Today’s Focus: India’s Massive Purchase of Russian Oil – Will Trump Impose Higher Punitive Tariffs? What’s Going on Between the U.S. and India? Mainland China in Turmoil, Beidaihe Conference Held in “Celebration” Mode!
Hello, welcome to “News Talk.” Today is August 4, Monday.
Guests for this episode: China expert Henghe; current affairs commentator and senior political and economic analyst Qin Peng. Host: Fuyao.
Currently, the new tariffs have begun, with particular attention on the tariffs imposed by the U.S. on India.
On April “Liberation Day,” the U.S. announced a 26% tariff on its ally India. On April 9, Trump announced a temporary halt to the tariffs, but would impose a standard 10% tariff on multiple countries.
Surprisingly, after tariff negotiations, the U.S. reduced the tariff on India to 25%, down by 1% from “Liberation Day,” but still more than 10 times higher compared to the U.S.’s 2.4% tariff on India.
Furthermore, Trump criticized India for purchasing Russian oil and military equipment, stating that additional “punitive tariffs” would be imposed as a result.
In an interview, Trump said, “I know that India will no longer buy Russian oil in the future, that’s what I heard,” while also stating, “I don’t know if this information is correct, but it’s a very good development, let’s wait and see.”
However, two senior Indian officials revealed that India’s policy of importing Russian oil has not changed.
Qin Peng, how do you view Trump’s 25% tariff on India compared to allies like Japan and European countries, placing India in a high tariff category? Besides the 25%, there are also punitive tariffs. Why did the U.S. raise tariffs so high on a supposed ally like India?
Prime Minister Modi visited the U.S. in February this year, and both sides reaffirmed their commitment to strengthen energy trade in the “U.S.-India Joint Leaders’ Statement” issued on February 13. The aim is to ensure energy security and establish the U.S. as the primary supplier of crude oil, oil products, and liquefied natural gas (LNG) to India.
India pledged to increase its energy imports from the U.S. from $15 billion in 2024 to $25 billion in 2025, with a bilateral trade target of increasing from $200 billion to $500 billion by 2030.
However, since the Russia-Ukraine conflict, due to Western sanctions, the price of Russian oil has plummeted significantly. India has aggressively increased its imports of Russian oil, accounting for over one-third of the country’s oil imports, a remarkable growth compared to the pre-Russia-Ukraine war period when it was only 1%.
Currently, India imports 2 million barrels of crude oil per day from Russia, second only to China.
Henghe, as an ally highly valued by the U.S., why has India not actively fulfilled the agreements reached with the U.S.?
Recently, the U.S.-India relationship has been delicate. While mediating with India, Trump claimed to have successfully resolved the India-Pakistan conflict, preventing a war. At the same time, he announced a cooperation agreement with Pakistan to jointly develop the country’s oil reserves, hinting that “they might also sell to India in the future.”
Qin Peng, what is the underlying purpose behind Trump’s statements?
Henghe, Indian officials have stated that their country’s policy has not changed. Is India not concerned about cooling relations with the U.S.? What is the current relationship between the U.S. and India?
On August 3, the annual Beidaihe Conference commenced.
According to the official Xinhua News Agency report, Cai Qi, a secretary of the Central Secretariat, was commissioned by the party leader Xi Jinping to visit the so-called vacationing experts at Beidaihe. These experts come from high-tech fields, philosophy and social sciences, and young talents in animal research, among others. This year’s theme is “Building Achievements in a New Era.”
The legendary Beidaihe Conference was once an informal consultation meeting for major CCP decisions, where retired elders could also express their opinions. However, it is widely believed that this mechanism was abolished during the Hu Jintao era, and Xi Jinping further weakened its political function, making it truly “practical” in nature.
Qin Peng, looking back over the past year, what “achievements” in the eyes of the CCP are worth celebrating?
Henghe, in your opinion, what topics are of concern to several CCP elders currently?
Around August, including the “Symposium for Non-Party Members,” “Xi Jinping Economic Thought Theoretical Seminar,” “Promotion of Regional Coordinated Development Seminar,” and discussions on the concept “Green Mountains and Rivers are Gold and Silver Mountains,” multiple meetings focusing on the so-called “Xi Jinping Thought” have recently been held in Beijing.
Xinhua also mentioned that this Beidaihe visit is centered around Xi Jinping.
However, the PLA Daily has reported that the CCP Military Commission has introduced new regulations for a comprehensive removal of “harmful influences,” emphasizing “strengthening unified and collective leadership by the Party committee.”
Qin Peng, there seems to be an asynchronous issue in enhancing leadership in politics and the military. Is this normal? How do you view these phenomena?
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