DM Monitoring
WASHINGTON: US President Donald Trump said on Tuesday he would increase the tariff charged on imports from India from the current rate of 25% “very substantially” over the next 24 hours, in view of New Delhi’s continued purchases of Russian oil.
He also said a “zero tariff” offer for imports of U.S. goods into India was not good enough, alleging that India was “fuelling the war” in Ukraine.
Trump’s threat to India over its purchases of Russian oil started on July 31, when he announced a 25% tariff for Indian goods, along with an unspecified penalty
“They’re fuelling the war machine, and if they’re going to do that, then I’m not going to be happy,” Trump told CNBC in an interview on Tuesday, adding that the main sticking point with India was that its tariffs were too high.
“Now, I will say this, India went from the highest tariffs ever. They will give us zero tariffs, and they’re going to let us go in. But that’s not good enough, because of what they’re doing with oil, not good.”
An Indian government source said that India’s purchases of Russian oil have helped to stabilise global oil prices by easing the pressure on supplies from other regions.
