00:00India has drawn the red line over U.S. President Donald Trump's tariff tyranny
00:05and the latest decision on the Russia sanctions bill
00:09that permits the U.S. President to impose up to 100% tariff on nations purchasing oil from Moscow.
00:17And India would also be directly in the line of fire.
00:20So, External Affairs Minister Dr. Isaiah Shankar,
00:22during his bilateral meeting with his U.S. counterpart,
00:25Secretary of State Marco Rubio on the sidelines of the 81st United Nations General Assembly in New York
00:32raised this concern about the Senate Russia bill that could levy up to 100% tariffs on India.
00:40So, this Lindsey Graham Sanctioning Russia and Iran Act,
00:46now this targets Russia's energy sector and Iran's energy sector
00:52and gives U.S. President Donald Trump new powers to penalize major buyers of Russian oil and gas.
01:00The law permits tariffs of up to 100% on goods imported into the United States
01:07from five largest buyers of Russian crude and gas.
01:12This would directly impact countries like China and India amongst the major buyers.
01:20But do keep in mind, India buying Russian oil actually benefits the entire world
01:27that then buys that refined oil from India.
01:32In August, India imported around 2.1 million barrels of Russian crude every single day.
01:37This was roughly 45% of India's total crude imports.
01:42A month earlier, in July, Russia's share hit a record 50.8%,
01:47with India importing about 2.47 million barrels per day.
01:51So, let's talk about this in perspective.
01:55Before this conflict started, and do keep in mind,
01:58India was also able to earlier get oil from West Asia.
02:02Now, because of U.S. war on Iran, the Strait of Hormuz is shut.
02:07India cannot get supplies from there.
02:09So, before the war, Russia supplied about 2-3% of India's crude imports.
02:16Initially one, then two, it would go up to 3%.
02:19Post-22, the Russian crude became available to Indian refiners at a discounted price
02:25as Western buyers, they cut purchases.
02:28And that time, before Donald Trump came to the White House,
02:31Joe Biden administration actually encouraged India to continue buying from Russia
02:36because then that oil was then exported to the European market.
02:42And it kept global rates in check.
02:45But suddenly, Donald Trump now gets passed to impose up to 100% tariffs on countries buying oil from Russia.
02:52Now, is this a bargaining chip?
02:54Because do keep in mind, Chinese President Xi Jinping will be landing in the United States of America
02:59by about one Indian standard time.
03:03And the American president is actually rolling out the red carpet,
03:07including reports in the U.S. saying he'll be going to join base Andrew
03:10to receive the Chinese president.
03:13There's a tri-services guard of honor.
03:15There will be an impressive military fly past to welcome the Chinese president.
03:19But then there's also talk about tariff, which is a bone to pick with.
03:24I mean, the Chinese and the Americans also have that as an issue to discuss.
