Trump's Stance on Secondary Tariffs: Impact on India and Russia
President Trump suggests the US might not impose secondary tariffs on countries buying Russian oil, easing concerns for India. His remarks came during an Air Force One interview before a summit with Putin. Treasury Secretary Bessent warned if talks fail, tariffs on India might increase, impacting its economy.
In a recent announcement, President Donald Trump hinted that the United States might not enforce secondary tariffs on countries that continue procuring crude oil from Russia. This statement alleviated fears that India would face additional financial penalties.
The comments were made during an interview with Fox News while the president was aboard Air Force One, heading to a crucial summit with Russian President Vladimir Putin. Despite the high expectations, the meeting ended without reaching an agreement on the ongoing Russia-Ukraine conflict.
US Treasury Secretary Scott Bessent signaled that if negotiations fell through, India could still face elevated tariffs for purchasing Russian oil. The Ministry of External Affairs in India responded, labelling the potential tariffs as unjustified and pledging to protect its national interests.
(With inputs from agencies.)
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