BREAKINGBREAKING,
As repercussion for the Russian oil import, President Donald Trump has issued an executive order that will add an additional 25 percent tariff on goods from India.
The 25-percent tariff that India already faces on Wednesday adds up to one of the US’s highest import tax brackets, at a total of 50 percent, making it subject to one of Trump’s highest import taxes.
Trump argued in his executive order that India, a major consumer of petroleum products, needed to be subject to more tariffs because Russia’s continued military operations in Ukraine constitute a “national emergency.”
Trump wrote that, “I believe, Indian government is currently importing Russian Federation oil directly or indirectly.”
The Russian Federation’s government continues to threaten its national security and foreign policy in an unusual and extraordinary way.
21 days after the announcement, the tariff increase will go into effect, opening up the door for negotiations between India and the US.
However, the action could make US-Indian relations even more difficult. Only one other nation has a 50 percent overall tariff rate, excluding Brazil.
In the weeks leading up to Wednesday’s announcement, India and the US held five trade talks. US Vice President JD Vance even made the trip to New Delhi in April to assist with the negotiations.
However, months of negotiations have failed to yield a trade agreement, and experts claim that US-Indian ties are now at their worst point in years.
The announcement on Wednesday coincides with rumors that Indian Prime Minister Narendra Modi would travel to China for the first time in more than seven years this month.
In a move to ease tensions with China, an Indian government source revealed to Reuters that Modi would attend a security summit in Tianjin in response to previous disputes over borders and water rights.
Source: Aljazeera
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