United States President Donald Trump has said India is 'very close' to China in terms of its purchases of Russian oil and will pay tariffs of 50 per cent as he indicated that 'you are going to see so much secondary sanctions'.
"So I think what happens is it's all bravado, because you think it feels good to fight with the biggest client in the world, but eventually your businesses are going to say you've got to stop this and go make a deal with America."
The US-China rapprochement, however tenuous, is not without implications for India. Both China and Pakistan have become closer to the US, notes Ambassador T P Sreenivasan.
'We need to be very vigilant as we are passing through some fraught times.'
Lavrov, who addressed the UN General Assembly shortly before External Affairs Minister S Jaishankar's speech at the high-level General Debate, said India and Russia share a "particularly privileged strategic partnership".
The US House Foreign Affairs Committee Democrats stated that imposing tariffs on India will not deter Russian President Vladimir Putin or address Russia's invasion of Ukraine.
Trump announced that India and the US agreed to a trade deal under which Washington will charge a reduced reciprocal tariff on Delhi, lowering it from 25 per cent to 18 per cent.
Domestic equities surged on Tuesday, posting their best single-day gains in more than eight months after a long-awaited trade deal between India and the US. The deal, which lowered tariffs on Indian goods to 18 per cent from 50 per cent, significantly improved investor sentiment and lifted a key overhang for the market.
Notably, US President Donald Trump and his administration have continuously targeted India over its purchase of Russian crude oil. India, on the other hand, has always maintained that India's purchases are based on its domestic needs and economic security.
India has strongly criticized the US and EU for their 'unjustified and unreasonable' targeting of New Delhi for its procurement of Russian crude oil, pointing out their own continued trade relations with Russia.
'Based on the joint statement, a formal agreement will be drafted, which may take a month or month-and-a-half to finalise. We aim to sign the formal agreement by mid-March.'
When asked about Putin and North Korean leader Kim Jong Un with Chinese President Xi Jinping at China's military parade and whether he is considering slapping secondary sanctions on Moscow, Trump said, "Well, I've already done that with regard to India, and we're doing it with regard to other things."
From the 30-Sensex firms, Larsen & Toubro, Tech Mahindra, Tata Consultancy Services, Reliance Industries, Tata Steel, and Trent were among the biggest laggards. On the other hand, Eternal, ICICI Bank, Bajaj Finance, and Bharat Electronics were the gainers.
'India has intentionally taken advantage of the war in Ukraine to dramatically increase its purchases of Russian crude, when there are roughly 40 major crude providers that could satisfy Indian demand.'
India and the US have agreed to a trade deal that will see Washington reduce reciprocal tariffs on Indian goods from 25% to 18%, according to US President Donald Trump. The deal also includes commitments from India to reduce tariffs and non-tariff barriers against the US and to increase purchases of American products.
India may see a structural shift in supplies of crude oil with Russia emerging as a key source of fuels, a development that reduces New Delhi's dependence on West Asian oil, gives Indian refiners better bargaining power with price-setter Saudi Arabia, and improves overall energy security. The unexpected surge in supplies of Russian crude in the last few months, unthinkable until the war in Ukraine, may also deliver other unforeseen gains such as boosting exports of refined fuels to Europe, which historically has counted on Russian shipments. India has jumped on to the bandwagon of opportunistic buying of Russian crude but if calibrated carefully, Urals crude can be a long-term asset for India refiners.
The Indian government is dealing with the matter having in mind the national interests of this country in the first place, he said.
Lutnick said that these countries have to understand that if "you want to sell to the US consumers, you've got to play ball with the President of the United States."
External Affairs Minister S Jaishankar and US Secretary of State Marco Rubio discussed cooperation in trade, critical minerals, nuclear energy, and defence, reaffirming commitment to a free and open Indo-Pacific.
Indian imports of Russian crude oil may stabilise or even decline in 2024 from record 2023 levels amid shrinking discounts, lower output, and a rebound in West Asian supplies, according to the ship-tracking data and industry executives. This may impact the billions of dollars in annual savings that India made last year. Imports of Russian oil jumped by a record 140 per cent in calendar 2023 to 1.79 million barrels a day (b/d) from 740,400 b/d in 2022, when Russia marched into Ukraine in February, and from just 102,000 b/d in 2021, according to the data from Paris-based market intelligence agency Kpler.
The Ukrainian President's remarks come amid US President Donald Trump's criticism of India and China, labelling the countries as "primary funders" of the ongoing war in Ukraine.
NSA Ajit Doval has indicated that dates for Russian President Vladimir Putin's visit to India are being worked out during his meetings in Moscow. Discussions also covered bilateral energy and defence cooperation, amidst ongoing concerns over India's procurement of Russian crude oil.
Officials said the government-to-government engagement between the two countries on all other issues remains normal, but conceded rough spots over trade that need ironing out.
Reliance Industries' refining earnings will remain steady, supported by its position as India's largest importer of Russian crude and favourable global supplies, according to analysts at JM Financial and Goldman Sachs. Reliance imported more Russian barrels than any other Indian refiner in the past eight months, according to data from Bloomberg/Kpler.
He said that the US is financially and from a national security standpoint 'far stronger' and more respected than ever before because of tariffs.
'Incidentally, Prime Minister (Modi) and President Trump have also spoken on the phone on eight occasions during 2025, covering different aspects of our wide-ranging partnership'
'As far as the contentious issues such as agriculture are concerned, we are finding some common ground.'
'A deal will only be possible if India stops buying Russian oil -- but even then, New Delhi must not compromise its core red lines.'
The White House trade advisor's remarks came on a day US President Donald Trump announced that India and the US are continuing negotiations to address the trade barriers.
New Delhi will substantially reduce tariffs on industrial and agricultural goods while continuing to protect sensitive sectors. Tariffs on some agricultural products that are not traditionally considered sensitive will be brought down to zero, while in the case of relatively sensitive items, duties will be reduced in a graded manner and quotas will be imposed.
'I do believe there will be a resolution in the next couple of months on the penal tariff and hopefully on the reciprocal tariff also.'
Indian envoy Vinay Mohan Kwatra discussed fair, balanced and mutually beneficial trade ties with US lawmakers amid ongoing tariff tensions between New Delhi and Washington.
US Secretary of State Marco Rubio claims President Donald Trump was instrumental in bringing about the cessation of hostilities between India and Pakistan, a claim India has consistently denied.
At Kolga Aabla, the closest beach to her grandmother's home, at the edge of a birch forest, we immersed her balance ashes. It was a sombre, precious day for both of us. But a day that also brought long-needed closure. My mother's spirit, chained for so many years in a Parkinson's-locked body, was free. But my father came back from the beach a visibly older man.
Vance also hinted that the US may drop additional tariffs on countries if the US make a deal with Russia, and also apply more tariffs on the countries to bring this war to a close.
Miller said that US President Donald Trump has a 'tremendous' relationship with Prime Minister Narendra Modi, and that the peace options for the region are on the table.
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."
'Everybody in America loses because of what India is doing.'
Former US National Security Advisor John Bolton says President Trump's policies have damaged US-India relations, pushing New Delhi closer to Russia and China.
United States Treasury Secretary Scott Bessent has warned that the secondary tariffs on India could go up if 'things don't go well' during talks between President Donald Trump and Russian President Vladimir Putin in Alaska on Friday.
