Tensions in U.S.-India trade relations cause Ambani family to delay their New York cultural event.
In a surprising turn of events, the Nita Mukesh Ambani Cultural Centre (NMACC) has postponed its highly anticipated "India Weekend" at the Lincoln Center in New York. The postponement comes amidst strained US-India trade relations, with the US government doubling tariffs on Indian imports up to 50%.
The relationship between Mukesh Ambani, chairman of Reliance Industries, and former US President Donald Trump has become tense due to these developments. Although Ambani himself was not named, his company Reliance Industries is the largest buyer of Russian oil in India, and the Ambani family postponed a cultural event in New York.
Reliance Industries operates the world's largest refining complex in Gujarat and has a crude supply arrangement for about 500,000 barrels per day with Russia's Rosneft. This deal makes it the largest such agreement between India and Russia.
The US officials criticized India's purchases of discounted Russian crude, stating they hinder efforts to end the Russian war in Ukraine. India, however, has defended its purchases on economic grounds and has criticized the US and European Union for singling out New Delhi over its Russian oil purchases.
President Donald Trump's administration doubled tariffs on a range of Indian imports, with some reaching as high as 50%. Trump stated that India offered to reduce tariffs on US goods to zero.
The postponement of the event does not constitute a cancellation, and the NMACC remains committed to bringing the event to New York at a later date. The event was scheduled to feature Michelin-star chef Vikas Khanna, designer Manish Malhotra, and a show called "The Great Indian Musical: Civilization to Nation".
Ticket buyers for the event will receive refunds. No information was provided about any direct criticism of Mukesh Ambani by US officials.
Despite these challenges, Mukesh Ambani urged Indian businesses to work together to shield the economy from external shocks, calling for greater self-reliance in key technologies and industries, in his annual address.
As the situation unfolds, it remains to be seen how these trade tensions will impact the future of business relations between the US and India.
