The crude oil market believes that America's threat to force india to purchase Russian oil will have no impact, according to Clyde Russell, an Asia Commodities and Energy Columnist at Reuters, in a significant statement amid the US-India trade deal dispute where US President donald trump announced an additional 25% tariff on india for purchasing Russian crude oil on top of the 25% tariffs already imposed on india since august 7.
Why won't Trump's tariffs on india have any effect?
For context, US President trump threatened to take more measures if india didn't stop buying Russian oil. He has already announced a 25% increase that would take effect on august 28. According to a Reuters expert, US President Donald Trump's warning is not so much a direct attack on india as it is an attempt to exert pressure on russia in advance of potential negotiations with Russian President Vladimir Putin. The analyst added that it is doubtful that india will alter its sourcing strategy given the cheap price of crude oil at the moment.
How are US tariffs affecting the indian Rupee?
The indian rupee began higher on monday in a significant positive response to the US tariffs, as US President donald trump suggested an additional 25% duty on india that would go into effect on august 27. According to a report by the IANS news agency, the rupee probably gained ground on expectations that the war between russia and ukraine will come to an end when the US and russia hold talks on august 15 that will remove further tariffs on India.
The local currency began 13 paise stronger versus the US dollar at 87.53, up from 87.66 on Friday, according to the newspaper. Analysts predict that the immediate trading range will be between 87.25 and 87.80. As markets anticipate local and US inflation statistics, the indian rupee was predicted to open at 87.51 today with modest gains.
Why won't Trump's tariffs on india have any effect?
For context, US President trump threatened to take more measures if india didn't stop buying Russian oil. He has already announced a 25% increase that would take effect on august 28. According to a Reuters expert, US President Donald Trump's warning is not so much a direct attack on india as it is an attempt to exert pressure on russia in advance of potential negotiations with Russian President Vladimir Putin. The analyst added that it is doubtful that india will alter its sourcing strategy given the cheap price of crude oil at the moment.
How are US tariffs affecting the indian Rupee?
The indian rupee began higher on monday in a significant positive response to the US tariffs, as US President donald trump suggested an additional 25% duty on india that would go into effect on august 27. According to a report by the IANS news agency, the rupee probably gained ground on expectations that the war between russia and ukraine will come to an end when the US and russia hold talks on august 15 that will remove further tariffs on India.
The local currency began 13 paise stronger versus the US dollar at 87.53, up from 87.66 on Friday, according to the newspaper. Analysts predict that the immediate trading range will be between 87.25 and 87.80. As markets anticipate local and US inflation statistics, the indian rupee was predicted to open at 87.51 today with modest gains.
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