WASHINGTON: Another setback to Modi-led Indian government, US President Donald Trump has also imposed sanctions on seven Indian companies after announcing a 25 percent tariff and additional fines.
According to US media report, President Donald Trump has imposed sanctions on seven companies based in India. The seven companies affected by the sanctions trade oil with Iran.
The US claimed that Iran uses oil revenues to destabilize the Middle East and exploit its people. The State Department is imposing sanctions on 20 companies that are involved in the Iranian petroleum, petroleum products or petrochemical trade and is also taking action against 10 ships.
It is being said that 7 of these 20 companies are based in India.
Earlier on Wednesday, US President Donald Trump had once again harshly criticized India and announced the imposition of a 25% tariff and additional fines on it.
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US President Trump, in his post on his social networking platform Truth Social, Trump said that India is a good friend of the United States but we have done very little business with it because India’s tariffs are very high and the non-financial trade barriers imposed by it are the most severe and unacceptable.
