Summary
The United States has increased import taxes on Indian goods to 50%, citing India's purchases and use of Russian crude oil. The U.S. is a major importer of refined oil products from India, many of which originate with Russian crude oil. This step has affected trade relations between the U.S. and India.
Key Facts
- The U.S. increased tariffs on Indian goods to 50%.
- The Reliance Industries refinery in India sources nearly half of its crude oil from Russia.
- The U.S. imported about $1.4 billion worth of oil products from India in the first seven months of the year.
- Over 90% of these imported oil products came from the Reliance refinery.
- The U.S. claims India profits from buying discounted Russian crude and selling refined products globally.
- Other countries, like China, are also major buyers of Russian crude but have not faced similar U.S. penalties.
- India's Foreign Minister criticized the U.S. for focusing on India while other nations also trade heavily with Russia.
- Despite U.S. pressure, India plans to keep importing from countries offering the best deals.
