Trump Says India Tariffs To Be Raised Substantially 'Over Next 24 Hours'
India is the "highest tariff nation", Trump said, adding that the country "not been a good trading partner".
US President Donald Trump on Tuesday said the tariffs imposed against India will be raised substantially "over the next 24 hours". His remarks, while speaking to the American media, came a day after he sharpened his rhetoric against New Delhi, accusing it of profiteering from the Russia-Ukraine war.
India is the "highest tariff nation", Trump said on Tuesday, adding that the country has "not been a good trading partner".
A day earlier, he had taken to social media to announce that the tariffs against India would be raised "substantially" due to its purchase of Russian crude oil.
"India is not only buying massive amounts of Russian oil, they are then, for much of the oil purchased, selling it on the open market for big profits. They don’t care how many people in Ukraine are being killed by the Russian war machine. Because of this, I will be substantially raising the Tariff paid by India to the US, " Trump posted on Truth Social on Monday.
The statement drew a response from India, which pointed out that the US had encouraged New Delhi's Russian oil imports after the Ukraine conflict commenced to maintain stability in the global energy market.
"India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict. The United States at that time actively encouraged such imports by India for strengthening global energy markets stability," the Ministry of External Affairs said in a statement issued last night.
The MEA also countered the US by pointing out that the country, along with the European Union, has been indulging in trade with Russia itself amid the ongoing Ukraine war.
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"...it is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion," the MEA spokesperson said.
Europe-Russia trade includes not just energy, but also fertilisers, mining products, chemicals, iron and steel and machinery and transport equipment, the ministry pointed out.
Whereas the US is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilisers as well as chemicals, it further said.
Notably, Trump last week announced 25% tariffs on India starting Aug. 7, along with an unspecified "additional penalty" for its purchase of Russian oil and military equipment.
India has not retaliated with any counter-tariffs so far. The two sides are locked in negotiations for a bilateral trade deal. The fifth round of the talks concluded last month in Washington, and a team from the US is expected to visit India on Aug. 25 for the next set of talks.
