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Trump plans on ‘substantially’ increase tariffs on India ‘over the next 24 hours’
(MENAFN) US President Donald Trump announced on Tuesday that he plans to significantly raise tariffs on imports from India within the next 24 hours due to India’s ongoing purchases of Russian crude oil.
This announcement follows India’s recent dismissal of US and EU criticism regarding its oil trade with Russia, with Indian officials asserting their commitment to protect national interests and calling the accusations unfair.
During a phone interview with CNBC Squawk Box, Trump labeled India as the “highest tariff nation” and criticized its trade relationship with the US. He said, “They do a lot of business with us, but we don’t do much with them. We agreed on a 25% tariff, but I’m going to raise it substantially because they’re buying Russian oil and fueling the war machine.”
According to the Indian government, bilateral trade between the US and India reached $131.8 billion in the 2024-25 fiscal year, with India holding a $41.18 billion trade surplus.
Trump also claimed that India offered to completely remove tariffs on US imports but insisted that this offer was insufficient given India’s oil dealings. He stated, “India moved from the highest tariffs to offering zero tariffs, but that’s not enough because of what they’re doing with oil.”
While Trump still referred to India as a friend, he has recently made several critical remarks, including accusing India of profiting from selling Russian oil on the open market and ignoring the human cost of the conflict in Ukraine.
This announcement follows India’s recent dismissal of US and EU criticism regarding its oil trade with Russia, with Indian officials asserting their commitment to protect national interests and calling the accusations unfair.
During a phone interview with CNBC Squawk Box, Trump labeled India as the “highest tariff nation” and criticized its trade relationship with the US. He said, “They do a lot of business with us, but we don’t do much with them. We agreed on a 25% tariff, but I’m going to raise it substantially because they’re buying Russian oil and fueling the war machine.”
According to the Indian government, bilateral trade between the US and India reached $131.8 billion in the 2024-25 fiscal year, with India holding a $41.18 billion trade surplus.
Trump also claimed that India offered to completely remove tariffs on US imports but insisted that this offer was insufficient given India’s oil dealings. He stated, “India moved from the highest tariffs to offering zero tariffs, but that’s not enough because of what they’re doing with oil.”
While Trump still referred to India as a friend, he has recently made several critical remarks, including accusing India of profiting from selling Russian oil on the open market and ignoring the human cost of the conflict in Ukraine.
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