What happens to India’s Russia oil imports and target of $500 billion imports from U.S.? Premium
The Hindu
Explore the implications of India's postponed trade deal with the U.S. on its oil imports from Russia and future agreements.
The Indian trade delegation’s last-minute postponement of its trip to Washington to finalise an Interim Agreement with the U.S., and the U.S. Supreme Court’s decision on tariffs both have implications for India’s imports from Russia as well as the U.S.
The Indian delegation was to be in the U.S. on February 23-25 to finalise the Interim Agreement, which Commerce Minister Piyush Goyal said could be implemented between mid-March and early April. However, sources in the Commerce Ministry on February 22 said that the meeting will be rescheduled “at a mutually convenient date”.
“The two sides are of the view that the proposed visit of the Indian chief negotiator and the team be scheduled after each side has had the time to evaluate the latest developments and its implications,” the official said.
Commerce Minister Piyush Goyal has said earlier that India will be able to remove or lower its tariffs for American imports only after a deal is signed. The U.S., on the other hand, could so far modify tariffs through executive orders.
According to trade and legal experts, the decision by the U.S. Supreme Court has meant that President Trump no longer has any laws that will enable him to levy tariffs on India if it continues buying Russian oil in large quantities.
Further, without the threat of tariffs, India can once again reduce its purchase of relatively expensive American oil and sour Venezuelan oil.
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