India reacts to new US tariffs law as Russian oil remains key to energy sourcing
India is evaluating the potential impact of new US legislation that authorizes tariffs of up to 100% on countries purchasing Russian energy. Commerce Minister Piyush Goyal stated that the government is studying the details to protect India's trade interests while maintaining its energy sourcing strategy.
Why it matters
This legislation could significantly strain US-India trade relations and disrupt global energy markets if the US chooses to enforce these tariffs against major Russian oil importers.
India is studying the details of proposed US tariffs targeting countries that buy Russian oil, Union commerce and industry minister Piyush Goyal said on Monday, days after the US House of Representatives passed legislation aimed at increasing economic pressure on Russia over its invasion of Ukraine.Addressing a press briefing, Goyal said, "Details are currently coming out. We will study them and discuss them with you at an appropriate time".The legislation authorises US President Donald Trump to impose tariffs of up to 100% on China, India and other countries to reduce their dependence on Russian energy, according to Reuters.The move comes as India and the US continue to work towards a broader trade agreement, while New Delhi has also stressed the importance of protecting its trade and economic interests.India assessing impact of tariff moveGoyal's comments come after the US House passed the sanctions and tariff legislation last week.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in