Russian President Vladimir Putin criticised US President Donald Trump’s efforts to pressure India and China into severing their energy ties with Russia, and said that the US tariffs on Moscow’s trade partners could backfire on the US economy
Any move by the central bank to keep rates high can have a significant economic impact on the US, depending on the state of the labour market and the level of inflation in the economy.
According to a separate report from the news agency, India is the third largest importer of oil and the largest buyer of seaborne Russian crude oil. The nation imported 1.73 million barrels per day (bpd) of crude oil from Russia between January and July 2025.
US Interest Rates
The US Federal Reserve’s FOMC decided to cut its key benchmark interest rate by 25 basis points to its current level of 4.00% to 4.25%, as the central bank aims to assess more data to determine if rates can be cut further. “If we ease too aggressively, we could leave the inflation job unfinished and need to reverse course later to fully restore 2% inflation,” said Powell in his speech.
Following a heated tariff exchange with China after the initial reciprocal tariff announcement, Trump imposed a total of 55% import duty on all Chinese goods imported into the United States, in addition to the 10% baseline tariffs.
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