Trump warns of raising tariffs on India

US President Donald Trump hinted at raising tariffs on India if the Russian oil purchases are not curbed. 

Listen to this article

Speaking to reporters aboard Air Force One, Trump also said  “great legislation” would soon be discussed in Congress, allowing his administration to impose tariffs on countries buying Russian oil. “They do trade, and we can raise tariffs on them very quickly,” he said.

The White House shared the audio of the interaction.

“Modi (Prime Minister Narendra Modi) is a good guy. He knew I was not happy, and it was important to make me happy,” news agency Reuters quoted Trump as saying.

“India is now buying substantially less Russian oil,” said Senator Lindsey Graham, who interacted with the media along with Trump.

Trump’s remarks come at a time when the India and US trade deal is still in the works and yet to be finalised.

The US has levied a 50 per cent tariff on India (with 25 per cent being imposed in August as punishment for buying Russian oil).

Experts have called for quick resolution to the tariff issue and finalisation of the trade deal.

Recently, former Reserve Bank of India Governor C Rangarajan said resolving the trade issue was the permanent solution for fixing the current exchange rate situation (falling rupee against the dollar).

 

Latest

USD50 bln India-Russia trade gap must be addressed: EAM

The India-Russia partnership has consistently demonstrated resilience and adaptability....

TVS iQube MillionR special edition launched

TVS iQube MillionR Special Edition is priced at Rs...

Goyal pitches for Japanese institutional investments

The discussions hold significance, as India-Japan aims to mobilise...

No longer required to pay State levies: Dalmia Bharat

The Act notified by the Central Government as amended...

Newsletter

Don't miss

USD50 bln India-Russia trade gap must be addressed: EAM

The India-Russia partnership has consistently demonstrated resilience and adaptability....

TVS iQube MillionR special edition launched

TVS iQube MillionR Special Edition is priced at Rs...

Goyal pitches for Japanese institutional investments

The discussions hold significance, as India-Japan aims to mobilise...

No longer required to pay State levies: Dalmia Bharat

The Act notified by the Central Government as amended...

Grounding of Parandur plan: Will it hurt TN dream?

The proposed second airport project at Parandur was announced...

USD50 bln India-Russia trade gap must be addressed: EAM

The India-Russia partnership has consistently demonstrated resilience and adaptability. Even amidst a complex international landscape, our engagement has continued to deepen, reflecting the mutual...

TVS iQube MillionR special edition launched

TVS iQube MillionR Special Edition is priced at Rs 1,40,138 (effective ex-showroom, Karnataka). The TVS iQube portfolio starts at Rs 1,11,310 (effective ex-showroom, Karnataka),...

Goyal pitches for Japanese institutional investments

The discussions hold significance, as India-Japan aims to mobilise 10 trillion yen of Japanese private investment into India over the next decade. Goyal emphasised that...