US President Donald Trump on Wednesday imposed an additional 25 percent tariff on India. Angered by India buying oil from Russia, Trump has taken this decision. Earlier, Trump had threatened on Tuesday that he would increase the tariffs very fast in the next 24 hours on India. With the implementation of this additional tariff, India has now reached 50 percent of the tariff on India.
What did Trump say in the executive order
President Donald Trump said in an executive order that “I find that the Government of India is directly or indirectly importing Russian oil.” The order further stated that “given this, and according to relevant laws, additional duty of 25 percent will be implemented on goods imported from India to America. Trump also indicated last week that India would have to pay 25% tariff as well as a” penalty “, which would be imposed for the purchase of military equipment and energy from Russia. However, it was not clear at that time that it was not clear.
If India buy oil from Russia, I will not be happy
US President Donald Trump clearly stated on Tuesday that if India bought oil from Russia, I will not be happy. Trump said that he (India) is buying Russian oil, giving fuel to the war machine. If they do this, then I will not be happy at all. The new tariff imposed by Trump on India is one of the highest charges levied on any other business partner in America. This is part of his stance in which he threatened to punish the countries buying oil from Russia.
Total tariff on Indian goods will be 50 percent
Trump signed an executive order to impose additional tariffs less than 14 hours before his initial tariff was implemented. According to the news, Trump signed an order for imposing additional tariffs less than 14 hours before his initial tariff was implemented. Subsequently, the total tariff on Indian goods will be 50 percent, except for some discounts. While the initial tariff is effective from August 7, the additional fee will be applicable after 21 days.
Latest business news
