Trump vows to ‘substantially’ hike India tariff with 25% rate set to take effect Thursday



WASHINGTON — President Trump vowed Monday to “substantially” jack up the US tariff on imports from India due to New Delhi’s continued purchase of Russian oil as Moscow’s invasion of Ukraine grinds on.

“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,” Trump warned on Truth Social.

“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 USA.”

Trump vowed Monday to “substantially” jack up the US tariff on imports from India. Getty Images
Trump blamed the move on New Delhi’s continued purchase of Russian oil. AFP via Getty Images

Last week, Trump announced the US would charge a 25% duty on imports from India effective at 12:01 a.m. Thursday.

That is one day ahead of the Aug. 8 deadline Trump has given to Russia to pursue peace with Ukraine or face secondary sanctions or tariffs — penalties on countries that continue purchasing oil from Moscow.

An oil refinery operated by Bharat Petroleum Corp. Ltd., in Mumbai, India. Bloomberg via Getty Images

India and China are widely seen as the two largest purchasers of Russian oil, which has helped the Kremlin withstand crippling sanctions and finance its war.

Trump special envoy Steve Witkoff is expected to travel to Russia Wednesday to take another crack at persuading the Kremlin to begin negotiations.



Source link

Credit to Nypost AND Peoples

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Adblock Detected

  • Please deactivate your VPN or ad-blocking software to continue