US President Donald Trump imposed an additional 25 percent tariff on India on Wednesday, taking the total tariff rate up to 50%.
Trump increased the tariff rate as a punishment after India continued buying Russian crude oil despite US warnings, which in turn provides much needed currency to Russian President Vladimir Putin to keep on its fight in Ukraine, NDTV reported.
Currently, total duties on import of Indian goods into the United States are 20 percent more than the tariff on China and 21 percent more than on Pakistan.
In an executive order signed earlier today Trump wrote, “I find the Government of India is currently, directly or indirectly, importing Russian Federation oil… in my judgement I determine it necessary to impose an ad valorem duty on imports of articles from India…”
The 50 percent tariff hit comes hours after angry comments about India-US trade relations.
“India has not been a good trading partner… we settled on 25 percent… but I think I’m going to raise that substantially over the next 24 hours because they’re buying Russian oil,” he told a US broadcaster.
On 30 July, Trump decreed India would pay a 25 percent tariff in addition to a (then unspecified) ‘penalty’ for continuing to buy oil and military equipment from Russia.
That was 48 hours before a deadline he had set for ‘reciprocal tariffs’ on a number of American trading partners, announced in April, but suspended to allow for negotiations.
He also ranted about India’s “strenuous and obnoxious non-monetary trade barriers”.
“… India is our friend (but) we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world. And they have the most strenuous and obnoxious non-monetary trade barriers of any country.”
In response to his criticism the Indian government pointed out that many western nations, including the United States, continue to import goods from Russia.
The foreign ministry said India buying oil is “a necessity compelled by the global market situation”, while countries criticising “indulge in trade with Russia” for products that are not “a vital compulsion”.
LND/MSA
……………
For 24/7 Breaking News :
📰 English News : www.libertynewsbd.com
📰 বাংলা সংবাদ : bangla.libertynewsbd.com
📰 Facebook : facebook.com/libertynewsbd
📰 Facebook (বাংলা) : facebook.com/libertynewsbangla
📰 X (Twitter) : x.com/libertynewsbd
📰 Instagram : instagram.com/libertynewsbd
📰 YouTube : youtube.com/@LibertyNewsBD
📰 YouTube : youtube.com/@LibertyNewsPlus
