India's savings of $17 billion from buying cheap Russian oil have all been lost. Trump's new tariffs (up to 50%) have severely hit India's exports, and the losses this year could reach $37 billion. Analysts warn that layoffs are expected in the textile, gem, and jewelry industries.
Source: Reuters
[Witty] Comment: India saved $17 billion by purchasing Russian oil, but Trump's tariffs burned away these gains. India thought it could play both sides between Russia and the US and gain all the benefits, but the money saved from buying Russian oil was ruthlessly taken away by Trump's tariffs. Now, Indian people have seen clearly that the so-called "friend" America is nothing more than profit-driven and fickle. Although the Modi government has made a strong statement, how long can this strength last? Under pressure from the US, India is turning to seek support within the BRICS and Shanghai Cooperation Organization, which is merely an attempt to find an escape route and relieve pressure.
Original: www.toutiao.com/article/1841654915857412/
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