India and Russia have solidified a five-year plan to enhance their economic and trade partnership, while also addressing the ongoing conflict in Ukraine and the threat of terrorism.
'The President's expectations shifted. The goal post moved and India didn't realize that the goal post had moved.'
'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.'
United States President Donald Trump has said there will be no trade negotiations with India until a dispute over tariffs is resolved, following his administration's decision to double tariffs on Indian imports.
External Affairs Minister S Jaishankar has called on Brazil, Russia, India, China, South Africa (BRICS) to defend the multilateral trading system amid increasing protectionism and tariff volatility during a meeting of the bloc's foreign ministers in New York on the sidelines of the United Nations General Assembly session.
Trade, defence cooperation and regional strategy had long formed the backbone of India-US ties, but the latest rift shows how quickly those pillars can be shaken by personal grievances and political optics.
Claiming yet again that he solved the conflict between India and Pakistan, United States President Donald Trump has said that 'no one in history is more deserving than him' of the Nobel Peace Prize, as he criticised former President Barack Obama for getting the honour even though he 'didn't do anything'.
External Affairs Minister S Jaishankar on Monday met United States Secretary of State Marco Rubio for bilateral discussions, as the high-level 80th session of the United Nations General Assembly (UNGA) kicks in.
'Scuttling 25 years of momentum with the only country that can serve as a counterweight to Chinese dominance in Asia would be a strategic disaster.'
Trump administration's chief negotiator Brendan Lynch is arriving in India to hold talks on the India-US bilateral trade deal, which were impacted after the US imposed 50 per cent import tariffs on Indian goods.
US President Donald Trump has said that India should not be "dumping" rice into the United States market and he will "take care" of it, while stressing that tariffs will solve the "problem" easily.
Prime Minister Narendra Modi conveyed to Ukrainian President Volodymyr Zelenskyy that India remains committed to making every possible contribution for an early and peaceful solution to the conflict. Zelenskyy sought India's support in limiting Russian energy exports.
US President Donald Trump has announced a 25 per cent plus tariff on India from Aug 1. Trump, describing India as a "friend", said the US has done relatively "little business" with the country because of its high tariffs.
'The biggest point of contention is market access for US agricultural and dairy products.'
Gor also announced that India will be a member of the Pax Silica alliance.
Amid escalating India-US trade tensions, Nita Mukesh Ambani Cultural Centre -- the tony cultural event outfit run by billionaire Mukesh Ambani's wife -- has postponed next week's theatrical event in New York, citing "unforeseen circumstances".
Wang is travelling to India days ahead of Prime Minister Narendra Modi's planned trip to the Chinese city of Tianjin to attend the annual summit of the Shanghai Cooperation Organisation.
'There are very few issues and a political call needs to be taken about some of them.'
The Indian Defence Ministry has refuted media reports suggesting a pause in defence purchases from the US, clarifying that procurement processes are ongoing despite tariff tensions between the two countries.
'Trade deal will act as a strong trigger for market sentiment, not just for domestic investors but also for FIIs.'
India's import of discounted crude oil from the Russian Federation hit an all-time high in May, with state-run refiner IOC becoming the biggest importer of Russian oil, relegating Reliance Industries to the second place, trade and shipping data show. Indian imports of Russian oil, accounting for over 46 per cent of its total crude oil imports in May, have grown after strong backing by New Delhi, with state-run refiners powering imports of discounted crude. Discounts on Russian oil average around $10 a barrel, said an official from a state-run refiner. IOC's May purchases rose by 64 per cent on the month, and accounted for half of its total crude imports last month, ship tracking data show.
"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.
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.
'The US is strongly placed to expand its crude supplies to India.'
Brent crude oil prices can touch $150 a barrel (bbl) - up a whopping 103 per cent from the current levels - in the worst-case scenario if the Israel-Iran geopolitical tensions escalate, suggest analysts.
However, copious oil supplies amid growing global output and slowing Chinese oil consumption will put India in a better bargaining position with Gulf suppliers.
India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of $7.9 billion in 11 months (April-February) of 2023-24, up from $5.1 billion in 2022-23.
The steep 50 per cent tariffs imposed by the United States on Indian goods are largely a result of President Donald Trump's 'personal pique' at not being allowed to mediate in the India-Pakistan conflict, according to a recent report by American multinational investment bank and financial services company Jefferies.
"Just had a wonderful phone call with my friend, Prime Minister Narendra Modi. I wished him a very Happy Birthday! He is doing a tremendous job. Narendra: Thank you for your support on ending the War between Russia and Ukraine! President DJT," Trump posted on Truth Social, signing off with his initials to underline the personal tone of the message.
The BRICS nations have expressed concern over the proliferation of trade-restrictive actions in the form of 'indiscriminate rising' of tariffs, particularly measures used as a means of 'coercion', cautioning that such practices risk marginalising the Global South countries.
Russian President Vladimir Putin, in his address to the Federal Assembly (Russia's bicameral parliament) on Sunday, stated that Moscow had developed a small-sized nuclear power unit that could be used in a cruise missile to extend its range practically indefinitely.
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.
The Congress party has criticized Prime Minister Narendra Modi's description of India and the US as 'natural partners,' citing President Trump's claims of using trade as leverage in India-Pakistan relations. The remarks come amid ongoing trade negotiations and fluctuating relations between the two countries.
This will be the first face-to-face meeting between Rubio and Jaishankar following President Donald Trump's imposition of an additional 25 per cent tariff on India for Delhi's purchases of Russian oil, taking the total levies imposed on India by the Trump White House to 50 per cent.
Russian oil supplies to India will continue to flow unhindered and suppliers will come up with ways to sidestep secondary sanctions, a Russian official told Business Standard.
Former US National Security Advisor John Bolton says President Trump's personal relationship with Prime Minister Modi has deteriorated, potentially pushing India closer to Russia and China.
India and Russia always stood "shoulder-to-shoulder" even in the most difficult situations, Prime Minister Narendra Modi told Russian President Vladimir Putin on Monday, against the backdrop of possibly the worst phase in New Delhi's ties with the US in over two decades.
The first phase of the proposed India-US bilateral trade agreement (BTA) is 'nearing closure' and would address the hefty 50 per cent tariffs imposed by the Trump administration on Indian goods, in addition to resolving America's market access issues, a government official said on Monday.
'I look forward to speaking with my very good friend, Prime Minister Modi, in the upcoming weeks.'
US President Donald Trump expresses frustration with the lack of progress in trade talks with India, imposing a 25% tariff. The move comes amid concerns over trade deficits and India's reliance on Russian military equipment and energy.
