India on Saturday did not clarify whether it has decided to halt the purchase of Russian crude oil following the US decision to withdraw an additional 25 per cent tariff on Indian goods. The tariff rollback came after President Donald Trump announced a trade deal with India, under which duties on Indian exports would be reduced to 18 per cent
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India on Saturday neither confirmed nor denied if it has decided to stop procuring Russian crude oil after the US rolled back a punitive 25 per cent tariff it had slapped on Indian goods over New Delhi’s purchases of petroleum products from Russia.
US President Donald Trump signed an executive order removing the 25 per cent additional tariff. The move came days after the US president announced a trade deal with India and said that Washington would slash the tariffs on Indian goods to 18 per cent from 50 per cent in exchange for India halting Russian oil purchases and lowering trade barriers.
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