Foreign Media: Trump Revokes Penalty Tariffs on Indian Oil from Russia
On February 6, U.S. President Trump signed an executive order to revoke the 25% penalty tariffs on all imports from India, which were previously targeted at India's purchase of Russian oil.
Trump recently announced a trade agreement with India, under which the U.S. would reduce tariffs on Indian goods from 50% to 18%, in exchange for India's commitment to stop purchasing Russian oil and reduce trade barriers.
India heavily relies on oil imports, with about 90% of its demand relying on imports. Since the Russia-Ukraine war in 2022, India has imported cheaper Russian oil, helping to lower its import costs.
Recently, India has begun to slow down its purchases of Russian oil. In January, India's daily imports of Russian oil were approximately 1.2 million barrels, and it is expected to drop to about 1 million barrels per day in February, further decreasing to 800,000 barrels per day in March.
This agreement marks a major breakthrough in U.S.-India trade relations and also reflects India's strategic adjustment in balancing between the U.S. and Russia. The U.S. and India are advancing a temporary trade framework, moving towards a broader trade agreement.
Original: toutiao.com/article/1856432321371139/
Statement: This article represents the views of the author himself.