External Affairs Minister S Jaishankar has highlighted that India's recent experience taught the country the importance of avoiding reliance on a single supply chain or market. He advised industries to adopt diversification as a strategic approach.
Speaking at the ET World Leaders Forum, his remarks reflected the current challenges faced by Indian businesses due to high US tariffs and China's control over supply chains for importing nations.
‘Trump’s policy a departure’: Jaishankar
Jaishankar addressed the unique nature of current US foreign policy approaches. The minister highlighted how US President Donald Trump's methods represent a significant shift, particularly in the use of tariffs for both trade and non-trade purposes.
"We have not had a US President who has conducted foreign policy as publicly as the current one. That itself is a departure that's not limited to India," he said.
Also Read | ‘Aggressive economic leverage’: JD Vance says Trump applied secondary tariffs on India to force Russia to stop war; ‘harder for Russians to…’
"President Trump's way of dealing with the world is a very major departure... the application of tariffs in this manner even for trade is novel... the application of tariffs on non-trade is even more so,” he added.
He critiqued the selective application of tariffs regarding Russian oil imports, noting that similar measures weren't applied to China, the largest oil importer, or European nations, the primary LNG importers.
The minister highlighted the disparity in treatment, pointing out that Europe's trade volume with Russia exceeds India's. He questioned the accusation of India funding the Russia-Ukraine conflict through oil purchases, whilst European nations continue larger-scale trade with Russia.
Responding to allegations about profiting from Russian crude transactions, he firmly said that countries uncomfortable with purchasing oil or refined products from India were under no obligation to do so.
"If you have a problem buying oil or refined products from India, don't buy it. Nobody forces you to buy it. Europe buys, America buys, so you don't like it, don't buy it,” he said.
The minister noted the irony of representatives from a pro-business American administration criticising others for conducting business.
"It's funny to have people who work for a pro-business American administration accusing other people of doing business," Jaishankar said.
The minister also said that no discussions regarding Russian oil purchases had taken place with the Trump administration since January.
Also Read | ‘Funny that pro-business administration accusing…’:India’s clear message to US on buying Russian crude oil, trade deal ahead of Trump’s 50% tariffs
India-US trade deal: What’s happening?
Addressing India-US relations, he noted that discussions continue between the two major nations, as dialogue remains essential. "...the lines are not cut, people are talking to each other, and we will see where that goes," he stated.
US trade representatives have suspended their India visit planned for this week, but discussions regarding a trade agreement continue, with India maintaining its stance.
"We have red lines in the negotiations, and we have to be clear about them," he said. "What we are concerned about is that red lines are primarily the interest of our farmers and, to some extent, our small producers. So, when people pronounce that we have succeeded or failed, we as a government are committed to defending the interests of our farmers and small producers. We are determined on that. That's not something we can compromise on," Jaishankar said. "The issue of decisions which we make in our national interest is our right. And I would say that's what strategic autonomy is about."
Also Read | Amidst Trump’s tariff threats, Indo-China trade ties to see reset; India to gain from big urea shipments
Currently, the India-US relationship faces certain challenges, he noted. "It is pretty open, but it is not like we never had issues before. Other parts of the relationship are strong."
Reflecting on significant moments, he identified President Clinton's visit to India in 2000 as a crucial turning point regarding the India-US nuclear agreement. "...then probably PM Modi's visit in 2014 was the next one. I would say the overall trend has always been net net positive."
Speaking at the ET World Leaders Forum, his remarks reflected the current challenges faced by Indian businesses due to high US tariffs and China's control over supply chains for importing nations.
‘Trump’s policy a departure’: Jaishankar
Jaishankar addressed the unique nature of current US foreign policy approaches. The minister highlighted how US President Donald Trump's methods represent a significant shift, particularly in the use of tariffs for both trade and non-trade purposes.
"We have not had a US President who has conducted foreign policy as publicly as the current one. That itself is a departure that's not limited to India," he said.
Also Read | ‘Aggressive economic leverage’: JD Vance says Trump applied secondary tariffs on India to force Russia to stop war; ‘harder for Russians to…’
"President Trump's way of dealing with the world is a very major departure... the application of tariffs in this manner even for trade is novel... the application of tariffs on non-trade is even more so,” he added.
He critiqued the selective application of tariffs regarding Russian oil imports, noting that similar measures weren't applied to China, the largest oil importer, or European nations, the primary LNG importers.
The minister highlighted the disparity in treatment, pointing out that Europe's trade volume with Russia exceeds India's. He questioned the accusation of India funding the Russia-Ukraine conflict through oil purchases, whilst European nations continue larger-scale trade with Russia.
Responding to allegations about profiting from Russian crude transactions, he firmly said that countries uncomfortable with purchasing oil or refined products from India were under no obligation to do so.
"If you have a problem buying oil or refined products from India, don't buy it. Nobody forces you to buy it. Europe buys, America buys, so you don't like it, don't buy it,” he said.
The minister noted the irony of representatives from a pro-business American administration criticising others for conducting business.
"It's funny to have people who work for a pro-business American administration accusing other people of doing business," Jaishankar said.
The minister also said that no discussions regarding Russian oil purchases had taken place with the Trump administration since January.
Also Read | ‘Funny that pro-business administration accusing…’:India’s clear message to US on buying Russian crude oil, trade deal ahead of Trump’s 50% tariffs
India-US trade deal: What’s happening?
Addressing India-US relations, he noted that discussions continue between the two major nations, as dialogue remains essential. "...the lines are not cut, people are talking to each other, and we will see where that goes," he stated.
US trade representatives have suspended their India visit planned for this week, but discussions regarding a trade agreement continue, with India maintaining its stance.
"We have red lines in the negotiations, and we have to be clear about them," he said. "What we are concerned about is that red lines are primarily the interest of our farmers and, to some extent, our small producers. So, when people pronounce that we have succeeded or failed, we as a government are committed to defending the interests of our farmers and small producers. We are determined on that. That's not something we can compromise on," Jaishankar said. "The issue of decisions which we make in our national interest is our right. And I would say that's what strategic autonomy is about."
Also Read | Amidst Trump’s tariff threats, Indo-China trade ties to see reset; India to gain from big urea shipments
Currently, the India-US relationship faces certain challenges, he noted. "It is pretty open, but it is not like we never had issues before. Other parts of the relationship are strong."
Reflecting on significant moments, he identified President Clinton's visit to India in 2000 as a crucial turning point regarding the India-US nuclear agreement. "...then probably PM Modi's visit in 2014 was the next one. I would say the overall trend has always been net net positive."
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