A few hours after extending the tariff in India, US President Donald Trump said on Tuesday that he would increase the tariff on imports on imports at 25% “to a large extent” from India in the next 24 hours due to continuous purchase of New Delhi.
Trump told CNBC in an interview, “They are fueling the war machine, and if they are going to do so, I am not going to be happy,” Trump told CNBC in an interview, according to Reuters.
According to the report, he said that the main sticking point with India was that its tariffs were very high, but did not provide a new tariff rate.
Trump said on Monday that the United States “will” increase the tariffs paid by India to a large extent “to purchase a huge amount of Russian oil on a large scale”, stating that most of the oil purchased from Moscow is being sold in the open market “for large profits”.
Trump was announced on his social media platform Truth Social, a few days after the announcement of 25 percent mutual tariff on India and an unspecified punishment for importing oil from Russia.
“India is not only buying Russian oil on a large scale, for most of the oil purchased oil, selling it on the open market for large profits. They do not care how many people in Ukraine are being killed by Russian war machine. Because of this, I will increase the tariffs paid by India to the USA to a great extent. The US President said in the post.
Soon, after the US President’s remarks, India stated that “India’s goal is unfair and unfair”.
A statement by the official spokesperson of the Ministry of External Affairs said that the government will take all necessary measures to protect its national interests and economic security.
The spokesman said India has been targeted by the United States and the European Union to import oil from Russia after the Ukraine conflict began.
“In fact, India started importing from Russia as traditional supply was converted into Europe after the outbreak of conflict. At that time the United States actively encouraged such imports by India to strengthen the stability of global energy markets. India’s imports are to ensure the cost of forecasting and cheap energy for the Indian consumer. Unlike our case, such a business has not been a significant national compulsion.”
A spokesman for Mea said that in 2024, the European Union did a bilateral trade of euro 67.5 billion in goods with Russia. In addition, it was trading in estimated services from Euro 17.2 billion in 2023.
“This is much higher than India’s total trade with Russia that year or later. European imports of LNG in 2024, in fact, crossing the final record of 15.21mn tonnes in 2022, a record reached 16.5MN tonnes.”
The spokesperson said that Europe-Russia trade includes not only energy, but also fertilizers, mining products, chemicals, iron and steel and machinery and transport equipment.
“Where the United States is concerned, it continues to import its nuclear industry from Russia uranium hexfalloride, with paladiums, fertilizers for its EV industry, also with chemicals. In this backdrop, India’s goal is unfair and unfair. India will take all necessary measures to secure its national interests and economic security.”
India has already defended its sovereign right to conduct energy policy on the basis of national interest.
The government had clarified that India’s energy purchase is directed by market dynamics and national interests.
Mea spokesman Randhir Jiswal, while answering questions on Trump’s announcement to buy Russia oil last week, said, “You are aware of our comprehensive approach to energy sourcing requirements, that we are available in the market and looks at the prevailing global status. We do not know about any specifics.”
Responding to another query, Jaiswal said that India’s relations with any country are based on their merit and should not be seen through the lens of the third countries.
He said, “Our relations with any country are standing on their qualifications and should not be seen from the prism of the third country. As far as India-Russia relations are concerned, we have a stable and timid partnership,” he said. While doing a query on Friday, Trump indicated that if India stops buying Russian, it would be a good step.
Trump announced a fine for imposing 25 percent tariffs on Indian goods and imposing a fine for import of Russian oil in the last week of July, even an interim Indo-American trade expectations that helped otherwise help to avoid high tariffs.
There is a possibility that global raw price prices may jump from a barrel 200 if India is stopped buying Russian oil, which will cause serious damage to consumers. (AI)
