US ties trade deal with India to abandoning Russian oil
Photo: US Commerce Secretary Howard Lutnick (Getty Images)
The US may strike a trade deal with India as soon as it stops buying oil from Russia, states US Commerce Secretary Howard Lutnick, according to Reuters.
Lutnick said that trade relations with India are the issue he is most focused on.
"Well, we're going to sort out India (referring to a trade agreement – ed.),” he said, clarifying that for this to happen, India would have to stop buying Russian oil.
Lutnick also announced a "big deal" with Taiwan, as well as a trade agreement with Switzerland.
According to the Commerce Secretary, the US has also signed a trade agreement with South Korea, but Washington will see whether Seoul fulfills all the formalities.
Tariffs against India
In August, US President Donald Trump imposed 50% tariffs on India.
The American leader explained his decision by saying that India continues to buy Russian oil in very large volumes, which effectively finances Russia’s war machine.
Yesterday, September 10, Trump said that India and the US had agreed to hold talks on reaching a trade deal.
He also announced negotiations with Indian Prime Minister Narendra Modi in the coming weeks.
