WASHINGTON: US President Donald Trump moved Friday to lift an additional 25 percent tariff he imposed on goods from India over its purchases of Russian oil — a step to implement a trade deal announced this week.
“India has committed to stop directly or indirectly importing Russian Federation oil,” according to an executive order Trump signed.
New Delhi has also said that it will purchase US energy products, “and has recently committed to a framework with the United States to expand defense cooperation over the next 10 years,” the order said.
The additional 25 percent US duty will be removed at 12:01 am Eastern Time on Saturday.
The executive order comes days after Trump announced a trade deal to reduce tariffs on India, saying that Prime Minister Narendra Modi had promised to stop buying Russian oil over the war in Ukraine.
The pact would also see Washington cutting so-called “reciprocal” levies on Indian products to 18 percent, down from a 25-percent level.
The rollout of this reduction is still to come.
Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.
The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.
The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.
The deal eases months of tensions over India’s oil purchases, which Washington says fund a conflict it is trying to end.
It restores close ties between Trump and Modi, a fellow right-wing populist that the US leader has described as “one of my greatest friends.”
The 18 percent tariff level also gives Indian exporters a slight edge in the US market over competitors in the region who secured duties of around 19 percent to 20 percent, said Wendy Cutler, senior vice president at the Asia Society Policy Institute, this week.
US lifts 25% tariff on Indian goods linked to Russia oil purchases
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US lifts 25% tariff on Indian goods linked to Russia oil purchases
Hong Kong plans to buy homes devastated in deadly high-rise fire
HONG KONG: Hong Kong proposes to spend about HK$4 billion ($512 million) to buy out the owners of homes in a high-rise housing complex ravaged by a massive fire that killed more than 160 in November, authorities said on Saturday.
The prices offered will be HK$8,000 per sq. ft. without a land premium payment, and HK$10,500 per sq. ft for those receiving such a payment, officials in the Asian financial hub told a media briefing.
“We believe the proposed price is sufficient for the affected residents to relocate and secure long-term housing,” said Wong Wai-lun, Hong Kong’s deputy financial secretary.
The government also offered an apartment exchange program for the 4,600 affected tenants, who lived in nearly 2,000 housing units at the complex, Wang Fuk Court.
The total outlay, estimated at HK$6.8 billion, will drop by HK$2.8 billion from a contribution by a relief fund, and could go lower still after insurance compensation in factored in, the officials said. ($1=7.8148 Hong Kong dollars)
