With the U.S.’s attempt at regime change in Venezuela going nowhere fast it’s becoming increasingly obvious that major
vassals allies aren’t scared of the consequences of defying us.
India, in particular, has been quite clear in its opposition to Trump’s edicts on who they can and cannot trade with. And with Prime Minister Narendra Modi reeling from a corruption scandal it’s clear he isn’t going to give Trump an inch on important trade issues, especially with Modi in full re-election mode.
Not only has India defied the U.S. over buying Iranian oil and Russian S-400 missile defense systems but now they continue to flaunt U.S. sanctions on Venezuela upping its purchases from 400,000 barrels per day to more than 600,000.
The quantity of exports to India has jumped 66 per cent to 620,000 barrels a day and the boost is being driven by refiners like Reliance Industries Ltd and Nayara Energy Ltd, backed by Rosneft, Russia.
Overall though, Venezuela’s crude exports have taken a dip as the US has intensified the sanctions against the Latin American nation’s oil company.
The response from the U.S. was the nearly inconsequential removing India from the Generalized System of Preferences which created tariff-free trade on a number of products between the U.S. and India.
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It amounts to $190 million in net benefit to India a year.
The preferential treatment brought India an annual “actual benefit” of just $190 million, he told reporters.
Of the 3,700 products covered, India used the concession for just 1,784, Wadhawan added.
“The benefit to industry is low, U.S. tariffs are already low,” said…