U.S. President Donald Trump just signed an Executive Order imposing an additional 25 percent tariff on India in response to its continued purchase of Russian oil, taking the total tariff imposed on India to 50 percent.
Earlier this week, Trump announced that he plans to significantly increase tariffs on Indian goods in response to the country’s continued purchases of Russian oil.
“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 had said.
“They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA. Thank you for your attention to this matter!!!,” the U.S. President wrote.
Last week, Trump said that he would impose a 25 percent tariff on imports from India and warned of an additional, unspecified penalty, though he did not provide further details.