When the war of Russia and Ukraine started in 2022, the prices of crude oil reached close to $ 140. Many types of restrictions were imposed on Russian crude oil from Europe and America. Then India and China supported Russia and worked to handle their economy by purchasing cheap Russian crude oil. India even started selling Russian oil and selling it in Europe markets. Due to which the economy of India got a chance to recover at that era of recession. In the current problem, the share of dandruff in India's oil basket is being seen more than 40 percent. The special thing is that both India and China remain 70 percent of Russian oil buyers.
It is from here that US President Donald Trump has become a problem. Due to Russian oil, both New Delhi and Shanghai have come under the target of Trump. Trump and his government will impose 100, 200, 300 but 500 percent tariffs on those countries, which are importing Russian oil in large quantities. The new bill of the Senate can impose a heavy duty of 500 per cent on goods coming from any country which is buying Russian oil and gas without supporting Ukraine.
Senator Lindsay Graham told ABC News that this would be a big success. If you are buying products from Russia and not helping Ukraine, then 500 percent tariffs will be imposed on the products of the United States. India and China buy 70 percent of Putin oil. Graham says that both these countries are seen continuously giving fuel to the war of Russia. Let us also tell you what is this bill and what kind of effect can be seen on India and China?
Provision of Trump's consent and exemption
Graham confirmed that President Donald Trump had agreed to support the bill and wants it to be carried forward. Trump allegedly gave his green signal during a round of golf. Graham said that he says, 'Now the time has come for you to move forward – introduce your bill. The bill is exempted, Mr. President. You will decide whether it is implemented or not. But we are going to give President Trump a tool that he does not have today. ” Rebate means that if Trump returns to the White House, you can choose not to apply tariff even after the Congress is passed.
Changes in India's oil import after Ukraine War
When Russia invaded Ukraine in February 2022, there was an overnight change in the global oil flow. India, the world's third largest oil importer, saw an opportunity. Russian crude oil was cheaper. The western countries were retreating, so India took a step. Prior to the infection, India's crude oil basket was seen to be less than 1 percent, which has now increased to 40-44 percent. In May, India's import from Russia was 1.96 million barrels per day. By June, the refiner planned to take even more – about 2.2 million barrels per day, which exceeds the combined volume from Saudi Arabia and Iraq.
Record India-Russia Trade Numbers
This trade change is also seen in the number. The India-Russia trade 2024-25 has increased by a record 68.7 billion dollars, which was seen slightly more than $ 10 billion before the epidemic. Cheap oil is the main factor, but other goods also play a role. Both sides now want to increase business by 2030 by more than $ 100 billion.
What effect can tariffs have on Indian goods
If 500 percent tariff law is made, Indian goods may face huge cost in American markets. This is a big concern. India sells billions of dollars goods to its major business partner America. Also, India and America are working on a new trade agreement. Many people in New Delhi hope that if the restrictions are applicable, the deal can reduce or offset other tariffs.
White house wanted a soft attitude
Behind the curtain, there has been a push and push. A report by the Wall Street Journal said that Trump's team first asked Graham to convert to the word Kare Kare Kare Kare Kare Karena to weaken the edge of the bill. With that change, tariffs would not become automatic, but optional. To calm nervousness in Europe, Graham also suggested a cut-out for countries helping Ukraine. It was seen as an attempt to stop a broad trade war.
Kremlin ignores Graham's threat
Asked about Graham's remarks, Kremlin spokesman Dimitri Peskov did not postpone his point. Peskov said that we know the thoughts of the senator well, they know the whole world well. They belong to the group of staunch Rousseofob. If it had depended on them, these restrictions would have been imposed long ago. He further said, “Does it help in (Ukraine) Agreement (Process)? This is a question that should be asked by those who launched such programs. Graham's bill has 84 co-stones and it may come in the Senate in August after” July holiday “. For India, it will be important for India, the next few months will not be easy to balance. Russia will not be easy to balance with a stable trade.
Source: www.tv9hindi.com
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