Trump faces criticism from former finance secretary over proposed 50% tariffs, with the latter disclosing that India ended trade negotiations due to...

In a recent development, former Finance Secretary Subhash Garg has criticized US President Donald Trump for his claims that India is profiteering massively from discounted Russian oil. Garg's remarks were reported by NDTV.

According to the report, Garg emphasized that India is buying Russian oil within the global price-cap framework and there is no violation of any international agreement. He further stated that Trump's claim is "political theatre, not economic reality."

The tariffs, consisting of a 25 percent tariff and an additional 25 percent, were announced by President Trump on August 27. The tariff row between the US and India was not detailed in the report.

India has clarified its stance, stating that it will not compromise on the interests of farmers and fishermen. Prime Minister Narendra Modi reiterated this commitment in his Independence Day speech, vowing he would "never compromise" the interests of the country's farmers.

Farmers contribute significantly to India's economy, making it a top producer of several commodities. The exact context of the oil deal between India and Russia was not detailed in the report.

However, Indian Finance Minister Nirmala Sitharaman addressed the issue of India's oil imports from Russia, stating that India will continue buying Russian oil because it is economically advantageous. She rejected the US claim that these purchases finance Russia’s war efforts.

A new CLSA report has dismissed the "windfall" narrative, showing India's actual savings from Russian crude are closer to USD 2.5 billion annually, not USD 25 billion.

Garg suggested that Trump is using the oil claim as a political tool to punish India. Trump accused India of "fueling the Ukraine war" with its business with Russia. It's unclear if there has been any response from Russia to the tariffs.

In the conversation with NDTV, Garg did not provide information on any potential response from the US to his criticism. It's a developing story, and we will keep you updated as more information becomes available.

Trump faces criticism from former finance secretary over proposed 50% tariffs, with the latter disclosing that India ended trade negotiations due to...