President Donald Trump and Russia President Vladimir Putin met in the high-stakes Alaska summit with no specific plan of ceasing fire or a cease-fire in the war that is ongoing war between Moscow and Ukraine. Even though both leaders characterised such a gathering as a positive one, as there was no breakthrough, it has aroused significant interest among the global markets, strategic analysts, and other countries, such as India, to monitor carefully its aftermath.
It was an event of interest to the world because the outcome of the discussions might directly impact the global trade and the sanctions policy of the countries of the world, including Washington and Moscow, Europe, Kyiv, and New Delhi. India, especially, is under pressure; there are high tariffs charged by the US on essential imports such as Russian oil. Over the past few weeks, Trump has imposed a 50% tariff level on Indian imports, which is exceptionally more significant than what is imposed on neighbouring countries. According to analysts, these tariffs may be detrimental to Indian exports and slash almost 1 per cent of the national GDP. Further, Washington had already imposed a 25 per cent penalty on Indian crude imports to Moscow, experiencing a strain in energy security.
In the press briefing, Trump stressed that improvements had occurred with Putin but that there were still gaping holes. “We are not quite there, but we have done a little bit. Until there is a deal, there is no deal,” Trump pointed out. He further said that talks with the Ukrainian President Volodymyr Zelensky and NATO allies would help chart the way forward.
Trump made another claim of no ultimate understanding during an interview with U.S. broadcaster Sean Hannity following the summit, but affirmed that talks had been very constructive. He has foreshadowed that he will hold off on adding more tariffs on China to buy Russian oil because of developments with Putin. Nevertheless, he did not provide any such promise to India, which has continued to face the burden of the 50 per cent tariff regime.
The mixed result of the summit presents a dilemma to oil consumers around the world, with India top of the list as the tug-of-war between geopolitics and Russian oil goes on.
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