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Why will Donald Trump 'substantially increase' tariffs on India? Here's what he said
Trump alleged in a post on Truth Social that India was buying massive amounts of oil from Russia and then selling it on the Open Market for big profits.
US President Donald Trump on Monday said that he will "substantially raise" the tariffs on Indian goods because of New Delhi's "massive" purchases of Russian oil.
In a post on Truth Social, Trump also alleged that India was buying massive amounts of oil from Russia and then selling it on the Open Market for big profits.
"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. 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. Thank you for your attention to this matter!!! President DJT," he wrote.
Last week, Trump imposed a 25 per cent reciprocal tariff on Indian goods, plus an unspecified penalty over the nation's purchases from Russia.
While announcing the tariff, the US President posed on Truth Social that India's levies were "among the highest in the World", adding that the nation has "the most strenuous and obnoxious non-monetary Trade Barriers of any country".
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In addition, he had said, "Also, they have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST."
The row over Trump's fury with the trade between India and Russia has been escalating recently.
He did not just announce an additional penalty on India; a day later, he also called India and Russia's economies "dead".
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Trump had said that he did not care what India does with Russia, adding that "they can take their dead economies down together, for all I care".
"We have done very little business with India; their tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together," he added.
What did India say after Trump's penalty threat?
Amid Trump's penalty threat, the Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said on Friday that India is guided by what is on offer in markets and prevailing global situation" when it comes to sourcing energy.
He said that in terms of defence requirement, sourcing is determined by "national security imperatives and strategic assessments".
MEA asserted that India and Russia have had a steady and "time-tested" relationship. But he also urged that ties between India and any other country should not be seen through the prism of a third nation.
