Trump to ‘substantially’ raise tariffs on India over Russian oil

WASHINGTON: US President Donald Trump said on Monday he will substantially raise tariffs on India over its purchases of Russian oil, a day after one of his closest aide accused India of financing Russia’s war in Ukraine.

“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. They don’t care how many people in Ukraine are being killed by the Russian War Machine,” Trump said in a post on Truth Social.

“Because of this, I will be substantially raising the Tariff paid by India to the USA.”

INDIA TO PROTECT ITS INTERESTS

On the other hand, India’s external affairs ministry said Monday that the United States and European Union were “targeting” it due to its buying of Russian oil, adding that the moves were “unjustified” and that it would protect its interests.

“The targeting of India is unjustified and unreasonable,” External Affairs Ministry spokesperson Randhir Jaiswal said in a statement, after Trump vowed to raise tariffs on the country over its oil purchases from Russia.

“Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.”

Previously, two Indian government sources, not wishing to be identified due to the sensitivity of the matter, had said India will keep purchasing oil from Russia.

“These are long-term oil contracts,” one of the sources said. “It is not so simple to just stop buying overnight.”

Read more: India will continue to buy Russian oil Trump’s threats of penalties

‘DEAD ECONOMIES’

The latest threat is in addition to the 25 per cent US tariffs that came into effect on August 1.

Soon after imposing these tariffs on India, Trump went on to say last week that Russia and India were “dead economies,” indicating that his threat to ramp up tariffs on New Delhi will now go ahead.

Read more: Trump says India is a ‘dead economy’, Rahul agrees

 “I don’t care what India does with Russia. They can take their dead economies down together, for all I care.”

“We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let’s keep it that way,” he added.

India said on Monday that U.S. and EU “targeting” of the nation for importing oil from Russia after the commencement of the Ukraine conflict is “unjustified and unreasonable.”

“Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,” the Foreign Ministry spokesperson Randhir Jaiswal said in a statement.

‘NOT ACCEPTABLE’

On Sunday, Stephen Miller, deputy chief of staff at the White House, said, “What he (Trump) said very clearly is that it is not acceptable for India to continue financing this war by purchasing the oil from Russia.”

Miller’s criticism was some of the strongest yet by the Trump administration about one of the United States’ major partners in the Indo-Pacific.

“People will be shocked to learn that India is basically tied with China in purchasing Russian oil. That’s an astonishing fact,” Miller said on Fox News’ “Sunday Morning Futures.”

The Indian Embassy in Washington did not immediately respond to a request for comment.