US Asked To Cut Tariffs On India By 25%

GTRI Calls for Immediate Tariff Reduction

The Global Trade Research Initiative has asked the United States to cut tariffs on Indian goods by 25%. It said that continued tariffs on Indian exports are not fair, especially because India reduced its oil purchases from Russia. The think tank noted that US leaders recently confirmed India's lower Russian oil imports. These tariffs were earlier linked to India's oil imports from Russia, and signals now suggest a possible reduction.

India Aligns With US Concerns

GTRI said India acted in sync with US concerns. It also called for the US to remove the tariffs immediately. It added that the tariff reduction should not be contingent on any trade agreement. It warned that slow action may affect progress in trade discussions.

Shift in Oil Trade: Its Impact

The US imposed sanctions to try and curb purchases of Russian oil. Meanwhile, India has been trying to trim its trade deficit with the US. As a result of both these developments, India's imports of crude oil from the US have gone up. Imports rose to the highest since 2022 in October. Following the imposition of the US sanctions, companies such as Reliance, HPCL-Mittal Energy Limited, and Mangalore Refinery and Petrochemicals temporarily stopped purchasing oil from Russia.