Desk Report,
Trump may increase retaliatory tariffs on India within 24 hours
US President Donald Trump may increase the retaliatory tariffs on goods imported from India by a ‘significant amount’ within the next 24 hours. He said this in an interview on Tuesday. Trump said that this step may be taken against India for buying fuel oil from Russia.
Trump may increase retaliatory tariffs on India within 24 hours
In an interview given to the US media CNBC, Trump said, ‘India is not a good trading partner. Because they do a lot of business with us. But we do not do any business with them. So we set a 25 percent tariff. But I think I am going to increase it significantly in the next 24 hours. Because they are buying Russian oil.’ Trump made this threat at a time when US retaliatory tariffs on various countries are going to be effective from August 7. Earlier on Monday, in a post on his own social media, Truth Social, he said that he would increase the tariff on Indian goods for buying Russian oil. India will pay this tariff to the United States. Trump issued an executive order on July 31. It mentions the amount of countervailing duties on various countries. According to the order, Trump imposed a 25 percent countervailing duty on Indian products. It also said that an excess penalty would be imposed for buying oil from Russia. However, nothing was said about the amount of the penalty that would be imposed. The countervailing duty is scheduled to come into effect from August 7.
India has been buying a large amount of fuel oil from Russia since the start of the Russia-Ukraine war. However, Washington has objections to this. Bloomberg, citing sources, said that despite pressure from the United States, the New Delhi government has not instructed Indian oil refineries to stop buying Russian oil.
