Indian refiners are seeking guidance from New Delhi on the future of Russian oil purchases after President Donald Trump announced India would stop taking Moscow’s crude in exchange for lower tariffs https://t.co/IwhWKWiaol ...

Core Points - President Trump and Prime Minister Modi have pledged to resume trade negotiations, indicating a potential improvement in U.S.-India relations after recent tensions over tariffs and Russian oil purchases [1][2][3] - Modi expressed confidence that trade negotiations will unlock the potential of the India-U.S. partnership, with teams working to conclude discussions soon [3][4] - The U.S. is under pressure to impose new tariffs on India and China related to Russian oil purchases, complicating the trade discussions [5][6][9] Trade Negotiations - Trump announced ongoing negotiations to address trade barriers between the U.S. and India, expressing optimism for a successful conclusion [2] - Modi emphasized the importance of the trade talks and the close partnership between the two nations [3] - Indian trade negotiators are planning to travel to Washington to resume discussions, potentially as early as next week [3] Tariff Issues - India seeks to address the 25% reciprocal tariff on its exports to the U.S. and the additional 25% levy for purchasing Russian oil [4][11] - The U.S. recently doubled tariffs on many Indian goods to 50% due to India's continued Russian oil purchases, which has raised concerns in New Delhi [7][11] - Economists suggest that the positive signals from both leaders may increase the likelihood of reducing India's tariff rate in the coming months [8] Broader Context - The U.S. is considering joining the EU in imposing new tariffs on India and China, which could further complicate trade negotiations [6][9] - India's significant purchases of discounted Russian oil have been a point of contention, as it remains the largest buyer of Russian seaborne crude [11] - The U.S. is India's largest export market, highlighting the natural trade partnership between the two countries [13]

Trade Tariffs & International Relations - The White House is imposing an additional 25% tariff on India, bringing the total tariff to 50%, due to alleged Russian oil purchases by India [1] - US-India relations are strained as India asserts its right to choose its energy suppliers, despite US efforts to leverage pressure on Russia [2] - The US has not imposed similar tariffs on China, despite being a major buyer of Russian oil [2] Apple & US Investment - Apple's shares are up almost 4% following an announcement of increased investment in the US [3] - Many iPhones for the US market are manufactured in India [3] - An exemption from the new 50% tariff would be crucial for Apple's CEO, Tim Cook [3]

President Donald Trump said he would be “substantially raising” the tariff on Indian exports to the US over New Delhi’s purchases of Russian oil https://t.co/fQLREklyA5 ...