The new tariffs, set to take effect within 21 days, come amid stalled trade talks between the two nations.
President Donald Trump has signed an executive order imposing an additional 25 percent tariff on India due to its continued imports of Russian oil, raising the total to 50 percent.
The new tariffs, set to take effect within 21 days, come amid stalled trade talks between the two nations.
The decision follows a failed U.S.-Russia meeting and precedes a White House deadline for Moscow to seek peace with Ukraine or face harsher sanctions. “India has been a little recalcitrant,” said White House Economic Council Director Kevin Hassett, adding, “India should not be the release valve for Russia.”
India condemned the move as “unfair, unjustified and unreasonable.” A government spokesperson said, “Our imports are based on market factors… to ensure the energy security of 1.4 billion people of India.”
Trump downplayed potential oil price hikes, saying, “We’re drilling at levels that nobody’s ever seen before.” India hinted at retaliation, accusing the U.S. and EU of hypocrisy for buying Russian goods.