US President Donald Trump says India has offered to cut its tariffs to nothing even as he called the current trade stalemate with the country a totally one sided disaster.
US tariffs of 50% on goods from India - which includes a 25% penalty for Delhi's refusal to stop buying oil from Russia - took effect last week.
India has not responded to Trump's latest comment, but the ongoing dispute over Russian oil has caused Delhi-Washington ties to hit an all-time low.
Trump's comments coincide with Indian Prime Minister Narendra Modi attending the Shanghai Co-operation Organisation (SCO) summit in Tianjin where he met Chinese President Xi Jinping and Russian President Vladimir Putin.
Washington claims Delhi has been indirectly supporting Russia's war in Ukraine.
India buys most of its oil and military products from Russia, very little from the US, Trump wrote, adding Delhi should have cut tariffs years ago.
Delhi has stated that oil supply from Russia is essential for meeting the energy needs of its massive population and has labeled the tariffs unfair, unjustified and unreasonable.
India's Commerce Minister, Piyush Goyal, affirmed the country will not appear weak in its economic dealings and is open to free-trade agreements with any willing country.
Trump additionally commented, What few people understand is that we do very little business with India, but they do a tremendous amount of business with us. He emphasized the need for a more balanced relationship.
Historically, the US was India’s largest trading partner, and with these current tariffs, there are concerns about the impact on India's growth and exports.
During the SCO summit, Modi was observed engaging with Putin, signifying India's strategic alliances, which are seen as a counterbalance to US influence.
The SCO includes member states like China, India, Iran, Pakistan, and Russia, challenging US dominance globally. Modi and Putin later shared a private engagement that underscores their close ties as highlighted by Modi's public admiration for Putin.
