Trump's Trade Tirade: Tariff Tensions Rise Between the US and India
In escalating trade tensions, President Trump announced a substantial increase in tariffs for India, criticizing its import of Russian oil and military equipment. The US demands duty concessions, which India opposes. Ongoing negotiations seek a balanced trade agreement, amidst India being a major consumer of discounted Russian oil.
President Donald Trump has announced a significant hike in US tariffs on Indian goods, accusing India of profiteering from Russian oil amidst the ongoing conflict in Ukraine. This move marks the latest escalation in the trade tensions between the two nations.
Trump's administration has previously imposed a 25% tariff on all Indian imports. The US president highlighted India's strategic purchases of Russian oil and military hardware as grounds for these economic measures, despite no official notification on the matter.
In response, India asserted its commitment to protecting national interests while evaluating the tariff's implications. Amidst these tensions, both nations continue negotiations in pursuit of a mutually beneficial trade agreement, with potential duty concessions on the table for future discussions.
ALSO READ
Japan's Political Crossroads: Rising Tensions in Upper House Election
SpaceX Contracts Under Scrutiny After Trump-Musk Feud
India-Pakistan veterans' match in World Championship of Legends cancelled after Indian players, including Shikhar Dhawan, refuse to play.
Elderly Businessman Tied Up in Nighttime Heist
India’s Strides in Sustainable Development: A Dual Strategy
Google News