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Trump warns of upcoming sharp tariff increase on Indian imports
(MENAFN) U.S. President Donald Trump has issued a warning that goods imported from India could soon face a steep tariff hike, citing India’s ongoing purchases and resale of Russian oil as the reason behind the move, according to reports.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump said in a post on Truth Social.
Under an executive order signed on July 31, Indian imports will be subject to a 25 percent tariff beginning August 7. In addition to this new levy, Trump previously mentioned plans to penalize India over its dealings with Russian oil, although no specific measures have been detailed yet.
Earlier this year, in April, Trump announced a 26 percent reciprocal tariff on Indian goods, alongside a baseline 10 percent duty. However, the implementation of those tariffs was later put on hold.
India has strongly rejected the accusations and tariff threats. In a statement from the Ministry of External Affairs, officials described the targeting of India as both “unjustified and unreasonable.” The ministry emphasized that India’s oil trade aims to provide its citizens with stable and affordable energy.
"Like any major economy, India will take all necessary measures to safeguard its national interests and economic security," the statement read.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump said in a post on Truth Social.
Under an executive order signed on July 31, Indian imports will be subject to a 25 percent tariff beginning August 7. In addition to this new levy, Trump previously mentioned plans to penalize India over its dealings with Russian oil, although no specific measures have been detailed yet.
Earlier this year, in April, Trump announced a 26 percent reciprocal tariff on Indian goods, alongside a baseline 10 percent duty. However, the implementation of those tariffs was later put on hold.
India has strongly rejected the accusations and tariff threats. In a statement from the Ministry of External Affairs, officials described the targeting of India as both “unjustified and unreasonable.” The ministry emphasized that India’s oil trade aims to provide its citizens with stable and affordable energy.
"Like any major economy, India will take all necessary measures to safeguard its national interests and economic security," the statement read.
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