India tariff news LIVE updates: Trump rules out trade talks; Moody's India GDP forecast out

INdia tariff intelligence unrecorded updates: Amid the on-going tariff tussle betwixt republic of india and the United States, US President Donald Trump ruled out trade talks with New Delhi unless the tariff issue is resolved.India and the US have been negotiating a bilateral trade agreement (BTA) since March, with an aim to more than double the bilateral trade in goods and services to USD 500 billion by 2030 from the current USD 191 billion. So far, five rounds of talks have been completed.Trump's remark comes a day after the US imposed punishing 50% tariffs on India. Half of these tariffs came into effect on Thursday, and the other half, imposed as a penalty for buying oil from Russia, will come into effect on August 27.As the situation develops, Moody's Ratings on Friday said India's GDP growth is likely to slow down by about 30 basis points to 6 per cent in the current fiscal if the US implements 50 per cent tariffs.However, resilient domestic demand and the strength of the services sector will mitigate the strain on India, Moody's said, adding that India's response to high US tariffs will ultimately determine the effect on its growth, inflation and external position.India-US tariff: Russian oil behind additional tariffOn August 6, the US announced an additional 25 per cent tariff on all Indian imports, in addition to an existing 25 per cent duty, taking the total duty to 50 per cent effective August 27.The White House said the measure responds to India's continued purchase of Russian oil.The imposition of an additional 25% duty on India is a “national security issue” associated with New Delhi’s “abject refusal to stop buying Russian oil”, White House trade adviser Peter Navarro has said.US-India tariff updates: What do we know?On August 6, the US announced an additional 25 per cent tariff on all Indian imports, in addition to an existing 25 per cent duty.The White House said the measure responds to India's continued purchase of Russian oil.Since 2022, India has increasingly ramped up its crude oil imports from Russia as demand from the latter's traditional offtakers dried up amid sanctions tied to its invasion of Ukraine.Putin held talks with India's National Security Adviser Ajit Doval at the Kremlin on Thursday, with Russia's state-run RIA news agency reporting that they had stressed their commitment to a "strategic partnership".The 50 per cent tariff on India compares with the 15-20 per cent duty for other Asia-Pacific countries.India and the US have been negotiating a bilateral trade agreement (BTA) since March. So far, five rounds of talks have been completed.Dammu Ravi, secretary of economic relations in India's external affairs ministry, told reporters that the US tariff hike “lacks logic”.