Indian Prime Minister Narendra Modi will visit China for the first time in over seven years, a government source said on Wednesday, in a further sign of a diplomatic thaw with Beijing as tensions with the United States rise.<\/p>\n
Modi will go to China for a summit of the multilateral Shanghai Cooperation Organisation (SCO) that begins on Augst 31, the government source, with direct knowledge of the matter, told Reuters. India\u2019s foreign ministry did not immediately respond to a request for comment.<\/p>\n
His trip will come at a time when India\u2019s relationship with the US faces its most serious crisis in years after President Donald Trump imposed the highest tariffs among Asian peers on goods imported from India, and has threatened an unspecified further penalty for New Delhi\u2019s purchases of Russian oil.<\/p>\n
Modi\u2019s visit to the Chinese city of Tianjin for the summit of the SCO, a Eurasian political and security grouping that includes Russia, will be his first since June 2018. Subsequently, Sino-Indian ties deteriorated sharply after a military clash along their disputed Himalayan border in 2020.<\/p>\n
Modi and Chinese President Xi Jinping held talks on the sidelines of a BRICS summit in Russia in October that led to a thaw. The giant Asian neighbours are now slowly defusing tensions that have hampered business relations and travel between the two countries.<\/p>\n
Trump has threatened to charge an additional 10pc tariff on imports from members \u2014 which include India \u2014 of the BRICS group of major emerging economies for \u201caligning themselves with anti-American policies\u201d.<\/p>\n
Trump said on Wednesday his administration would decide on the penalty for buying Russian oil after the outcome of US efforts to seek a last-minute breakthrough that would bring about a ceasefire in the war in Ukraine.<\/p>\n
Trump\u2019s top diplomatic envoy, Steve Witkoff, is in Moscow, two days before the expiry of a deadline the president set for Russia to agree to peace in Ukraine or face new sanctions.<\/p>\n
Meanwhile, India\u2019s National Security Adviser Ajit Doval is in Russia on a scheduled visit and is expected to discuss India\u2019s purchases of Russian oil in the wake of Trump\u2019s pressure on India to stop buying Russian crude, according to another government source, who also did not want to be named.<\/p>\n
Doval is likely to address India\u2019s defence cooperation with Russia, including obtaining faster access to pending exports to India of Moscow\u2019s S400 air defence system, and a possible visit by President Vladimir Putin to India.<\/p>\n
Doval\u2019s trip will be followed by Foreign Minister Subrahmanyam Jaishankar in the weeks to come.<\/p>\n
Export impact
\nUS and Indian officials told Reuters a mix of political misjudgement, missed signals and bitterness scuttled trade deal negotiations between the world\u2019s biggest and fifth-largest economies, whose bilateral trade is worth over $190 billion.<\/p>\n
India expects Trump\u2019s crackdown could cost it a competitive advantage in about $64bn worth of goods sent to the US that account for 80pc of its total exports, four separate sources told Reuters, citing an internal government assessment.<\/p>\n
However, the relatively low share of exports in India\u2019s $4 trillion economy is expected to limit the direct impact on economic growth.<\/p>\n
On Wednesday, the Reserve Bank of India left its GDP growth forecast for the current April-March financial year unchanged at 6.5pc and held rates steady despite the tariff uncertainties.<\/p>\n","protected":false},"excerpt":{"rendered":"
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