India must not let energy security become a US trade ‘weapon’, warns GTRI
According to a warning from a US think tank, Indian goods could face tariffs as high as 100%. This move may compel India to significantly limit its imports of oil from Russia. The recent US legislation permits tariffs on principal buyers of Russian energy, highlighting India's growing reliance on Russian crude since 2022. The think tank recommends prioritizing energy security over achieving trade…
Global Trade Research Initiative (GTRI) has issued a warning that India should not allow energy security to be used as a tool in US trade negotiations. GTRI founder Ajay Srivastava suggested that the US could employ steep tariffs as leverage, potentially forcing India to reduce Russian oil purchases or make concessions in a bilateral trade agreement.
The act recently passed by the US Congress targets major buyers of Russian energy, which could include India and China. With Russia supplying over half of India's crude oil, the threat looms large. GTRI emphasized that India should maintain energy security and not compromise it for temporary tariff relief. They also cautioned that a potential trade agreement or reduced Russian oil purchases might not fully protect India from future US trade actions, such as Section 301 measures or sectoral measures.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- India’s energy shield turning into a US trade weapon economictimes.indiatimes.com
