President Donald Trump has announced plans to raise tariffs on Indian goods following India’s oil trade with Russia. Trump said India is making money from oil purchased from Russia while ignoring the ongoing war in Ukraine.
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Probable Trump Tariffs Raise Risks Straining On U.S.-India Ties
In a statement on TruthSocial, Trump criticized India for buying large amounts of Russian oil and reselling it on the open market for profit. He accused Indian authorities of not caring about the lives lost due to Russia’s military actions in Ukraine.
Trump linked India’s oil trade to continued Russian aggression, calling it part of the “Russian War Machine.” As a result, Trump confirmed that he will substantially raise tariffs paid by India to the U.S. He did not provide specific figures or dates for the new tariff rates.
When U.S. President Donald Trump announced a 25% tariff on India on July 30, BTC price dropped sharply India has faced criticism from several Western leaders for increasing its oil imports from Russia since the war in Ukraine began.
The U.S. has previously avoided direct economic retaliation against India over its energy policy. The new tariff threat by Trump indicates the shift that may erode the trade relationship between the United States and India.
India is a rapidly growing economy and a significant trade partner of the United States. Products that might be affected by the increased tariffs include pharmaceuticals and textiles.
Trump’s announcements always affect the financial markets. Earlier, the crypto market rallied after Trump stated that he would soon announce a Fed Governor who supports rate cuts. However, the market declined slightly after the latest development with Bitcoin trading below $115,000.
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Breaking: Trump Tariffs: U.S. President Announces Plans To Raise India’s Tariff
President Donald Trump has announced plans to raise tariffs on Indian goods following India’s oil trade with Russia. Trump said India is making money from oil purchased from Russia while ignoring the ongoing war in Ukraine.
Advertisement Advertisement
Probable Trump Tariffs Raise Risks Straining On U.S.-India Ties
In a statement on TruthSocial, Trump criticized India for buying large amounts of Russian oil and reselling it on the open market for profit. He accused Indian authorities of not caring about the lives lost due to Russia’s military actions in Ukraine.
Trump linked India’s oil trade to continued Russian aggression, calling it part of the “Russian War Machine.” As a result, Trump confirmed that he will substantially raise tariffs paid by India to the U.S. He did not provide specific figures or dates for the new tariff rates.
When U.S. President Donald Trump announced a 25% tariff on India on July 30, BTC price dropped sharply India has faced criticism from several Western leaders for increasing its oil imports from Russia since the war in Ukraine began.
The U.S. has previously avoided direct economic retaliation against India over its energy policy. The new tariff threat by Trump indicates the shift that may erode the trade relationship between the United States and India.
India is a rapidly growing economy and a significant trade partner of the United States. Products that might be affected by the increased tariffs include pharmaceuticals and textiles.
Trump’s announcements always affect the financial markets. Earlier, the crypto market rallied after Trump stated that he would soon announce a Fed Governor who supports rate cuts. However, the market declined slightly after the latest development with Bitcoin trading below $115,000.
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