WASHINGTON: US President Donald Trump has imposed another 25 percent tariff on India on India through an executive order, additional sanctions also imposed on Modi-led India.
President Trump imposed an additional 25 percent tariff on India through an executive order. US president said that he has increased economic pressure on India, India will have to pay the price for buying oil from Russia.
According to the White House, the imposition of additional 25 percent on India was necessary and appropriate to impose additional duties on all goods imported from India, India collects the highest tariffs in the world. The US has also imposed additional sanctions on India.
White House also confirmed that additional ad valorem duties will be imposed on imports of Indian goods. India imports oil directly or indirectly from the Russian Federation.
It should be noted that a day ago, US President Donald Trump had announced the imposition of additional import duties against India in the next 24 hours. In his statement, he had said that the 25% tariff imposed on India would be further increased.
While talking to media persons, President Trump said that India has not proven to be a good trading partner because it is still buying crude oil from Russia, which is indirectly equivalent to providing energy to the ongoing war in Ukraine.
It should be remembered that India, which is the world’s third largest oil importer, is currently buying the most crude oil from Russia. This has become a major source of income for Russia during the Ukraine war.
Moreover, the US has imposed higher import tariffs (duties) on India than other countries, for example, 20% on Vietnam, 19% on Indonesia, while 15% tariff has been imposed on exports from Japan and the European Union, but 25% tariff was imposed on India.
US President Donald Trump has given some concessions to Pakistan, earlier 29% tariff was imposed on Pakistan, but now it has been reduced to 19%, this new rate will be effective from August 7.
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According to Indian media reports, after Donald Trump imposed another 25 percent tariff, the total US tariff on India has reached 50 percent which is big blow to India.
There was a row in the Indian media after Donald Trump imposed another 25 percent tariff on India.
