US raises India tariffs to 50%
The White House said in a statement today that the decision was made pursuant to an executive order signed by US President Donald Trump, who noted that the Indian government continues to import oil from Russia.
In an interview with CNBC yesterday, Trump warned that he would impose additional tariffs on New Delhi due to its actions that undermine Western efforts to stop the war in Ukraine.
The US escalation comes amid stalled negotiations between the two sides. Trump has accused the New Delhi government of profiting from the Russian oil trade, while India has responded that these imports are essential to it and that it will defend its economic interests.
According to the executive order signed by Trump today, the new 25% tariffs will take effect within 21 days, with additional tariffs of the same amount taking effect tomorrow morning.
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