Will sort out trade deal with India if it stops buying Russian oil: Lutnick

US Commerce Secretary Howard Lutnick said Washington will sort out a trade deal with India only if it halts Russian oil imports, even as India continues purchases in national interest

United States Commerce Secretary Howard Lutnick on Thursday said Washington will finalise a trade deal with India as soon as New Delhi stops buying Russian oil.

 

“Well, we’re going to sort out India, once it stops buying Russian oil,” Lutnick told CNBC.

 

His remarks came a day after Prime Minister Narendra Modi and US President Donald Trump reignited hopes of trade talks, saying they were looking forward to concluding discussions soon. Washington has also imposed a 50 per cent tariff on Indian goods, which includes a punitive 25 per cent duty for importing Russian crude oil.

 

 

Earlier comments on India-US talks

Last week, in an interview with Bloomberg, Lutnick said India would soon be at the negotiating table. “So, I think yes, in a month or two months, I think India is going to be at the table, and they’re going to say they’re sorry, and they’re going to try to make a deal with Donald Trump,” he said.

 

He added that it would then be up to President Trump to decide how he wanted to deal with Prime Minister Modi.

 

India stands firm on Russian oil

Despite repeated demands from Trump and his administration, India has maintained that it will continue buying Russian oil to safeguard its national interest.

 

Imports of Russian oil have remained steady, even increasing in early September. According to data from global shipping analytics firm Kpler, crude oil shipments from Russia to India averaged 1.55 million barrels per day (bpd) in the first nine days of the month, up from 1.49 million bpd in August.