“India hopes to work towards finding a solution which is a win-win for both sides,” they added.
The remarks come when US President Donald Trump imposed additional ad valorem tariffs at 25% on India, on Wednesday, August 6, stating that India’s imports of Russian oil is fuelling the war with Ukraine.The total US tariffs on India now stand at 50%, one of the highest in the world. Brazil has also been imposed with 50% tariffs which came in effect from August 6 itself.
Read more: ‘It will cost me personally, but I am ready,’ says PM Modi on US tariffs
However, India presumes that buying Russian oil may not be the only reason from Trump to announce additional tariffs, while staying hopeful that the US-India relations would improve in the long term.
“Purchase of Russian may not be the only reason for US to impose additional tariffs,” sources said, adding that the Indian oil companies have been purchasing oil from the US as well, which has only grown in the last few months.
“Oil imports from the US have significantly gone up in last six months, by approximately 120%,” they stated, citing that Indian Oil PSUs have been purchasing crude oil from all over the world guided by the best prices.
“Important to take a long term view on the larger India-US partnership built over decades,” sources added, highlighting that the Indian PSUs are buying oil and gas from US companies and will continue to increase the purchases.
Read more: Former foreign secretary says WTO route ineffective as India explores legal options against US tariff hike
