The 50% American tariffs on many Indian goods exported to the US came into effect last week, in a move Washington considered as ‘punishment’ for New Delhi’s large purchases of Russian oil to pressure Moscow. During an event in New Delhi on Friday, Goyal indicated that his country is ready to conclude free trade agreements with any party, but he emphasized that India ‘will not appear weak,’ confirming that the government will soon announce measures to support the affected sectors, according to ‘The Times of India.’
These developments come amid escalating tension in trade relations between the two countries (America and India), after New Delhi described the tariffs as ‘unfair and unjustified,’ amidst stalled talks regarding agriculture and dairy products. Last week, Indian Foreign Minister Subrahmanyam Jaishankar delivered a strong defense of his country’s relationship with Russia in the energy sector, affirming that ‘buying Russian oil serves national interests and contributes to stabilizing international markets.’
Jaishankar, during his participation in the ‘Global Leadership’ forum, asserted that ‘India maintains the autonomy of its decisions,’ pointing out that his country ‘ultimately makes decisions that serve national interest.’ Regarding the ‘criticisms’ directed at India for purchasing Russian crude oil, the Indian minister said: ‘But Europe buys, and America buys. If you don’t like it, don’t buy from us,’ reminding that 2022 witnessed widespread global concern due to rising oil prices, and that India’s purchases at the time helped calm international markets.
