Trump says may ‘substantially’ raise tariffs on India in next 24 hours

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WASHINGTON: US President Donald Trump said Tuesday that he was considering a “considerable” hiking on Indian imports on Russian oil purchases over the next 24 hours.

He told CNBC in a television interview, “India has not been a good trading partner, because they do a lot of business with us, but we do not do business with them. So we are set at 25 percent, but I think I will increase it in the next 24 hours because they are buying Russian oil, because they are buying Russian oil.

However, the ruling party of India and the central opposition condemned the “danger” of collecting revenue on goods from India on its Russian oil purchases by the US president, when a trade rift with Washington is deep.

Trump had already announced 25 % of the revenue on Indian imports in July, and US officials cited several geographical political issues standing in the way of the US -India trade agreement.

Manish Tiwari, a member of the parliament and the Leader of the Opposition Congress, said that Trump’s “invasive remarks damaged the dignity and self -esteem of Indians”.

He added, “It’s time to call for this permanent bullying and hectares.”

BJP Vice President Baijant Jay Panda cited Henry Kissinger – which in a post on the most powerful American diplomat of the Cold War era – X: “Being an enemy of America can be dangerous, but being a friend is deadly.”

The Indian Foreign Ministry said that the country was being unfairly collected on the purchase of Russian oil, and despite the war in Ukraine, the continued trade between both Moscow and the United States and the European Union was highlighted.

“It is revealing that many nations criticizing India are involved in trade with Russia themselves.”

The ministry said, “It is unreasonable to gather India.

It states that the European Union held 67.5 billion euros ($ 78.02 billion) in trade with Russia in 2024, in which imports of liquid natural gas (LNG) reached 16.5 million metric tons.

The statement said that the United States has continued import of Russian uranium hexhalovoride for use in its nuclear power industry, pelDium, fertilizer and chemicals. He did not provide any means for export information.

The US Embassy and the European Union delegation in New Delhi did not immediately respond to a request to comment.

Both the United States and the European Union have rapidly enhanced their trade relations with Russia after the full -fledged attack on Ukraine in February 2022.

According to the European Union’s Executive European Commission, in 2021, Russia was the fifth largest EU trading partner, with exchanges worth 258 billion euros.

Suddenly rift

According to data provided by Reuters by trade sources, India is the largest buyer of the hurricane from Russia, which has imported about 1.75 million barrels of Russian oil daily from January to June this year, which is 1 percent more than a year ago.

Since Russia invaded Ukraine, it has been under pressure from Moscow far away from the West. New Delhi has resisted, citing its long -standing relations with Russia and economic needs.

Two official sources said that India’s national security adviser Ajit Doval is likely to travel to Russia this week on a scheduled visit. It is expected that the Foreign Minister will visit Jaishkar in the coming weeks.

From July 31, India and the United States have been suddenly spreading, when Trump announced a 25 % tariff on goods sent to the United States and threatened to pay an uncontrollable fine for buying Russian oil for the first time.

Trump has said that from Friday, he will impose new sanctions on Russia as well as its energy exports, unless Moscow takes steps to end the war with Ukraine.

Trade tensions have caused concern for the potential impact on India’s economy.

Equity Benchmark BSE Sense X. The BSSN closed 0.38 %, while the rupee fell 0.17 % against the dollar.

– With extra input from Writers.