Russian President Vladimir Putin said that the bilateral trade between his country and US grew since Donald Trump assumed office as US President. Putin's statement came in a rare appearance after a high-stake meeting between the US and Russia.
The trade between the US and Russia grew 20% since Trump came to power, Putin said. He also said that there is more in terms of trade relations Russia and the US can do.
Notably, these comments came after Trump doubled tariff to 50% on India. A 25% additional tariff was imposed on India as it looks to punish the country's imports from Russia. The US accused India of funding the war in Ukraine with oil purchases.
US has also called off a meeting with India for trade negotiations which was scheduled from Aug 25.
Putin's comments indicate a contradictory position of US in terms of buying Russian goods as it taxes other nations.
Indian officials have earlier called US tariffs unfair and unreasonable. They also pointed at the fact that US and European Union continued to trade with Russia.
US Accuses India Of Funding War
Early this month, Trump signed an executive order to increase tariff on India by 25%, with effect from Aug 27. India was already facing 25% levy from Aug 7.
While the US increased tariff on Indian goods, Trump sharpened his attack on India, accusing it of profiteering from the Russia-Ukraine war.
"They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the tariff paid by India to the US," Trump said.
It is important to note that 50% cumulative tariff rate is not the terminal rate. The negotiations were on when Trump increased its attack on India for Russian goods purchase.
Although Trump denied any discussion with India after doubling the tariff, Indian officials assured that discussions are on.
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