Trump Threatens to “Substantially” Raise Tariffs on India Over Russian Oil
Former U.S. President Donald Trump has issued a stark warning to India, threatening to “substantially” increase tariffs on Indian goods if the country continues purchasing Russian oil. This statement, made during a recent campaign rally, reignites tensions over global energy trade and U.S. efforts to curb Russia’s oil revenue amid the Ukraine war
U.S. Sanctions and India’s Oil Imports
Since Russia’s invasion of Ukraine in 2022, Western nations, led by the U.S., have imposed strict sanctions on Russian oil exports. However, India has continued importing discounted Russian crude, becoming one of its largest buyers. The U.S. has previously expressed concerns but avoided drastic measures, given India’s strategic importance.
Trump’s latest remarks signal a potential shift in U.S. trade policy if he returns to power. His administration previously imposed tariffs on multiple countries, including China, and his renewed focus on India suggests a tougher stance on trade imbalances.
Key Developments
- Trump’s Statement: During a rally, Trump criticized India’s reliance on Russian oil, stating, “If India keeps buying oil from Russia, we will tax their products like never before.”
- India’s Response: Indian officials have yet to issue an official statement, but experts suggest New Delhi may seek diplomatic solutions to avoid a trade war.
- Market Impact: Analysts warn that higher tariffs could disrupt India’s export economy, particularly in pharmaceuticals, textiles, and tech services.
Expert Opinions & Sources:
- Council on Foreign Relations (CFR): Highlights the geopolitical risks of alienating India, a key U.S. ally in countering China.
- Reuters: Reports that India has already reduced Russian oil imports due to payment issues but remains a significant buyer.
- Bloomberg: Suggests Trump’s threats could push India closer to Russia and China if trade tensions escalate
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