US President Donald Trump says India has offered to cut its tariffs to nothing even as he called the current trade stalemate with the country a totally one sided disaster.
US tariffs of 50% on goods from India - which includes 25% penalty for Delhi's refusal to stop buying oil from Russia - took effect last week.
India has not responded to Trump's latest comment but such war of words over Russian oil has led to an all-time low in Delhi-Washington ties.
Trump's comment coincides with Indian Prime Minister Narendra Modi attending the Shanghai Co-operation Organisation (SCO) summit in Tianjin where he met Chinese President Xi Jinping and Russian President Vladimir Putin.
Washington claims that Delhi has been indirectly funding Russia's war in Ukraine.
Trump stated: India buys most of its oil and military products from Russia, very little from the US, adding that Delhi should have cut tariffs years ago. India has argued that oil supply from Russia is vital to meet its extensive energy needs and has described the US tariffs as unfair, unjustified and unreasonable.
Commerce Minister Piyush Goyal asserted that India will neither bow down nor ever appear weak in economic relationships with other countries, further stating that India is ready to pursue free trade agreements with any interested party.
Trump emphasized that the US does minimal business with India despite India selling massive amounts of goods to the US, labeling the relationship as totally one sided over many decades.
Trade tensions continue to raise concerns about the potential negative impact on India's economy, which is the fifth-largest in the world. Amid these developments, Modi was seen shaking hands with Putin, highlighting the complexities and shifting alliances in global geopolitics shaped by the Russian invasion of Ukraine.
