India commits to halt Russian oil purchases, invest $500B in U.S: White House
New York/Washington (PTI): The White House has hailed a new trade agreement with India, saying the country has committed to “no longer” purchasing Russian oil, with Prime Minister Narendra Modi also agreeing on investments of USD 500 billion across key American sectors.
These remarks were made by White House Press Secretary Karoline Leavitt on Tuesday.
"The President struck another great trade deal with India. He spoke with Prime Minister Modi directly. They share a very good relationship. India is committed to not only no longer purchasing Russian oil, but buying oil from the United States, also perhaps from Venezuela too, which we know will now have a direct benefit on the United States and the American people,” Leavitt told reporters Tuesday.
She further said that in addition to that, Prime Minister Modi “committed to $500 billion of investments into the United States, including for transportation, for energy and for agricultural products as well. So this is another great trade deal thanks to President Trump.”
Earlier, speaking to Fox News about the India-US trade deal, Leavitt said the two leaders had a “great call” on Monday, following which the bilateral trade deal was announced.
“...when it comes to Prime Minister Modi, I know he (Trump) particularly enjoys their relationship and has a deep respect for the Prime Minister and for his country of India.
“They had a great call. It was very productive yesterday, and they struck a deal in which India has agreed to stop purchasing Russian oil to buy more American oil from the United States of America, and potentially from Venezuela too,” she said.
Leavitt added that Trump and his national security team are “now dictating” the commerce of Venezuela and those oil sales.
“So this directly benefits the American people as well. And in addition, India has agreed to invest more in the United States because of President Trump's call to action on that phone call yesterday. Prime Minister Modi committed to USD 500 billion of purchases of US energy, transportation, and agricultural products,” she said.
Leavitt said the US tariff on India will now be at 18 per cent, but American exports to India will face a tariff of 0 per cent, so this is a great deal and a huge win for American workers, businesses and consumers alike.”
The Trump administration had imposed 50 per cent tariffs on India, including 25 per cent for Delhi’s purchases of Russian oil.
In a Truth Social post on Monday, Trump had said that, effective immediately, the two sides agreed to a trade deal under which the US will lower its reciprocal tariff imposed on India from 25 per cent to 18 per cent. India will also move forward to reduce its tariffs and non-tariff barriers against the United States to “zero".
“The Prime Minister also committed to ‘BUY AMERICAN’, at a much higher level, in addition to over $500 BILLION DOLLARS of US Energy, Technology, Agricultural, Coal, and many other products.
“Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people who GET THINGS DONE, something that cannot be said for most,” Trump said.
Modi said it was wonderful to speak with his “dear friend" Trump.
"Delighted that Made in India products will now have a reduced tariff of 18 per cent. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,” Modi said.
"When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation. President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights,” Modi said.
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US warns shipping firms they could face sanctions over paying Iranian tolls in Strait of Hormuz
Dubai (AP): The United States is warning shipping companies that they could face sanctions for making payments to Iran to safely pass through the Strait of Hormuz.
The alert posted Friday by the US Office of Foreign Assets Control adds another layer of pressure in the standoff between the US and Iran over control of the Strait of Hormuz.
About a fifth of the world's trade in oil and natural gas typically passes through the strait at the mouth of the Persian Gulf in peacetime.
Iran effectively closed the strait to normal traffic by attacking and threatening to attack ships after the US and Israel launched a war on Feb. 28. It later began offering some ships safe passage by detouring them through alternate routes closer to its shoreline, charging fees at times for the service.
That "tollbooth” effort is the focus of the US sanctions warning.
The payment demands could include transfers not only in cash but also “digital assets, offsets, informal swaps, or other in-kind payments,” including chartibale donations and payments at Iranian embassies, OFAC said.
“OFAC is issuing this alert to warn US and non-US persons about the sanctions risks of making these payments to, or soliciting guarantees from, the Iranian regime for safe passage. These risks exist regardless of payment method,” it said.
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The US responded to Iran's closure of the strait with a naval blockade of its own on April 13, preventing any Iranian tankers from leaving and depriving Iran of oil revenue it needs to shore up its ailing economy.
The US Central Command said 45 commercial ships have been told to turn around since the blockade began.
Trump rejects Iranian proposal
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The warning came as US President Donald Trump swiftly rejected Iran's latest proposal to end the war between the countries.
“They want to make a deal, I'm not satisfied with it, so we'll see what happens,” Trump said Friday at the White House. He didn't elaborate on what he saw as its shortcomings but expressed frustration with the Iranian leadership.
“It's a very disjointed leadership,” Trump said. “They all want to make a deal, but they're all messed up.”
Iran's state-run IRNA news agency reported Iran handed over its plan to mediators in Pakistan on Thursday night.
The shaky three-week ceasefire between the US and Iran appears to be holding, though both countries have traded accusations of violations. The standoff is increasingly putting pressure on the global economy, driving up prices and leading to shortages of fuel and other products tied to the oil industry.
Negotiations continued by phone after Trump called off his envoys' trip to Pakistan last week, the president said. Trump this week floated a new plan to reopen the critical passageway used by America's Gulf allies to export their oil and gas.
Iranian Foreign Minister Abbas Araghchi has briefed many of his regional counterparts on the country's initiatives to end the ear, according to his social media. He also held talks Friday with European Union foreign policy chief Kaja Kallas, who is in contact with the EU's Gulf partners.
China's UN envoy urges Iran to lift restrictions
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Fu Cong, the Chinese ambassdor to the United Nations, said Friday that maintaining the ceasefire is “the most urgent issue" as well as bringing together the sides to resume good faith negotiations “to make sure that the ground is laid for reopening of Hormuz.”
Foreign Minister Wang Yi “has been on the phone almost constantly” with representatives from all sides, Fu said, adding that China supports Pakistan's efforts to mediate between the parties.
Fu stressed the root cause of the tremendous suffering in Iran and neighboring countries and the growing turmoil in the global economy, especially in developing countries, “is the illegitimate war by the US and Israel.
