Trump imposes additional 25% tariffs on India over its purchases of Russian oil
US President Donald Trump has signed an executive order imposing an additional 25% tariff on imports from India.
Source: a statement by White House
Details: The order stipulates that the tariff will apply to goods entering the US market from 00:01 in 21 days after the publication date of the order. The measure concerns imports from India of goods linked to Russian oil.
The order is part of the US strategy to exert pressure on countries that continue trading with Russia, particularly on Russian oil. India, one of the largest importers of Russian oil, currently falls under these sanctions.
Trump’s decision also provides for further monitoring and the possibility of adjusting the economic pressure measures depending on the development of the situation on the international stage.
Background:
- Trump stated that he would significantly raise tariffs on India due to its purchases of Russian oil.
- Indian stocks fell after Trump renewed his threats to impose harsh tariffs on Indian goods over the country's oil trade with Russia.
- Indian officials said they would continue buying cheap oil from Russia despite Trump’s warnings.
- Trump had also announced plans to introduce a 25% tariff on trade with India, mentioning that the country purchases Russian oil and weapons.
- India remains confident that it can meet its oil needs through alternative sources if supplies from Russia are affected by secondary sanctions.
- Tankers under US sanctions have begun to appear in the complex maritime supply chain transporting Russian oil to India, which is currently recording a record level of such imports.
- On 5 August, Trump said he planned to "substantially" raise tariffs on Indian imports within 24 hours because New Delhi continues to purchase Russian oil.
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