Overview

• Treasury Secretary Scott Bessent said India is "profiteering" from discounted Russian crude, claiming $16 billion in excess gains and defending the decision not to apply comparable measures to China.
• The White House’s two-tier duties include a 25% reciprocal tariff already in force and an additional 25% penalty tied to Russian oil purchases scheduled for Aug. 27.
• New Delhi has temporarily removed an 11% import duty on cotton through Sept. 30 and is considering sector-specific credit support to cushion labour‑intensive exporters.
• The Commerce Ministry estimates about $48.2 billion in 2024 merchandise shipments to the U.S. will be covered, with textiles, garments, leather, gems and jewellery, and engineering goods most exposed.
• Moody’s warns the 50% rate will "very substantially" reduce demand for Indian goods as bilateral talks and a planned U.S. negotiators’ visit for Aug. 25–29 are put on hold.