Trade between US, Russia grew 20 per cent under Trump administration: Putin

New Delhi/Moscow:  As US President Donald Trump singled out India to impose tariffs for purchasing Russian energy, Russian President Vladimir Putin, during his meeting with Trump in Alaska, has said that trade between the US and Russia had grown 20 per cent under the US administration.

Trump had earlier threatened to penalise India with a 25 per cent tariff for buying oil from Russia.

“By the way, under the new US administration, our bilateral trade has been on the rise. So far, it is a symbolic figure but still, the trade is 20 per cent higher. What I am saying is that we have many interesting areas for cooperation,” said Putin.

“It is obvious that the Russian-US business and investment partnership holds tremendous potential. Russia and the United States have much to offer each other in trade, energy, digital and high technologies, and space development,” he added.

Putin further said that cooperation in the Arctic and the resumption of region-to-region contacts, including between the Russian Far East and the West Coast of the US, also appear relevant.

Russian news agency TASS reported that Trump understands that economic cooperation with Russia will benefit Washington. “The summit in Alaska showed that the US understands its benefits in the context of economic cooperation with Russia,” the agency’s source said.

Meanwhile, Trump has hinted that the US may not impose secondary tariffs on India over purchasing Russian energy.

Speaking to Fox News aboard Air Force One en route to Alaska, Trump said the US may not impose secondary tariffs on countries continuing to buying Russian crude oil. “Well, he (Vladimir Putin) lost an oil client, so to speak, which is India, which was doing about 40 per cent of the oil. China, as you know, is doing a lot…,” said Trump.

“And if I did what’s called a secondary sanction, or a secondary tariff, it would be very devastating from their standpoint. If I have to do it, I’ll do it. Maybe I won’t have to do it,” he added.

The secondary 25 per cent tariffs on India are likely to come into effect from August 27.

Earlier this week, US Treasury Secretary Scott Bessent said if “things don’t go well” between Trump and Putin at the Alaska summit, then secondary sanctions on India for purchasing Russian oil could go higher.

–IANS