Trump threatens India with 'punitive' tariffs - Warns of measures on Indian goods due to Russian imports
President Donald Trump said he would "substantially" increase tariffs on India because the country still imports Russian oil. "India is not only buying large quantities of Russian oil, but then selling most of it on the open market for huge profits," the president posted on his social media account, Truth Social. "Because of this, I will be substantially increasing the tariff paid by India to the United States."
But India opposed the move, saying it was being unfairly targeted by the United States and the European Union for importing oil from Russia.
Tariffs are taxes paid directly by importers, although countries that export goods can be hurt indirectly, as higher prices tend to reduce demand. This forces countries to buy more from other countries with lower tariffs or to increase domestic production.
Last week, Trump threatened a minimum tariff of 25% on goods coming from India, which would take effect at the end of this week. Indian goods are currently subject to a minimum tariff of 10%. The US president did not specify how much the tariffs would be if India continues to buy Russian oil.
India's external affairs ministry said the country started importing from Russia because traditional supplies were diverted to Europe after the war in Ukraine broke out. "India's imports are aimed at ensuring predictable and affordable energy costs for the Indian consumer. They are a necessity forced by the global market situation," the statement said. India pointed out that the US and EU were also "engaging in trade with Russia."
"Against this backdrop, targeting India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to protect its national interests and economic security," the statement underlined.
Trump's tariff threat comes as he has increased pressure on Russian President Vladimir Putin to reach a ceasefire with Ukraine within days, shortening a previous deadline.
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