Trump says he will ‘substantially' raise tariffs on India over Russian oil purchases
'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,' Trump said in a post on Truth Social.
'Because of this, I will be substantially raising the Tariff paid by India to the USA.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
13 minutes ago
- Argaam
Maersk CEO sees Red Sea disruptions through 2025
Maersk CEO Vincent Clerc said Red Sea disruptions will likely persist through the end of 2025, impacting global supply chains and shipping flows between Asia and Europe. Speaking to CNBC today, Aug. 7, he noted that Q2 2025 global container demand surpassed forecasts, driven by a recovery in China's manufacturing and faster global export growth. He added that spot freight rates jumped 37% in Q2 as capacity utilization approached full levels, reflecting strong momentum in global trade activity. Clerc emphasized China's expanding role in the global economy but said Maersk sees no current need for new ultra-large vessels. Instead, the company is prioritizing a flexible network that reaches smaller, non-traditional ports, he said.
Arab News
13 minutes ago
- Arab News
Pakistan to get export boost after US slashed tariffs in new trade deal — deputy finance chief
ISLAMABAD: State Minister for Finance and Revenue Bilal Azhar Kayani said on Thursday Pakistan expected a significant boost in exports to the United States following successful trade negotiations that convinced President Donald Trump's administration to lower tariffs on Pakistani products to 19%. Pakistan and the United States finalized a trade agreement last week under which 19% tariff was imposed on a wide range of Pakistani goods. The new rate marked a considerable reduction from the initially proposed 29% under a sweeping executive order signed by Trump. Islamabad had pushed for a lower tariff than its regional competitors, including Vietnam, which now faces a 20% tariff, and India, whose exports were hit with an additional 25% levy a day earlier over continued imports of Russian oil. 'The trade deal that has just been finalized with America has resulted in us getting a 19% tariff, the lowest tariff in the South Asia region,' Kayani told lawmakers in the National Assembly. 'This, God willing, will certainly lead to an increase in our exports.' He emphasized the US was already Pakistan's largest export destination. 'In the last fiscal year, out of $32 billion in exports, $6 billion went to America. So this is definitely a tried and tested market, our biggest export market, and the relative reduction in this tariff will certainly benefit us.' Kayani said the trade breakthrough reflected a broader improvement in US-Pakistan relations, contrasting the current diplomatic engagement with a period of strained ties under the government led by the opposition Pakistan Tehreek-e-Insaf party. 'No one could have imagined that we would have this kind of relationship with America today, or that we would be signing a trade deal like this, one that would give Pakistan the lowest tariff in the South Asia region,' he said, urging the opposition to acknowledge the government's achievement. He also linked the ongoing momentum in the bilateral relations to what he called 'diplomatic victories' after Pakistan's recent four-day military standoff with India, which ended with a US-brokered ceasefire on May 10. The minister noted that bilateral cooperation with Washington had expanded since then, adding that Pakistan's army chief, Field Marshal Asim Munir, was invited to the White House for a meeting with President Trump in the aftermath of the same conflict. Kayani's remarks come at a time when Pakistan and the United States strengthen ties in key sectors including security, trade and investment. President Trump announced earlier this month his administration would assist Pakistan in developing its oil reserves. Washington and Islamabad are also collaborating in cryptocurrency, with Pakistan eyeing US investment in mining, rare earths and information technology.
Al Arabiya
2 hours ago
- Al Arabiya
Putin to visit India at the end of 2025, Ifax reports
Russian President Vladimir Putin will visit India at the end of 2025, Interfax news agency quoted India's national security adviser Ajit Doval as saying in Moscow on Thursday, correcting an earlier report that he would go in late August.
