In a surprising twist in international trade dynamics, U.S. President Donald Trump has once again warned of rising tariffs on Indian goods. In a social media post, Trump criticized India's significant purchases of Russian oil, arguing that the oil is later sold on the open market for substantial profits.
Trump's post stated, "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." He added that he would be "substantially raising the Tariff paid by India to the USA."
In response, a spokesperson for India's foreign ministry countered the threat, asserting that India would take all necessary measures to protect its national interests and economic security. The spokesperson described the targeting of India as "unjustified and unreasonable."
This exchange comes amid broader geopolitical tensions. Earlier, Trump had announced plans to impose new sanctions on Russia and on countries that purchase its energy exports unless Moscow takes steps to address the Ukraine crisis. Despite these pressures, two Indian government sources indicated that New Delhi is expected to continue importing oil from Russia, citing economic necessities in a shifting global market.
India remains the largest buyer of seaborne crude from Russia, importing approximately 1.75 million barrels per day from January to June this year. As nations navigate the complex interplay of global energy needs and geopolitical challenges, this latest tariff threat underscores the fragile balance between economic interests and political strategies.
Stay tuned for more updates as this developing story continues to unfold!
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Trump again threatens to hike tariffs on Indian goods over Russian oil
cgtn.com
