Overview
- Audio released by the White House captures President Trump telling reporters on Air Force One that the U.S. can raise tariffs on India "very quickly" if it does not help curb Russian oil purchases.
- The U.S. doubled tariffs on many Indian goods to 50% in 2025 over Russian oil buying, and further increases are now being signaled as leverage.
- India’s Russian crude imports fell to about 1.2 million barrels per day in December, according to Kpler and sources, and refiners have been asked to submit weekly disclosures of Russian and U.S. oil purchases.
- Bilateral trade talks remain fraught as Washington presses for market access, including in agriculture, while New Delhi emphasizes energy security and maintains a firm negotiating stance.
- Senator Lindsey Graham said India’s ambassador sought tariff relief and argued U.S. pressure has reduced India’s Russian oil purchases, as New Delhi rejects claims that Prime Minister Modi promised to halt such buys.