look news india
New Delhi: India Foreign Minister S.K. Jaishankar has clarified the position of India regarding 500% tariff (fee) proposed by the US over oil importing countries from Russia. He said that if such a step affects the interests of India, then the country will “cross it when the bridge comes,” (We’ll cross that bridge when we come to it).
Jaishankar, who is currently on a four -day visit to the US, said this at a press conference in Washington. He said that the Indian Embassy and Ambassador are in touch with American senator Lindsay Graham, who has introduced the bill. The purpose of this bill of Graham is to put pressure on countries that continue trade with Russia despite the Ukraine War.
Concerned about concerns
The Foreign Minister insisted that India has put its concerns and interests related to energy security before Senator Graham. He said, “We are interested in any developments in the US Congress, which affects or can affect our interests.”
Threat of American tariff on India: Jaishankar gave a strong answer!
The bill has come at a time when India has increased the import of oil from Russia considerably, as it is getting quite cheap after the Russia-Ukraine War. India’s import of Russian oil increased to 1.96 million barrels per day in May, which is 40–45% of India’s total energy requirements.
Potential impact and trade relations
If this American Bill is passed, the exports from India to the US may levy a huge duty of 500%, which is expected to have a profound impact on Indian trade.However, India is also working towards finalizing a bilateral trade agreement with the US, which can reduce the impact of this possible tariff to some extent.
This remark of Foreign Minister Jaishankar is being seen as India’s balanced foreign policy, giving priority to its national interests and making its presence on international forums.
