Overview

• White House trade adviser Peter Navarro said he expects the tariff hike on Indian goods to take effect on August 27 and accused New Delhi of running a refining “profiteering” scheme with discounted Russian crude.
• Chinese Ambassador Xu Feihong publicly condemned the U.S. duties and vowed that Beijing would stand with India to uphold the multilateral trading system anchored by the WTO.
• Analysts reported that Chinese refiners secured roughly 15 Russian oil cargoes for October–November delivery from ports that often supply India, after signs Indian state firms briefly paused purchases.
• India’s ambassador in Moscow said Russian oil buys will continue based on economic advantage, as External Affairs Minister S. Jaishankar defended the policy and Russia indicated discounts should keep flows attractive.
• The U.S. has imposed tariffs totaling 50% tied to India’s Russian oil purchases, has not applied a similar penalty to China, and has warned of possible further steps as bilateral trade talks remain unresolved.