Congress leader Jairam Ramesh said the details of the trade deal were still sketchy, but one thing was clear that India can no longer purchase oil from Russia if it had to evade US penalties.
India US issue joint statement on trade deal (Photo: IANS)
As India and the United States issued a joint statement on the recently finalised bilateral trade deal, opposition parties have expressed concerns over the changing dynamics in India-Russia trade relations.
Senior Congress MP and former union minister Jairam Ramesh took a jibe and said ‘Namaste Trump’ had won and ‘Howdy Modi’ had lost, referring to two events that were held in India and the US during the leaders’ bilateral visits.
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Ramesh said the details on the trade deal were still sketchy but one thing was very clear that India can no longer purchase oil from Russia if it had to evade US penalties.
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“Namaste Trump jeete, Howdy Modi haare. The joint statement, which has been issued, is not very detailed, but whatever information we could collect makes five things very clear. First, we will not purchase Russian oil, and if we do, a fine will be imposed on us in the form of 25 per cent tariffs,” the Congress leader told news agency ANI.
“Second, we will either reduce or remove import duty on agricultural imports from the US. Our imports from the US will increase by three times every year. This means our trade with the US, which is in surplus, will become a deficit. Fourth, there is no mention on IT and services sector. Fifth, export duty on Indian products is increasing,” he added.
#WATCH | Delhi: On US-India Interim Trade Agreement, Congress MP Jairam Ramesh says, “… Namaste Trump jeete, Howdy Modi haare. The joint statement, which has been issued, is not very detailed, but whatever information we could collect makes five things very clear. First, we… pic.twitter.com/GtG6jKMUX5
— ANI (@ANI) February 7, 2026
Ramesh asserted that the trade deal announced by Trump and Modi is only in America’s interests. He added that everything will become clear once the complete details of the deal emerge.
Aam Aadmi Party MP Sanjay Singh also suggested that India cannot trust the US and give up on a friend like Russia.
“The US has always betrayed you, and Russia has supported you at that time. The American and Indian finance ministers have issued a joint statement. It says that they have auctioned off farmers’ interests. India is the world’s largest coal producer, but you will buy it from the US? We will have to find out who are the businessmen benefiting from this,” Singh said.
The remarks came as India and the US released a joint statement on the Interim Agreement on Trade. Union Minister for Commerce and Industry, Piyush Goyal, will be addressing a press conference as well later today on the India-US Joint Statement on the interim free trade deal.
As per the joint statement, India will eliminate or reduce tariffs on all US industrial goods and a wide range of American food and agricultural products, including dried distillers’ grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products.
The United States, on its part, will apply a reciprocal tariff rate of 18 percent on originating goods of India, including textile and apparel, leather and footwear, plastic and rubber, organic chemicals, home décor, artisanal products, and certain machinery. Post the successful conclusion of the Interim Agreement, the US will also remove the reciprocal tariff on a wide range of goods including generic pharmaceuticals, gems and diamonds, and aircraft parts.
The US will also remove tariffs on certain aircraft and aircraft parts of India imposed to eliminate threats to national security.
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