Oil tanker trucks outside an oil refinery operated by Bharat Petroleum Corp. Ltd., in Mumbai, India. Dhiraj Singh/Bloomberg/Getty Images
President Donald Trump on Wednesday announced sweeping and substantial tariffs on India, one of America’s most important trading partners. In addition to a 25% tariff that is set to go into effect Thursday, Trump also announced an additional 25% tariff on India that will go into effect later this month as punishment for importing Russian oil and gas.
Those combined penalties would bring the total tariff on goods imported from the world’s fifth-largest economy to a whopping 50% – among the highest the US charges.
The latest executive order, according to a document posted on the White House website, represents an escalation of his trade battle with New Delhi and his first use of so-called secondary sanctions on countries the US says are fueling Moscow’s war machine.
The order finds India is “currently directly or indirectly importing Russian Federation oil,” and says it is “necessary and appropriate” to apply the new 25% tariff on Indian goods.
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