Buying Russian Oil: Trump raises India tariffs to 50%
'I find that the Government of India is currently directly or indirectly importing Russian Federation oil,' President Donald Trump said in an executive order.
'Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 percent,' the executive order reads.
The new tariffs are set to go into effect in 21 days, according to the order, while the previously announced 25% tariffs are set to take effect on Thursday.
Trump's new tariff rate on India is now among the highest levies on any of the United States' trading partners.
It's the latest sign that Trump is following through on his threat to punish countries that buy Russian oil, as he's increased his rhetoric in recent weeks over President Vladimir Putin's invasion of Ukraine.
Trump last week said that goods from India would be subject to a tariff of 25%, in addition to a 'penalty' over the country's purchase of military equipment and energy from Russia. It was not clear at the time what such a penalty might look like.
Trump signalled on Tuesday that he would raise the tariff on India 'very substantially over the next 24 hours, because they're buying Russian oil, they're fuelling the war machine.'
'And if they're going to do that, then I'm not going to be happy,' Trump said on CNBC's 'Squawk Box.'
India, however, has said that it is being 'targeted' by the US and European Union 'for importing oil from Russia after the commencement of the Ukraine conflict.'
Meanwhile, the External Affairs Ministry said in a Monday statement that 'it is revealing that the very nations criticizing India are themselves indulging in trade with Russia.'
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