Reports from India's Economic Times highlight a statement made this morning by the Indian trade minister, confirming that the country plans to diversify its oil sourcing. This response follows President Trump's comments yesterday, which indicated that India would cease oil purchases from Russia to secure lower U.S. tariffs. As a result, China and Brazil are now the only significant economies left without a seemingly permanent arrangement. However, as illustrated by Canada's recent experience, it is important to recognize that these agreements are not set in stone and can be subject to future modifications.

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