Donald Trump Vows To ‘Substantially Raise’ Tariffs On India Over Russian Oil Trade | India News
United States President Donald Trump on Monday stated that since India is buying “massive amounts” of oil from Russia, and selling it, he will be substantially raising the Tariff paid by India to the U.S. This comes days after he announced that New Delhi will pay a 25 percent tariff and an additional penalty for trade deficit.
In a post on Truth Social, Trump said, “India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA.”
Trump’s Tariff On India
Trump had previously announced that the tariffs would be imposed starting August 1.
“Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country,” Trump said in a post on Truth Social.
“Also, they have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE – ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST 1st. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!”, the US President added.
(with ANI inputs)
