India pushes ahead with US trade talks despite tariff hike to 50 percent

Shipping containers are seen on a ship at the Jawaharlal Nehru Port in Navi Mumbai, India, August 11, 2025. (REUTERS)
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Updated 11 August 2025
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India pushes ahead with US trade talks despite tariff hike to 50 percent

  • Goods trade between the US and India was about $87 billion in the last fiscal year, according to Indian government data
  • An Indian minister earlier said 55 percent of India’s exports would be covered by the new tariff, factoring in previous 25 percent levy

NEW DELHI/MUMBAI: India hopes trade talks with the US will continue even as the US hiked tariffs on its exports to 50 percent due to New Delhi’s purchase of sanctioned Russian oil, two lawmakers said on Monday, citing a briefing to a parliamentary panel on foreign affairs.

Last week, President Donald Trump imposed an additional 25 percent tariff on Indian goods due to Delhi’s continued purchase of Russian oil, bringing the total duty on Indian exports to the US to 50 percent — among the highest of any American trading partner.

“Our relations with the US are multi-dimensional, and should not be seen only through the prism of trade,” one of the lawmakers said, citing the foreign secretary’s briefing to the panel.

Shashi Tharoor, an opposition Congress party leader, who heads the panel, said trade talks would continue.

“As of now, there is no change in the existing plans for the sixth round,” he said, referring to a scheduled visit of a US trade delegation to New Delhi from August 25.

Earlier, junior finance minister, Pankaj Chaudhary told lawmakers that about 55 percent of India’s merchandise exports to the United States would be covered by the new tariff.

His estimate factored in the initial 25 percent levy, he said in a written response to a lawmaker’s query.

“The Department of Commerce is engaged with all stakeholders” for their assessment of the situation, Chaudhary added.

Goods trade between the United States and India — the world’s biggest and fifth-largest economies, respectively — was worth about $87 billion in the last fiscal year, according to Indian government estimates.

The panel separately voiced concerns over Pakistani army chief Field Marshal Asim Munir’s reported remarks on nuclear threats in South Asia during a visit to the US

“Nuclear blackmail will not work with India, and no party, or representative disagrees with this view,” Tharoor said, adding the external affairs ministry had condemned the comments.


Swiss government bans purchase and import of Russian gas

Updated 3 sec ago
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Swiss government bans purchase and import of Russian gas

  • Switzerland is tightening restrictions on Russian diplomats accredited in the EU
  • It matched the EU’s economic sanctions on Russia since the invasion of Ukraine 4 years ago

GENEVA: Switzerland’s government on Wednesday announced that the purchase and import of Russian liquefied natural gas would soon be completely banned, as the Alpine nation aligns itself with the latest round of EU sanctions.
“From 25 April, a complete ban on the purchase and import of Russian liquefied natural gas (LNG) will apply in Switzerland,” the government said in a statement.
It added though that in the case of pre-existing long-term supply contracts, a transition period would apply until the end of the year.
“The measure aims to reduce Russia’s revenues from the sale of fossil fuels, which are a major source of funding for the war against Ukraine,” it said.
The move was among a number of measures adopted by the Swiss government on Wednesday to align with the European Union’s 19th package of sanctions against Russia, adopted by the bloc late last year.
Non-EU member Switzerland has since the start of Moscow’s full-scale invasion of Ukraine four years ago matched the bloc’s economic sanctions on Russia.
Bern said Wednesday it had decided on other measures in the financial sector which will come into force this week, including a ban on providing cryptocurrency services to Russian citizens and companies.
Transactions involving certain rouble-backed cryptocurrencies, such as stablecoin A7A5 have also been banned, the government said, adding that it had also extended the ban on using certain specialized messaging services for payment transactions.
Among other measures decided Wednesday was tightening restrictions on Russian diplomats accredited in the EU, who will now need to give advance notice if they transit through or enter Switzerland.