India Has "Walked Away" From US Trade Talks Due To Tariffs: Ex-Top Official
On the question of strained US-India trade ties, Former Finance Secretary Subhash Garg said New Delhi has already "effectively walked away" from talks, given Trump's unilateral tariffs of up to 50%.
Former Finance Secretary Subhash Garg has hit out at US President Donald Trump's repeated claims that India is "profiteering" massively from discounted Russian oil, calling the charge "political theatre, not economic reality."
Speaking to NDTV, Mr Garg said a new CLSA report has already debunked the "windfall" narrative, showing India's actual savings from Russian crude are closer to $2.5 billion annually, not $25 billion.
"You can put any number, it makes no difference. Trump is using this as a sword to punish India," Mr Garg said.
According to Mr Garg, the true effective discount India enjoys on Russian barrels is now just $3-4 per barrel, once shipping, insurance, and blending costs are factored in.
"If Trump wants to use it as a political tool, he can pick any figure. The reality is, India is buying Russian oil well within the global price-cap framework. There's no violation of any international agreement," he stressed.
Mr Garg also warned that backing off Russian crude purchases would be counterproductive, "Any reduction in crude costs is worth it for India. Walking away would only embolden the US, not serve India's interest."
NDTV
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