The global energy landscape is constantly shifting, and trade policies need to keep pace. That’s the message coming from the Global Trade Research Initiative (GTRI), which is urging the US government to immediately remove the 25% tariff slapped on Indian crude oil imports from Russia.
GTRI argues that the initial justification for the tariff – to penalize India for relying on Russian energy – is now outdated. India has significantly decreased its Russian oil intake and is boosting its energy trade with the United States. This shift deserves recognition, not continued penalties.
This tax hurts Indian businesses and, ultimately, consumers. Removing it could further strengthen economic ties between the US and India, fostering a more stable and diversified global energy market. It’s a win-win.
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The GTRI’s call to action highlights the need for adaptable trade policies that reflect current realities. Will the US government heed the call? Only time will tell.
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