Source: Bloomberg
“Indian Prime Minister Narendra Modi struck a defiant tone in the face of US President Donald Trump’s tariff threats, urging the nation to buy local goods as his administration signaled it would continue buying Russian oil. … Over the weekend, Modi underscored the importance of shielding India’s economic interests during uncertain global conditions. The comments came just days after the Trump administration imposed a 25% tariff on Indian exports to the US. The White House is also threatening more action if India continues Russian oil purchases. … The New York Times reported Saturday that India would keep buying Russian crude despite a threat of penalties from Trump, citing two senior Indian officials it didn’t identify.” (08/04/25)