Washington has imposed sanctions on six Indian companies. The move comes in the wake of allegations that the companies were involved in trade with Iran. The report found that Indian institutions played a significant role in the transactions of Iranian oil and petrochemical products.
This development comes amidst existing trade tensions between United States and India. Previously US President Donald Trump announced a 25% tariff on Indian imports. This tariff decision has drawn considerable criticism for Prime Minister Narendra Modi, sparking heated political debate in New Delhi. Congress leader Rahul Gandhi of the BJP party voiced concerns about the nation’s economic direction.
Adding to the complexities President Trump expressed dissatisfaction with India’s consistent purchase of military equipment and energy from Russia. On his social media platform, Truth Social, Trump stated that while India remains a US friend, recent years have seen an imbalance in trade relations.
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Following Trump’s tariff announcement, India’s Ministry of Commerce and Industry released a statement. It affirmed close monitoring of the situation and a commitment to taking all necessary steps to protect national interests. India also reiterated its continued interest in bilateral trade agreement discussions.
