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Graham Act Unsettled India-US Trade Relations: Finance Ministry
Graham Act Unsettled India-US Trade Relations: Finance Ministry
Sputnik India
The passage of the Lindsey O Graham Sanctioning Russia and Iran Act in the US Congress and the presidential assent "unsettled" the India-US trade relations,
2026-10-01T15:09+0530
2026-10-01T15:09+0530
2026-10-01T15:10+0530
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The passage of the Lindsey O Graham Sanctioning Russia and Iran Act in the US Congress and the presidential assent "unsettled" the India-US trade relations, according to the 'Monthly Economic Review' for September released by the Indian Finance Ministry on Thursday.New Delhi has pushed back against US pressure dictating its energy choices, with External Affairs Minister (EAM) S Jaishankar expressing India's concerns over the act with US Secretary of State Marco Rubio during their meeting on the sidelines of UN General Assembly (UNGA) on 23 September. Separately, India's Foreign Secretary Vikram Misri also reiterated New Delhi's concerns on the Act to a bipartisan US Congress delegation led by House Foreign Affairs Committee Chairman Brian Mast in New Delhi last week.India has said that enforcing these tariffs against India would have "potential implications" not just for bilateral ties but also for global energy markets.Besides the "unfavourable" global conditions caused by high oil prices, the report also noted a sharp surge in global bond yields compared to the Indian bond yields, creating a pressure on Indian rupee (INR).The report also expressed concern over growing "weaponisation" of supply chains, while also stating that the "Artificial Intelligence (AI) bubble" was yet to begin its "inevitable deflation".
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Graham Act Unsettled India-US Trade Relations: Finance Ministry
15:09 01.10.2026 (Updated: 15:10 01.10.2026) Prime Minister Narendra Modi and President Donald Trump discussed energy and trade issues during their telephone call on Thursday, an Indian readout said.
The passage of the Lindsey O Graham Sanctioning Russia and Iran Act in the US Congress and the presidential assent "unsettled" the India-US trade relations, according to the 'Monthly Economic Review' for September released by the Indian Finance Ministry on Thursday.
The Indian government report said that despite a spike in crude prices, "timely government measures" to secure energy supplies and diversifying imports helped "insulate domestic activity from the external shock".
New Delhi has pushed back against US pressure dictating its energy choices, with
External Affairs Minister (EAM) S Jaishankar expressing India's concerns over the act with
US Secretary of State Marco Rubio during their meeting on the sidelines of UN General Assembly (UNGA) on 23 September. Separately, India's Foreign Secretary Vikram Misri also reiterated New Delhi's concerns on the Act to a bipartisan US Congress delegation led by House Foreign Affairs Committee Chairman Brian Mast in New Delhi last week.
India has said that enforcing these tariffs against India would have
"potential implications" not just for bilateral ties but also for global energy markets.
Hours after the Modi-Trump call, Indian Commerce Minister Piyush Goyal discussed the "early conclusion" of an interim trade deal with the US Trade Representative (USTR) Jamieson Greer on the margins of G20 Trade Ministers' Meeting.in Minnesota, US.
Besides the "unfavourable" global conditions caused by high oil prices, the report also noted a sharp surge in global bond yields compared to the Indian bond yields, creating a pressure on Indian rupee (INR).
The review said that India, like many other developing nations, was facing a "stiff challenge" in attracting foreign capital amid a growing competition with developed nations amid a "renewed" competition, a likely reference to the US policies.
This has been creating "short-term pressure" on Indian assets, including the INR, it said.
The report also expressed concern over growing "weaponisation" of supply chains, while also stating that the "Artificial Intelligence (AI) bubble" was yet to begin its "inevitable deflation".
