In response to India’s ongoing purchases of Russian oil amid the Ukraine conflict, President Trump has declared a significant increase in tariffs that could reshape international trade dynamics.
Trump Imposes Heavy Tariffs on Indian-Russian Oil Trade
Trump Imposes Heavy Tariffs on Indian-Russian Oil Trade
U.S. President Donald Trump announces an Executive Order imposing an additional 25% tariff on Indian oil imports from Russia, raising total tariffs to 50%.
President Donald Trump has announced an executive order that sets an additional 25% tariff on Indian imports of Russian oil, which now raises the total tariff on such oil to a staggering 50%. This decision escalates tensions between the United States and India, with Trump emphasizing the action as a necessary response to India’s ongoing purchases that bolster Russia’s economy amidst the ongoing war in Ukraine. According to the executive order, the tariff hike will come into effect 21 days after the order, which has been framed as a measure to protect U.S. national security and to deter support for Russia's military actions.
The White House issued statements linking India's importation of Russian oil to a broader threat to U.S. interests, describing it as undermining efforts to counteract Russian aggression. Furthermore, U.S. officials indicated that they would evaluate oil imports from other nations, potentially leading to further interventions. This move follows discussions held by Steve Witkoff, Trump's envoy, aimed at promoting peace in the conflict.
India's response to the tariff threat labelled it "unjustified and unreasonable." A spokesperson from India's foreign ministry, Randhir Jaiswal, highlighted that India had resumed Russian oil imports primarily because of alterations in the global energy market following the onset of the Ukraine crisis, which had diverted many traditional suppliers to Europe.
Despite the strained relations, India noted its status as a significant trading partner with the U.S., even while observing that the U.S. itself continues engaging in trade with Russia amidst imposed tariffs and sanctions. India's foreign ministry reiterated its commitment to safeguard its national interests and economic security in light of these developments.
The White House issued statements linking India's importation of Russian oil to a broader threat to U.S. interests, describing it as undermining efforts to counteract Russian aggression. Furthermore, U.S. officials indicated that they would evaluate oil imports from other nations, potentially leading to further interventions. This move follows discussions held by Steve Witkoff, Trump's envoy, aimed at promoting peace in the conflict.
India's response to the tariff threat labelled it "unjustified and unreasonable." A spokesperson from India's foreign ministry, Randhir Jaiswal, highlighted that India had resumed Russian oil imports primarily because of alterations in the global energy market following the onset of the Ukraine crisis, which had diverted many traditional suppliers to Europe.
Despite the strained relations, India noted its status as a significant trading partner with the U.S., even while observing that the U.S. itself continues engaging in trade with Russia amidst imposed tariffs and sanctions. India's foreign ministry reiterated its commitment to safeguard its national interests and economic security in light of these developments.
