US President Donald Trump vows to intensify economic pressure on India via secondary sanctions
Despite India being one of the US' most prominent trading partners, and the two nations sharing high-level-diplomatic ties, Trump has levied a massive 25% tariff on all imports from the south Asian giant as a punitive measure over New Delhi's continued purchase of Russian oil and gas.
Trump has stated that he will be enacting an additional 25% tariffs on India, bringing the total percentage up to 50% for the world's fourth largest economy, and Washington's ninth-largest trading partner.
'It's only been 8 hours. So, let's see what happens. You're going to see a lot more... You're going to see so much secondary sanctions,' Trump said in response to a question regarding why India was being singled out for its oil purchases from Russia, reports RT.
Secondary sanctions are penalties that target third parties who interact with a sanctioned country, with the aim to limit their access to the sanctioning country's market.
'For us, the interest of farmers is our top priority,' Prime Minister Narendra Modi said in response to the sanctions yesterday.
'India will never compromise on the interests of farmers, fishermen, and dairy producers. I know we will have to pay a heavy price for it and I'm ready. India is ready for it," he said. UNI ANV SSP
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