India-US trade deal ‘very close’ to completion, says Marco Rubio ahead of Mumbai visit Jamnagar | Today’s news
US Secretary of State Marco Rubio said on Monday that a trade deal between the US and India is close to completion.
Rubio, who is in Uzbekistan, will be in Mumbai on Tuesday to meet External Affairs Minister S Jaishankar. Later in the week, Rubio will also travel to Jamnagar, home to one of the world’s largest refineries.
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“Right now we’re trying to finalize a trade deal with India. We’re very close to that,” Rubio told reporters in Samarkand.
“We have had to waive sanctions in recent months because of the impact on global supply and prices,” Rubio said.
“We have to get all of these things done. Right now we’re trying to finalize a trade deal with India. We’re very close to that. That’s one of the things that we consider when the president makes decisions about national security waivers and things of that nature,” he said.
The US Secretary of State said each country has a complex set of factors to consider. “Geography is real. It is very difficult for some countries to get energy from alternative sources. This is not an excuse, but all this must be balanced when making foreign policy,” he added.
Trump waives Russian fuel sanctions
Earlier, a day after US President Donald Trump dropped several sanctions related to the sale of Russian fuel that were set to take effect under the Lindsey O. Graham Act sanctioning Russia and Iran, Rubio described India as an important ally whose energy needs must be considered before any tariffs or sanctions are imposed.
The law, which has now been suspended, would have imposed tariffs of up to 100% on goods imported into the US from the five largest importers of Russian oil or gas, which include India and China.
“These sanctions were not just sanctions against Russia. They include tariffs on a number of countries – for example, India and others. And so I think the president wants to use the 60-day period to analyze what the imposition of sanctions and tariffs will mean for the global economy and even for the American economy,” Rubio said.
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“You have countries like India that have voluntarily diversified their energy portfolio, but they still get a significant amount of energy from Russia because it’s hard to reorientate overnight. But they’re also an important ally and partner of the United States. So we need this period to study all of that and see what the right mix is,” he added.
Rubio said the US president is also taking into account the changing geopolitical situation since Lindsey Graham’s law was enacted, particularly with the escalation of the conflict between Saudi Arabia and the Houthi militia.
“I think when the bill was passed, one of the reasons why there were exceptions was the understanding that they would need some time to study it, given all the different things that are going on in the world right now, including pressure on global energy supplies, which is happening not just because of Iran and not just because of the Strait of Hormuz, but more and more because of the Houthis, where they are attacking Russia and energy, where Saudi Arabia is attacking and infrastructure. so it has impact on global prices as well,” he said.
Trump invokes Section 115 of the Graham Act
On Friday, Trump invoked Section 115 of the Graham Act, which authorizes the president to waive any sanctions provision against a foreign person, any restrictions against a person, and any obligation under the law.
“I have submitted to Congress a certification that the issuance of such a waiver is in the national interest of the United States and a report explaining the basis for the certification, pursuant to Section 115(b) of the Graham Act,” Trump said in the order.
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Trump waived the application of any tariffs set forth in Sections 112 and 113 of the bill, which allowed Trump to raise tariffs on all goods imported into the United States from Russia to a rate of up to 500 percent ad valorem (by value). He also authorized a duty of up to 100 percent ad valorem from the five largest importers of oil or natural gas of Russian origin.
During his visit to India, Rubio is scheduled to meet with Jaishankar and other senior government officials to cement the US-India strategic partnership, share insights on regional and global dynamics, and discuss prospects for enhanced energy cooperation.
