U.S. President Donald Trump has announced his intention to significantly increase tariffs on imports from India within the next 24 hours. He made this statement in a comment to CNBC, emphasizing that the decision is related to India’s continued purchase of Russian oil.
This is reported by Kyiv24
Reason for the Tariff Increase
According to Trump, the previous agreement stipulated a 25% tariff on Indian goods. However, the U.S. president stated that he is considering a substantial increase in this rate soon in response to India’s energy policy. Trump stressed that New Delhi’s purchase of oil from Russia contributes to strengthening the military power of the Russian Federation, which raises concerns in Washington.
“We agreed on 25%, but I think I’m going to significantly raise that amount within the next 24 hours because they are buying Russian oil,” Trump told CNBC on Tuesday.
India’s Reaction and the Energy Market Situation
The Indian Ministry of External Affairs responded to Trump’s statement, noting that the import of energy resources from Russia is critically important for ensuring stable and affordable prices for domestic consumers. Indian government representatives emphasized that countries criticizing India for cooperating with Russia also have economic relations with Moscow, although such trade is not vital for them.
According to Reuters, India is currently one of the largest buyers of Russian oil, importing about 1.75 million barrels per day, which accounts for approximately 35% of the total oil supplies to the country. In the first half of this year, purchase volumes increased by 1% compared to the same period last year.