyal on Tuesday said India and the 27-nation EU bloc are "really very near" to concluding talks for the proposed free trade agreement, with only a few issues left to be resolved.
'We had very narrow negotiations that were quite useful.'
The United States action of levying 25 per cent additional tariff on Indian goods is 'unfair, unjustified and unreasonable', India said on Wednesday in a firm reaction, signalling increasing tensions between the two strategic partners over New Delhi's energy ties with Moscow.
If pharmaceutical exports from India to the US come under a 25 per cent tariff bracket, the impact on earnings before interest, tax, depreciation and amortisation (Ebitda) could be around 5 per cent, felt analysts. This is after assuming that about 75 per cent of the tariff would be passed on.
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
The way to deal with a bully is to resist bullying, because submission in the first instance only invites even more overbearing demands in future. What may seem like a small price to pay now will lead to a much higher price later, warns former foreign secretary Shyam Saran.
The 25 per cent US tariffs, plus a penalty for Russian imports, could dent India's GDP growth by 30 basis points in the current fiscal, but the higher duty is unlikely to significantly affect India's domestic demand-driven economy, Barclays said on Thursday. If the 25 per cent tariff, announced by US President Donald Trump on Wednesday, is implemented from August 1, the effective average US import tariff on Indian goods will rise to 20.6 per cent in trade-weighted terms, as per Barclays estimates.
India's goods exports rebounded in July after two months of contraction, with outbound shipments rising 7.3 per cent to $37.24 billion, led by a surge in exports to the United States before the country's reciprocal tariff kicked in and bolstered by a recovery in exports to other key markets.
President Trump addresses questions about US imports from Russia and India's stance on purchasing Russian oil, hinting at potential tariffs.
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