Rubio to visit Mumbai and Jamnagar as India says trade deal needs preferential terms

what happened

According to ru.tradingview.com, citing ANI, former diplomat Veena Sikri said India will not sign the trade agreement with the United States until it receives preferential treatment. She linked Secretary of State Marco Rubio's planned stop in Jamnagar to Reliance Industries' investment in a refinery in Texas, which she described as the first built in the US in 50 years.

Sikri also said President Donald Trump dropped an extra tariff of up to 100% under the Lindsey Graham bill because of India's purchases of Russian oil and petroleum products. She added that a separate arrangement with Russia involves lifting some sanctions and supplying diesel to the US in large volumes.

India's Ministry of External Affairs said Foreign Minister S Jaishankar will host the UAE foreign minister in Mumbai on October 19-20 and hold talks with Rubio on October 20. The US State Department said the visit will cover energy cooperation, trade and investment.

why it matters

Markets should watch two signals: the terms of a US-India trade deal and whether Russian diesel and petroleum product flows to the US change. If sanctions are eased, the supply balance for refined products and US price expectations ahead of the elections could shift.

market impact

Oil products: possible shifts in Russian diesel flows and tariffs could weigh on Brent and the diesel market

tags

instruments