Trump tariffs India over Russian oil
The Big Story
Trump raises India tariff to 50 percent over Russian oil
President Trump on Wednesday announced he would increase tariffs on India by 25 percent over its purchases of Russian oil, bringing the total tariffs he has imposed on New Delhi to 50 percent.
Trump signed an executive order making the tariff increase official, though it does not go into effect for another three weeks. The 25 percent increase is on top of a 25 percent 'reciprocal' tariff Trump announced on India last week, which is set to take effect Thursday.
Trump earlier this week threatened to increase tariffs on India over its purchase of Russian oil, arguing it was fueling Moscow's war efforts in Ukraine. But the president had not specified how high a tariff he would impose.
'They're buying Russian oil, they're fueling the war machine. And if they're going to do that, then I'm not going to be happy,' Trump said of India during a Tuesday interview with CNBC.
India on Monday pushed back on Trump's threat of heightened tariffs, asserting that its purchases of Russian oil was a 'necessity' to keep costs stable.
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