US Commerce Secretary Howard Lutnick said that despite India owning a strong stance against giving in to US pressure to not buy Russian oil, it will eventually come back to make a trade deal with Washington in a few months.
Speaking to Bloomberg, he said, "So I think, yes, in a month or two months, I think India is going to be at the table and they're going to say they're sorry and they're going to try to make a deal with Donald Trump".
He also warned that if India does not "support the United States" they will have to "pay 50 per cent tariffs" on its exports to the US.
Lutnick to #India: Drop Dead
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The comments by the Commerce Secretary comes as US President Donald Trump in a social media post today said that it "looks like we've lost India and Russia to deepest, darkest China," before sarcastically wishing all three countries a "prosperous" future.
The comments by Trump show that he has publicly acknowledged the deepening ties between New Delhi, Moscow and Beijing. Moreover, Washington has always considered India as a foil to China's expanding influence.
Lutnick also took a jibe at India saying, "It's all bravado because it feels good to fight with the biggest client. But eventually, businesses will demand a deal with America," he said.
Issuing prerequisites to avoid tariffs, Lutnick said, "India doesn't want to open their market, stop buying Russian oil, and stop being a part of BRICS. If you want to be the bridge between Russia and China, go be it! But either support the dollar, support the United States of America, support your biggest client, or pay 50% tariffs. And let's see how long this lasts."
He also commented on India's purchase of Russian oil saying that because the crude is sanctioned and "really, really cheap", and "because the Russians are trying to find people to buy it", "the Indians have just decided, 'Ah, the heck with it. Let's buy it cheap and make a ton of money'".
Earlier today, Finance Minister Nirmala Sitharaman in an interview to CNBC TV18 said that India would "undoubtedly continue" buying Russian oil.
"Whether it is Russian oil or anything else, we will take a call based on what suits our needs in terms of rates, logistics, or whatever. Where we buy our oil from, especially since it is a big-ticket foreign exchange-related item, is a call we will take based on what suits us best. So, we will undoubtedly be buying Russian oil," she said.
This afternoon, in its weekly briefing, the Ministry of External Affairs clarified that India rejects the "inaccurate and misleading" comments made by Trump's senior trade advisor Peter Navarro.
"We have seen inaccurate and misleading statements made by Mr Navarro. Obviously, we reject them", he said.
The US has imposed 50 per cent tariffs on India, among the highest in the world, including 25 per cent for its purchases of Russian oil. India has called the tariffs imposed by the US "unjustified and unreasonable".
New Delhi said that, like any major economy, it will take all necessary measures to safeguard its national interests and economic security.
from NDTV News- Special https://ift.tt/cU2xAem
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