For India, the challenge is to strike a balance between tactical necessity and economic priorities, point out Pravin Krishna and Monil Sharma.
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.
'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.'
'No respite from economic pain is worth the loss of dignity and self-respect,' asserts former foreign secretary Shyam Saran.
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.
Iran on Sunday vowed to avenge the United States bombing of three of its major nuclear facilities saying the American strikes will have 'everlasting consequences'.
Former US President Donald Trump said he is ready to meet Russian President Vladimir Putin anytime, but warned of potential sanctions if Russia doesn't engage in negotiations on Ukraine. Trump criticized current President Joe Biden's handling of the conflict, claiming that the war wouldn't have happened under his presidency. He also raised concerns about the number of casualties in Ukraine, suggesting that the reported figures are not accurate. Trump also highlighted the financial burden of the conflict on the US and called for increased contributions from European Union members.
Putin's State visit will centre on fixing the huge India-Russia trade imbalance, with both sides pushing to lower duties, ease non-tariff barriers, and seal a landmark mobility pact to send more Indian workers to Russia.
A round-up of Tuesday's action in the UEFA Champions League.
'Given the lag in transmission, further softening of lending rates may happen in the coming months.'
'Crude oil prices are around $66-67 per barrel now but could fall to $55-60 if global disturbances ease.'
'Trump is not shy when he is frustrated with countries'
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
"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.
Kylian Mbappe scored twice from the penalty spot as Real Madrid fought back from a goal down to beat Olympique de Marseille 2-1 in their opening match of the Champions League group stage, at the Santiago Bernabeu, Madrid, on Tuesday.
The comments came a day after US President Donald Trump said that Washington is "very close" to the trade pact with India.
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.
IMAGES from matches played across European leagues on Saturday
'Modi is such a Prime Minister who always thinks about Sikhs. All the pending issues of Sikhs, which have not been resolved to date, are being resolved, including the Kartarpur Sahib corridor. There should not be such protests against him, and no Sikh can tolerate this'
India's brittle energy security is inextricably linked to two opposing paradigms - fossil fuels, and the transition to green energy. The first powers the present; the second paves the way for Viksit Bharat in 2047.
'We had very narrow negotiations that were quite useful.'
'The US slump could hit our hosiery market hard since 40 per cent of our exports go there.' 'Job losses could be severe if the government doesn't step in fast.'
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."
China on Friday raised its additional tariffs on imports from the United States to 125 per cent in retaliation to the Trump administration's 145 per cent levies on Chinese exports.
'Non-compatible with Western Civilization' is about as vague and jingoistic as it gets and Trump saying this gives full license to his acolytes to go full throttle on making life as difficult and scary as possible for as many non-white people as possible,' notes Sree Sreenivasan.
The restructuring of tariffs by the US has led to a shift in the list of key product suppliers to the American market, with India emerging as one of the beneficiaries at the expense of China and Canada, an official said on Monday. As per an analysis, India's share in the USA's electronics exports has increased to 7.2 per cent to 3.5 per cent year-on-year in May, while China's share dipped to 11 per cent from 22 per cent during the same period.
Australia, Canada, US and UK are restricting immigration, but other countries are opening their doors.
Businesses are testing new markets, tapping into domestic demand, and pushing the government for relief.
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.
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.
Siam argues that a 2040 ban could destabilise ongoing and future investments and threaten millions of jobs in the automotive value chain.
"I am telling you, these countries are calling us up, kissing my a***," Trump said during a speech at the National Republican Congressional Committee dinner on Tuesday.
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 Kanimozhi Karunanidhi-led delegation is visiting five European nations to garner support for India's campaign against cross-border terrorism.
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 has cautioned against 'double standards' regarding its energy procurement from Russia, asserting that it is based on national interests and market dynamics, following a threat of secondary sanctions from NATO Secretary General Mark Rutte.
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.
Prime Minister Narendra Modi is likely to visit the United Kingdom by the end of this month, with the India-UK free trade deal expected to be formally signed. Discussions on expanding bilateral ties in defence and security are also anticipated.
Elon Musk-led Tesla Inc is yet to express interest in India's flagship scheme to attract global investment in electric vehicle (EV) manufacturing, said Union Minister for Heavy Industries H D Kumaraswamy on Monday. In contrast, multiple global automobile giants -- such as Mercedes-Benz, koda Auto Volkswagen, Hyundai Motor, and Kia Motors -- are keen to participate, the minister noted.
