Economist Criticizes US Tariffs on India’s Oil Purchases
(MENAFN) The United States has no entitlement to dictate to India whom it can engage with in trade, stated Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University, on Friday.
The renowned economist shared his views during an interview with a news outlet regarding Washington’s decision to levy additional tariffs on India due to its acquisition of Russian oil.
Recently, the White House revealed a new 25% tariff on Indian imports, escalating the total tariff burden on the South Asian country to 50%.
U.S. President Donald Trump explained that this action was triggered by India’s ongoing procurement of Russian oil.
The Indian government criticized the move as “extremely unfortunate” and committed to protecting its national interests.
Sachs characterized the tariff hike as a significant reason for India to be cautious in its relations with Washington.
He advised that India should avoid depending solely on the U.S. market.
“Don’t rely on them. India needs a diversified base of partners – Russia, China, ASEAN countries, Africa, and not see itself as mainly focusing on the US market, which is going to be unstable, slow-growing and basically protectionist,” Sachs emphasized.
Regarding India’s imports of Russian oil, Sachs affirmed that Washington holds no authority to control the trading relationships of sovereign nations.
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