US President Donald Trump has announced plans to impose new tariffs on Indian goods due to India's ongoing oil trade with Russia amidst the Ukraine conflict.
Trump's Tariff Threats Against India
Trump accused India of purchasing 'massive amounts' of Russian crude oil and reselling much of it for profit. He declared his intention to 'substantially' raise tariffs paid by India to the USA due to the continued trade with Russia.
'They don’t care how many people in Ukraine are being killed by the Russian War Machine,' Trump wrote.
India Continues Oil Purchases from Russia
Despite Trump's warnings, India continues to purchase Russian oil, having increased its imports substantially after the Ukraine conflict began in 2022. This year, India has been importing around 1.7 million barrels per day. Indian refiners are making buying decisions, continuing to favor Russian oil due to its discounted prices.
India's Response to US Pressure
Indian officials, including Prime Minister Narendra Modi, have rejected US pressure, stating that energy purchases are necessary to maintain stable domestic prices. The Ministry of External Affairs of India noted that targeting India was 'unjustified and unreasonable' and highlighted that trade by the US and EU with Russia continues.
Trade tensions between the US and India continue to escalate amid the Ukraine conflict. Both nations maintain their positions, which may lead to further deterioration of bilateral relations.
