US President Donald Trump speaks with the property arsenic helium meets with Indian Prime Minister Narendra Modi successful the Oval Office of the White House successful Washington, DC, connected Feb. 13, 2025.
Jim Watson | AFP | Getty Images
In a motion of easing unit connected India, U.S. President Donald Trump said that commercialized talks with New Delhi were going well, and helium could sojourn the state adjacent year.
Trump who was speaking to reporters astatine the White House connected Thursday said India "has mostly stopped buying lipid from Russia," and if Prime Minister Narendra Modi extended him an invite, helium would sojourn the state successful 2026.
Evoking memories of his past sojourn to India, Trump called Modi "his friend" and a "great man."
In the past fewer months, India and U.S. relations person been nether stress, with experts warning of missing chemistry betwixt the 2 leaders, starring to a disconnect betwixt India-US ties.
Steep tariffs, $100,000 fee for H1B visas, and Trump's repeated claims of having brokered a ceasefire between India and Pakistan and India's purchases of Russian crude are among issues that person led to a deterioration of ties betwixt New Delhi and Washington successful caller months, according to experts.
India presently faces 50% tariffs connected it exports, higher than the 47% duties connected China.
"Negotiations betwixt New Delhi and Washington D.C. are ongoing and some sides look optimistic astir commercialized woody being reached by the extremity of the year, perchance adjacent successful the adjacent fewer weeks," said Alexandra Hermann, caput of Southeast Asia Research of Oxford Economics.
The tariff complaint connected Indian goods could beryllium chopped to 20% from 50% currently, putting India successful comparable level to its Asian peers specified arsenic Vietnam, Thailand, oregon the Philippines, she said.
Hermann added that the baseline tariff connected India "may not autumn to Japan and South Korea's level of 15%" owed to sticking points astir purchases of Russian oil, cultivation imports, and constricted scope to perpetrate to sizable investments successful the U.S.
Last month, the U.S. imposed sanctioned connected Russian lipid majors Rosneft and Lukoil, which volition travel into unit from Nov 21. As a effect Indian and Chinese refiners person started to chopped down imports of Russian oil.
According to a Reuters study connected Thursday, Russian lipid is trading astatine its steepest discounts to Brent successful a twelvemonth successful Asia, arsenic large Indian and Chinese refiners trim purchases.
India's Petroleum and Natural Gas ministry did not instantly respond to CNBC's query connected the state cutting Russian lipid imports.
"Over the agelong term, wholly phasing retired Russian lipid isn't realistic for India," said Prateek Pandey caput of APAC lipid and state probe astatine Rystad Energy, adding that arsenic Russian crude becomes disposable astatine a sharper discount "New Delhi's attack of "economics first" volition beryllium tested much than ever.
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