An executive order signed by Trump imposes a 25% tariff on India's purchases of Russian oil, increasing the total tariffs to 50%. These tariffs take effect in 21 days, allowing India and Russia time to negotiate. The tariffs could disrupt India's economy, which had been seen as a manufacturing alternative to China. India's Foreign Ministry condemned the tariffs as unfair and emphasized that imports are based on market factors to ensure energy security for its population. Analysts noted this positions India among the most heavily taxed U.S. trading partners.
The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes.
Ajay Srivastava noted the latest tariff places India among the most heavily taxed U.S. trading partners and far above rivals such as China, Vietnam, and Bangladesh.
The Indian government called the additional tariffs 'unfortunate,' stating that these actions are unfair, unjustified, and unreasonable.
India's Foreign Ministry emphasized that the country's imports are based on market factors and aimed at ensuring energy security for its 1.4 billion people.
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