In an interview with CNBC, Bessent said, "Before the war in Ukraine, less than 1% of India's oil came from Russia. Now it is 42%. The system is allowing India to profiteer by buying cheap Russian oil, reselling it, and pocketing $16B in excess profits. This opportunistic arbitrage is unaccep
"A lot of people are talking about tariffs these days... I want to tell you in brief that India is such a country that is going to be the least affected by tariffs. What is the reason for that? Today, there is a 57-58% contribution of local consumption to our GDP... Whatever impact there
The central govt step of reducing import duty on cotton will boost the textile industry of the country and will increase exports, stated Praveen Khandelwal, BJP MP and Secretary General of Confederation of All India Traders (CAIT).
A Fitch Wire report said that while Indian corporates generally have low direct exposure to current US tariffs, the pharmaceutical industry remains vulnerable to future trade measures. The US is a key market for Indian drugmakers, and any tariff imposition could ripple across the sector.
Odisha Deputy Chief Minister KV Singh Deo flagged how US President Donald Trump has made it a habit to "threaten" other countries on the basis of tariffs and emphasised Prime Minister Narendra Modi's strong stance for farmers and fishermen.
South Korean Foreign Minister Cho Hyun has expressed solidarity with India over the Pahalgam terror attack and on its fight against terrorism, saying his country stands by the Indian government and the people of India.
South Korean Foreign Minister Cho Hyun has said the tariffs being imposed by the United States in the rapidly changing situation in global trade is not unexpected and that his country was able to sort out "the problem" and "make a win-win" through trade negotiations.
Speaking to ANI, Sikri suggested that the issue of tariffs on Russia's oil sales to China, India, and the EU may have been discussed by Trump with Putin.
"I would recommend that India take a look once again at RCEP. RCEP is the 15 economies, including China, Japan, Korea, ASEAN, Australia, and New Zealand. It should be 16. India should be part of that. And that would be a very dynamic way to grow for years to come," Sachs said.
The Rashtriya Swayamsevak Sangh (RSS) has called a meeting in the national capital on August 19 and 20, which will be attended by top leaders and affiliates working in various sectors, including those likely to be impacted by the US tariffs on Indian goods.