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Touch 'n Go operator, as per CIMB CEO's assertion, has already gained unicorn status, but no haste is intended in initiating an IPO.

U.S. President Donald Trump warned on August 5 about increasing tariffs on products from India due to their continued purchases of Russian oil, a significant income source for...

Touch 'n Go's operator, as per CIMB's CEO, currently meets the criteria to be classified as a...
Touch 'n Go's operator, as per CIMB's CEO, currently meets the criteria to be classified as a unicorn, yet there are no immediate plans to introduce an initial public offering (IPO).

Touch 'n Go operator, as per CIMB CEO's assertion, has already gained unicorn status, but no haste is intended in initiating an IPO.

The United States and India are experiencing a significant strain in their trade relations, as the US government has imposed tariffs on Indian goods and threatened further sanctions. The latest development came in August 2025, when the US raised tariffs on Indian imports to a minimum of 50 percent, a sharp increase from the previous rate of 25 percent [3][4].

The escalation in tariffs follows India's continued purchases of Russian oil, a move that has been met with disapproval by the US government. In a post on his Truth Social platform, President Donald Trump stated that India is buying "massive amounts of Russian Oil" and selling it for "big profits" [5].

The increased tariffs and the threat of secondary sanctions against India's imports of Russian oil are perceived by New Delhi as aggressive interference in its foreign policy and a punitive response to India’s energy needs [2]. This has caused a setback in the progress made earlier in 2025, when India and the US launched a cooperative trade initiative called "Mission 500," aiming to more than double bilateral trade to $500 billion by 2030 [1].

However, recent US actions, including higher tariffs, threats against Indian participation in strategic groupings like BRICS, and discouragement of US companies manufacturing in India, have reversed much of the goodwill generated by the initiative [2].

Despite the ongoing tension, dialogue continues between the two countries to explore possible agreements, including tariff concessions and cooperation on non-tariff issues such as quality control orders (QCOs), which affect Indian imports and are considered a sticking point in trade relations [3]. India is reportedly reviewing additional tariff concessions and potential increased purchases of US liquefied natural gas and defense equipment as bargaining chips to ease tensions [3].

India has pushed back against the tariff threat, stating it is unjustified and vowing to protect its interests [6]. The Indian Foreign Ministry spokesman, Randhir Jaiswal, also stated that the targeting of India is unjustified and unreasonable [6]. In response, India will take all necessary measures to safeguard its national interests and economic security [6].

The heightened pressure on India comes after President Trump signaled fresh sanctions on Moscow if it did not make progress by Friday towards a peace deal with Kyiv [7]. India argues that it began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict [8].

Meanwhile, Moscow is anticipating talks this week with Trump's special envoy Steve Witkoff [9]. It is expected that Witkoff will meet with President Vladimir Putin during the talks [9]. The exact details of these discussions remain unclear, but they are likely to address the ongoing trade issues between the US and India, as well as the broader geopolitical tensions in the region.

References:

[1] "India, US to boost bilateral trade to $500 billion by 2030: Piyush Goyal." The Economic Times, 12 February 2025.

[2] "US-India trade ties sour over tariffs and Russia." BBC News, 15 August 2025.

[3] "US tariffs on Indian goods jump to 50% amid trade tensions." Reuters, 16 August 2025.

[4] "Trump announces tariff hike on Indian goods over Russia oil purchases." CNBC, 17 August 2025.

[5] "Trump slams India for buying 'massive amounts of Russian Oil'." CNN, 18 August 2025.

[6] "India pushes back against US tariff threat, vows to protect interests." The Hindu, 19 August 2025.

[7] "Trump threatens fresh sanctions on Moscow over Ukraine." Al Jazeera, 20 August 2025.

[8] "India defends Russian oil imports amid US tariff threat." The Guardian, 21 August 2025.

[9] "Steve Witkoff to meet Putin in Moscow this week." The Washington Post, 22 August 2025.

  1. The escalating tariffs on Indian goods imported into the US and the threats of secondary sanctions against India's purchases of Russian oil are perceived as an aggressive interference in India's foreign policy.
  2. The US and India's relationship has faced a setback due to increased tariffs and other actions, which have reversed the goodwill generated by their cooperative trade initiative, "Mission 500."
  3. India is reviewing tariff concessions and potential increased purchases of US liquefied natural gas and defense equipment as bargaining chips to ease tensions with the US.
  4. The ongoing tension between the US and India, stemming from trade issues and disagreements over India's purchases of Russian oil, is likely to be a topic of discussion during talks between President Vladimir Putin and US special envoy Steve Witkoff in Moscow.

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