00:00In a major development, U.S. Treasury Secretary Scott Basin indicated that the 25% tariff imposed
00:25on Indian goods could be lifted. Speaking to Politico during the World Economic Forum in Davos,
00:30Basin highlighted the possibility of reducing trade tariffs, signaling a potential boost in
00:35U.S.-India economic ties. We put 25% tariffs on India for buying Russian oil, and the Indian
00:40purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are
00:45still on. The 25% Russian oil tariffs are still on. I would imagine that there is a path to take
00:50them off. So, you know, that's a check and a huge success. I will also point out that our virtue
00:55signaling European allies refused to do it because they wanted to sign this big trade deal with India.
01:02And just to be clear, let's understand what's happening. Before the Ukraine invasion,
01:06approximately 2 or 3% of Indian oil that went into their refineries came from Russia. The oil was
01:13sanctioned, it got deeply discounted, and it moved up into the high teens 17, 18, 19% being refined.
01:19Huge profits for the refiners. But in the ultimate act of irony and stupidity,
01:24guess who was buying the refined products from the Indian refineries made from Russian oil?
01:29The Europeans. They were financing the war against themselves. They were financing the Russians.
01:36At present, India continues to face a total of 50% tariffs imposed by the Trump administration.
01:42Initially, the U.S. levied 25% tariffs on Indian goods,
01:45and later added an additional 25% in response to Russian oil purchases,
01:50significantly impacting bilateral trade.
01:54Besant noted that the U.S. had imposed an additional 25% tariff on India
01:58in response to its purchases of Russian oil, has now collapsed.
02:03Calling this outcome a success, Secretary Besant indicated that it is now possible to imagine a
02:09path toward removing the 25% tariffs, potentially easing trade tussle between the two nations.
02:15Meanwhile, U.S. President Donald Trump praised Prime Minister Modi,
02:19calling him a close friend and respected leader.
02:22He also highlighted that India and the U.S. are going to have a good deal,
02:27signaling optimism about strengthened trade and diplomatic ties between the two countries.
02:32In a major development, U.S. Treasury Secretary Scott Besant indicated that the 25% tariff imposed
03:01on Indian goods could be lifted.
03:03Speaking to Politico during the World Economic Forum in Davos,
03:07Besant highlighted the possibility of reducing trade tariffs,
03:10signaling a potential boost in U.S.-India economic ties.
03:13We put 25% tariffs on India for buying Russian oil,
03:16and the Indian purchases by their refineries of Russian oil have collapsed.
03:20So that is a success.
03:21The tariffs are still on.
03:23The 25% Russian oil tariffs are still on.
03:25I would imagine that there is a path to take them off.
03:28So, you know, that's a check and a huge success.
03:30I will also point out that our virtue-signaling European allies refused to do it
03:35because they wanted to sign this big trade deal with India.
03:39And just to be clear, let's understand what's happening.
03:41Before the Ukraine invasion, approximately 2% or 3% of Indian oil that went into their refineries
03:47came from Russia.
03:49The oil was sanctioned, it got deeply discounted,
03:52and it moved up into the high teens 17%, 18%, 19% being refined.
03:56Huge profits for the refiners.
03:58But in the ultimate act of irony and stupidity,
04:01guess who was buying the refined products from the Indian refineries made from Russian oil?
04:06The Europeans.
04:07They were financing the war against themselves.
04:10They were financing the Russians.
04:13At present, India continues to face a total of 50% tariffs imposed by the Trump administration.
04:18Initially, the U.S. levied 25% tariffs on Indian goods
04:22and later added an additional 25% in response to Russian oil purchases,
04:27significantly impacting bilateral trade.
04:31Besant noted that the U.S. had imposed an additional 25% tariff on India
04:35in response to its purchases of Russian oil, has now collapsed.
04:39Calling this outcome a success, Secretary Besant indicated that it is now possible to imagine
04:46a path toward removing the 25% tariffs, potentially easing trade tussle between the two nations.
04:52Meanwhile, U.S. President Donald Trump praised Prime Minister Modi,
04:56calling him a close friend and respected leader.
04:59He also highlighted that India and the U.S. are going to have a good deal,
05:03signaling optimism about strengthened trade and diplomatic ties between the two countries.
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