US President Donald Trump has stated that India has offered to eliminate its tariffs on American goods, while expressing that the existing trade stalemate is 'a totally one-sided disaster.'
Recently implemented US tariffs of 50% on Indian products, which include a significant penalty due to India's continued oil purchases from Russia, went into effect last week.
India has yet to respond officially to Trump's assertion, but the ongoing dispute surrounding Russian oil has led to a marked decline in diplomatic relations between Delhi and Washington.
Coinciding with these comments, Indian Prime Minister Narendra Modi attended the Shanghai Cooperation Organisation (SCO) summit in Tianjin, meeting with Chinese President Xi Jinping and Russian President Vladimir Putin.
The tensions have been exacerbated by Washington's claims that India's purchases are indirectly funding Russia's war efforts in Ukraine.
Trump criticized India's oil trade, noting that India purchases a majority of its oil and military supplies from Russia while relying minimally on American products. He remarked that Delhi should have eliminated tariffs years ago.
In response, India's commerce minister emphasized the nation's determination to maintain economic independence and has indicated readiness for free trade agreements with other interested countries.
Trump further elaborated on the trade disparity, stating that while India has been exporting a substantial volume of goods to the US, American businesses have not capitalized on this lucrative market.
The imposition of tariffs has raised concerns regarding potential impacts on India's exports and overall economic growth as it navigates its position in global trade.
During the SCO summit, Modi greeted Putin warmly, further highlighting the complex geopolitical landscape as nations vie for influence amid shifting economic allegiances.
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