NEW DELHI: In an embarrassment for American President Trump, who has cited India's oil and arms purchases from Russia to threaten additional tariffs, Russian President Vladimir Putin has said that bilateral trade with the US has grown 20%.
"Incidentally, when the new administration came to power, bilateral trade started to grow. It's still very symbolic. Still, we have a growth of 20%. As I've said, we have a lot of dimensions for joint work. It is clear that the US and Russian investment and business cooperation has tremendous potential. Russia and the US can offer each other so much in trade, digital, high tech and in space exploration. We see that Arctic cooperation is also very possible, in our international context. For example, between the far east of Russia and the West Coast of the US," Putin said after his meeting with Trump in Alaska.
Data on the US Trade Representative website pegged US goods and services trade with Russia at $5.2 billion in 2024, 25.8% lower than 2023. Putin's number's suggest the trend of falling trade has been reversed. According to USTR data, goods trade was pegged at $3.5 billion in 2024, with imports from Russia adding up to $3 billion.
After Trump's announcement of an additional 25% tariff on Indian goods, effective Aug 27, India had pointed to US trade with Russia, while terming the action "unjustified and unreasonable". The ministry of external affairs had said that the US continued to import uranium hexafluoride for its nuclear industry from Russia along with palladium for its EV industry, fertilisers as well as chemicals.
Trump had avoided responding to a query on the issue. "I don't know anything about it. I have to check it out," he had said in response to a question from a journalist.
"Incidentally, when the new administration came to power, bilateral trade started to grow. It's still very symbolic. Still, we have a growth of 20%. As I've said, we have a lot of dimensions for joint work. It is clear that the US and Russian investment and business cooperation has tremendous potential. Russia and the US can offer each other so much in trade, digital, high tech and in space exploration. We see that Arctic cooperation is also very possible, in our international context. For example, between the far east of Russia and the West Coast of the US," Putin said after his meeting with Trump in Alaska.
Data on the US Trade Representative website pegged US goods and services trade with Russia at $5.2 billion in 2024, 25.8% lower than 2023. Putin's number's suggest the trend of falling trade has been reversed. According to USTR data, goods trade was pegged at $3.5 billion in 2024, with imports from Russia adding up to $3 billion.
After Trump's announcement of an additional 25% tariff on Indian goods, effective Aug 27, India had pointed to US trade with Russia, while terming the action "unjustified and unreasonable". The ministry of external affairs had said that the US continued to import uranium hexafluoride for its nuclear industry from Russia along with palladium for its EV industry, fertilisers as well as chemicals.
Trump had avoided responding to a query on the issue. "I don't know anything about it. I have to check it out," he had said in response to a question from a journalist.
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