For India, the immediate relief is for its crude supply basket and exporters. If India decided to give up Russian crude oil, its single largest supplier would have gone off the table, with no easy replacement amid Middle East tensions. If it continued to buy Russian crude, then the 100% tariffs would have weighed on its exports to the US.
For India, the immediate relief is for its crude supply basket and exporters. If India decided to give up Russian crude oil, its single largest supplier would have gone off the table, with no easy replacement amid Middle East tensions. If it continued to buy Russian crude, then the 100% tariffs would have weighed on its exports to the US.
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