Trump: India Tariff to Go 'Substantially' Higher Over Russian Oil Purchases
President Donald Trump, in a social media post, said he intends to substantially hike tariffs on Indian products due to their purchases of Russian oil.
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On Aug. 4, he wrote, "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. Because of this, I will be substantially raising the Tariff paid by India to the USA. Thank you for your attention to this matter!!!
This came one day after White House Deputy Chief of Staff Stephen Miller, on Fox News, noted that the president said it wasn't acceptable for India to finance the war in Ukraine with these purchases.
"People will be shocked to learn that India is basically tied with China in purchasing Russian oil. That's an astonishing fact," he said. "India portrays itself as being one of our closest friends in the world. But they don’t accept our products. They put massive tariffs on us," and they buy Russian oil.
While he noted that the president "has had always a tremendous relationship with India and the Prime Minister, we need to get real about dealing with the financing of this war."
The Indian External Affairs Ministry responded Aug. 4, complaining that the pressure from the EU and the U.S. to stop buying Russian oil was hypocritical.
"India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict. The United States at that time actively encouraged such imports by India for strengthening global energy markets stability," the statement said.
India said that importing Russian oil, which trades at a discount to other oil, makes energy affordable for its people. "It is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion," the statement said.
"Where the United States is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilizers as well as chemicals.
"In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security."