New Delhi: In a sharp exchange during their Alaska meeting, Russian President Vladimir Putin reminded Donald Trump that trade between the US and Russia had actually grown 20 percent under the Trump administration, even as the US President threatened new tariffs on India for purchasing Russian oil.

Trump recently warned India of a 25 percent tariff for continuing crude oil imports from Russia. But Putin pointed out that despite tensions, economic ties with the US were expanding.

“Under the new US administration, our bilateral trade has increased—so far, a symbolic figure, but still 20 percent higher. There are many areas where Russia and the US can cooperate,” Putin said, highlighting opportunities in energy, digital technologies, space, and Arctic development. He also emphasized the potential for stronger business ties between the Russian Far East and the US West Coast.

Russian news agency TASS reported that the Alaska summit showed Washington understands the benefits of economic cooperation with Moscow.

Meanwhile, Trump appeared to soften his stance on India. Speaking to Fox News aboard Air Force One, he said the US may not impose secondary tariffs on countries like India that continue buying Russian oil.

“Well, Putin lost a client in India, which was importing about 40 percent of the oil. China is buying a lot… If I apply a secondary tariff, it would be devastating for them. If I have to, I’ll do it. Maybe I won’t have to,” Trump said.

Still, the US has signaled that secondary sanctions on India, including the proposed 25 percent tariff, could take effect as early as August 27.

Earlier this week, US Treasury Secretary Scott Bessent warned that if Trump’s meeting with Putin did not go well, penalties on India could be raised even further.