Because India imports Russian crude oil, US President Donald Trump said in a post on Truth Social on Wednesday that he intends to put a 25% tariff on Indian goods and an extra import tax. Remember, despite India is our friend, we possess over the years, done relatively little business with them since their tariffs are far too high, among the highest in the world,” read the post.
He went on to criticize India’s “strenuous and obnoxious” trade obstacles. The Times of India reports that around 35% of India’s imports of crude oil come from Russia, with shipments peaking in June of this year for the second time in two years. The escalating full-scale invasion of Ukraine has led to sanctions from the United States against Russian oil producers and ships.
At a time when “everyone wants Russia to stop the killing in Ukraine,” Trump said that India is Russia’s biggest energy supplier and purchases “a vast majority of their military equipment from Russia.
Consequently, he plans to impose an extra, as-yet-unspecified “penalty” beginning Friday as part of the administration’s new tariffs on several nations. New Delhi has opposed Western sanctions on Moscow for its conflict in Ukraine, despite the close ties between Russia and India.
Also Read:
Medhat Elabd: Driving Financial Foresight Through Trust and Precision
