Trump Slaps 25% Tariff and Penalty on India Amid Russian Oil Imports Rally
President Donald Trump announced a 25% tariff on all goods from India, with an added penalty for Russian oil imports. The move comes shortly before trade negotiations between the nations. India's reliance on Russian crude oil has escalated, prompting this unprecedented tariff and penalty response from the US.
- Country:
- United States
President Donald Trump has imposed a significant tariff of 25% on all imported goods from India, beginning August 1. The decision also includes an unspecified penalty linked to India's sizable purchase of Russian crude oil and military hardware.
The announcement, made unexpectedly on Wednesday, came just a day after Indian officials had welcomed news of a visit by a US trade delegation later in the month for further negotiations. The latest move appears to be a strategic pressure tactic as the US seeks to secure a favorable trade deal with India.
India's increasing reliance on Russian oil, now accounting for up to 40% of its total imports, has drawn additional scrutiny, fueling tensions in an already challenging global trade environment. Despite expressing disappointment over the new tariffs, India remains committed to securing a balanced bilateral trade agreement with the US.
(With inputs from agencies.)
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