Last year, India’s oil purchases from Russia caused the trade war to escalate. However, India and the USA have just reached an agreement, ensuring that tensions regarding tariffs will not escalate on at least one front. This is a positive development for cryptocurrencies.
Customs Tariffs Last Minute
US tariffs were the dream of cryptocurrency investors last year. Believing that the war between Russia and Ukraine would end “if Russia cannot sell oil”, Trump made gravely threatening statements on this issue. Putin gave sarcastic answers to Trump, who said that he could impose more than 100% tariffs on China and India “just because they buy oil from Russia.” In fact, Putin, who made bilateral statements with India and China and talked about increasing cooperation etc., did not think that 100% tariffs would put pressure on his partners.
Meeting with Modi today trump finally announced that they reached an agreement with India. The issues on which agreement was reached and the important highlights of Trump’s statements are as follows:
- India has agreed to stop buying oil from Russia and buy much more oil from the United States and possibly Venezuela.
- A trade agreement will be signed in which the US will reduce bilateral customs duties from 25% to 18%.
- India will also reduce its customs duties and non-tariff barriers to the USA to zero.
- India will purchase over $500 billion worth of US energy, technology, agriculture, coal and many other products, plus a much higher level of US goods.
Trump said;
“Our wonderful relationship with India will only grow stronger from now on. Prime Minister Modi and I are GETTING THE THINGS DONE, which is something that cannot be said for many. Thank you for your interest in this matter!”
Meanwhile, while the article was being prepared, there was another last minute development. The BLS will not release its January employment report on Friday. government shutdown It was announced that the report would be delayed due to of data of cryptocurrencies The report was not published in this environment because it was feared that it would come against anyone. Its postponement is in favor of cryptocurrencies.
