India and China hit out at looming tariff for purchase of Russian oil

The Star

India's Foreign Ministry said on Aug 23 that trade negotiations with the United States still continue just days before additional US tariffs are due to hit.  Indian goods into the US face tariffs of up to 50% due to its increased purchase of Russian oil. A 25% tariff has already come into effect while the remaining 25% is set to be enforced from Aug 27.  The Chinese embassy said on Aug 21 that Beijing opposes the tariffs on India.  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00There were a set of conversations with different people in the American administration at that

00:09time that if India wanted to buy Russian oil, that's fine by us because it will stabilize

00:14the price of oil. No, look, I mean, negotiations are still going on in the sense that nobody

00:26said the negotiations are off. I mean, and people do talk to each other. I mean, it's

00:34not like there's a kutti there. So look, what happens is we have red lines in the negotiations.

00:47We have to be clear as to, you know, red lines by definition are lines to be maintained and

00:55defend it. Keeping that in mind, see what we get. And frankly, where we are concerned,

01:04the red lines are primarily the interests of our farmers and to some extent of our small

01:10producers.

01:11The second issue in a way is being presented as an oil issue. But why I say it's being

01:16presented is because the same arguments which have been used to target India have not been

01:23applied to the largest oil importer, which is China, has not been applied to the largest

01:29LNG importer, which is the European Union.

01:32When people say, we are funding the war or putting money in the coffers of Putin, India, European

01:40Union trade is bigger than India, Russia trade. So is the European not putting coffers, putting

01:46money into Putin's coffers? Look, it's funny to have people who work for a pro-business American

01:59administration accusing other people of doing business. That's really curious. But here's

02:06the point. If you have a problem buying oil from India, oil or refined products, don't

02:16buy it. Nobody force you to buy it. But Europe buys, America buys. So you don't like it, don't

02:24buy it. I'd like to give the floor to Mr. Shibriya Darshan, School of Economics, National

02:31University of Singapore and IIT Delhi.

02:32The United States has long been benefited greatly from free trade. But now it is using tariffs

02:40as a bargaining chip to demand exorbitant prices from various countries. The United States has

02:49imposed tariffs of up to 50% on India and is even threatened for more. China firmly opposes

02:58it. In the face of such acts, silence or compromise only emboldens the bullying. China will firmly

03:09stand with India to uphold the multilateral trading system with the World Trade Organization at its core.

03:18We welcome more Indian commodity to enter the Chinese market. India has a competitive edge in IT,

03:27software and biomedicine, while China is seeing rapid expansion in the fields of electronic manufacturing,

03:35infrastructure construction and new energy. If connected, the two major markets will produce an effect of

03:451 plus 1 bigger than 2. Next I would like to introduce

03:50Asimov.

03:51In the future, we are focusing on directly on the Dooku Indian Phantan,

03:52and the frontal Fear of Healthcare and the motorists.

03:53We like to introduce Asimov.

03:54Yes, sir.

03:55Thank you very much.

03:56Thank you, sir.

03:57Thank you, sir.

03:59I would like to introduce Asimov, please.

04:03Thank you, sir.

04:04Thank you, sir.

04:07Thank you, sir.

04:10Thank you, sir.

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