NEW DELHI: India must urge the United States to withdraw the 25 percent "Russian oil" tariffs before proceeding with any trade agreement, stated a report by the Global Trade Research Initiative (GTRI).
According to GTRI, India should first complete its exit from sanctioned Russian oil, then secure a rollback of the 25 percent "Russian oil" tariff to restore competitiveness, and only afterward resume balanced trade negotiations with the U.S. on equal terms.
GTRI stated, "India to first complete its exit from sanctioned Russian oil, then secure a rollback of the 25 percent 'Russian oil" tariff to restore competitiveness."
The report added that India has already ended oil imports from sanctioned Russian firms, a step that President Donald Trump has acknowledged.
With Step 1 complete, India should now focus on securing the tariff rollback. Once Russian oil imports have been curtailed, India must press Washington to withdraw the 25 percent tariff, which would reduce the overall U.S. duty burden on Indian goods from 50 percent to 25 percent. (ANI)
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