New Tariffs Set to Take Effect, Indian Foreign Minister Takes Firm Stance

　　On August 23 local time, in response to the U.S. threat to further impose high tariffs on India, Indian Foreign Minister S. Jaishankar stated that trade negotiations between India and the United States are ongoing, but there are certain bottom lines that must be upheld and defended during the talks. India is committed to protecting the interests of its farmers and small businesses and will make decisions based on national interests.

　　Jaishankar described Trump's policy statements as "unusual." He said, "We have never had a U.S. president who conducts foreign policy as publicly as the current one, which goes against the traditional way of handling global affairs." He also pointed out that U.S. concerns over India's purchase of Russian oil did not target other major buyers such as the European Union. Jaishankar stated, "If the reason is oil, there are other big buyers; if the reason is who trades more with Russia, there are larger trading partners." He added that trade volume between Russia and Europe is larger than that between India and Russia.

　　Jaishankar further noted that the issue of India purchasing Russian oil had never been raised in previous India-U.S. trade negotiations before the U.S. publicly announced the tariff hikes.

　　Earlier this year, India-U.S. trade talks broke down because India refused to open its vast agricultural and dairy markets. Bilateral trade between the two major economies exceeds $190 billion.

　　Analysts from the British economic research firm Capital Economics recently warned that if the tariffs are fully implemented, India's economic growth rate would drop by 0.8 percentage points this year and next. "The long-term harm could be even greater, as high tariffs may weaken India's appeal as a new global manufacturing hub."

　　According to multiple media reports, a U.S. trade negotiation delegation's planned visit to New Delhi from August 25 to 29 has been canceled. Reuters analysis suggests this further dashes hopes of a possible reduction or delay in U.S. tariffs on India. Additionally, as reported by Russia's Izvestia website, Indian Ambassador to Russia Kumar told the newspaper that despite U.S. pressure, India will continue to purchase Russian oil.