India DESTROYS Trump, Exposes U.S.' ‘HYPOCRISY' Over Russian Oil Trade; Issues SHOCKING Warning
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Hindustan Times
4 minutes ago
- Hindustan Times
Trump again threatens 'very substantial' tariff hikes for India over Russian oil
By Andrea Shalal and Aftab Ahmed Trump again threatens 'very substantial' tariff hikes for India over Russian oil WASHINGTON/NEW DELHI -U.S. President Donald Trump said on Tuesday he would increase the tariff charged on imports from India from the current rate of 25% "very substantially" over the next 24 hours, in view of New Delhi's continued purchases of Russian oil. He also said a "zero tariff" offer for imports of U.S. goods into India was not good enough, alleging that India was "fuelling the war" in Ukraine. Trump's threat to India over its purchases of Russian oil started on July 31, when he announced a 25% tariff for Indian goods, along with an unspecified penalty. "They're fuelling the war machine, and if they're going to do that, then I'm not going to be happy," Trump told CNBC in an interview on Tuesday, adding that the main sticking point with India was that its tariffs were too high. "Now, I will say this, India went from the highest tariffs ever. They will give us zero tariffs, and they're going to let us go in. But that's not good enough, because of what they're doing with oil, not good." An Indian government source said that India's purchases of Russian oil have helped to stabilise global oil prices by easing the pressure on supplies from other regions. India, the world's third biggest oil importer and consumer, buys more than a third of the oil it needs from Russia. "If we stop buying Russian oil, who will replace those barrels to maintain balance and at the same time prevent the prices from shooting up? We don't want a repeat of 2022 when prices shot up to $137 a barrel," the source said, referring to the oil market spike around the time when Moscow's invasion of Ukraine began. The official spoke on condition of anonymity because the source was not authorised to speak to the media. Trump's latest comment followed a similar threat on Monday, which prompted India's Foreign Ministry to say the country was being unfairly singled out over its purchases of Russian oil. "It is revealing that the very nations criticising India are themselves indulging in trade with Russia ," it said in a statement issued late on Monday. "It is unjustified to single out India," it added. The EU conducted 67.5 billion euros worth of trade with Russia in 2024, including record imports of liquefied natural gas that totalled 16.5 million metric tons, the Indian ministry said. The United States continues to import Russian uranium hexafluoride for use in its nuclear power industry, palladium, fertilisers and chemicals, it added, without giving a source for the export information. The U.S. embassy and the EU's delegation in New Delhi did not immediately respond to a request for comment. Both the United States and EU have reduced their trade ties with Russia since it launched its full-scale invasion of Ukraine. SUDDEN RIFT India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by trade sources. It has faced pressure from the West to distance itself from Russia over the Ukraine war. New Delhi has resisted, citing its longstanding ties with Moscow and economic needs. India's National Security Adviser Ajit Doval is likely to go ahead with a scheduled visit to Russia this week, two government sources said. Foreign Minister S. Jaishankar is expected to visit in the coming weeks. The sudden rift between India and the U.S. has been deepening since July 31. Trump has said that from Friday he will impose new sanctions on Russia as well as on countries that buy its energy exports, unless Moscow takes steps to end the war with Ukraine. The trade tensions have caused concern about the potential impact on India's economy. The equity benchmark BSE Sensex .BSESN closed down 0.38%, while the rupee dropped 0.17% versus the dollar. This article was generated from an automated news agency feed without modifications to text.
Hans India
4 minutes ago
- Hans India
Trump Signals Upcoming Tariffs on Pharmaceuticals and Semiconductors Within Days
Trump President Donald Trump said that US Pharma tariffs and semiconductor imports will to be revealed "within the next week or so," as the administration is preparing to target the most important industries in its efforts to restructure the world trade policy. "We'll be putting a initially small tariff on pharmaceuticals, but in one year -- one and a half years, maximum -- it's going to go to 150% and then it's going to go to 250% because we want pharmaceuticals made in our country," Trump stated Tuesday in an interview with CNBC. He didn't specify the tariff rate that would be in place for pharmaceuticals. Trump stated earlier this month that the phased tariff escalation to 250% Trump has also announced that he will to declare semiconductor tariffs and chips within the "next week or so," but he did not provide additional details. The United States has been conducting an assessment of national security concerns in the pharmaceutical industry and the industry is preparing for potential specific tariffs for the sector. The administration has not yet announced when the findings of that review will be released. A framework agreement between United States and the EU stipulates that the tariffs on semiconductors and pharmaceuticals are currently at zero. However, in the event that they are raised by the United States raises tariffs following a Section 232 investigation into its imports the tariffs will be capped at 15 percent. Trump disclosed the timeline of tariffs just days after signing an executive order that imposed the new U.S. duties on a variety of imports from countries as well as some trading partners facing significant hikes. Taiwanese items are scheduled to see an update on tariffs of 20% beginning this week. However, this is lower than the 32% rate Trump was previously threatening in his 2 April "liberation day" levies. Trump's comments during a discussion on CNBC early Tuesday highlighted the fact that his tariff plan is not yet complete. In the same interview that the tariffs on domestic manufacturing boost could eventually rise to 250 percent. He previously stated that the tariffs could reach 200%..
Time of India
4 minutes ago
- Time of India
Why Trump's tariff threat to India is more about politics than trade
Why Trump's tariff threat to India is more about politics than trade Ajay Srivastava Aug 5, 2025, 20:40 IST IST Washington's tariff pressure comes even as US tech firms rely on India for users, data, and talent — raising questions over whether the dispute is economic strategy or political arm-twisting By the time this went to print, Trump hadn't specified by how much he will 'substantially raise' tariffs on Indian exports on top of the 25% tariffs already imposed. Whatever the hit, with India's $86.5bn in goods exports to US under threat, it's fair to ask: Is India the only one buying oil from Russia? Why is US focusing on restricting oil imports? Is its position in the Russia-Ukraine war as clearcut as it claims? Crucially, is Trump targeting India because he can't go after China? It's worth exploring the facts behind the claims.
