Keith Johnson
U.S. President Donald Trump on Wednesday followed through on so-called secondary tariffs of 25 percent on India to punish the country for buying large volumes of Russian crude oil. This is despite the fact that the United States previously encouraged New Delhi to buy Russian crude to stabilize global markets and meet India’s energy and economic objectives.
Global oil markets were nonplussed at the prospect of secondary tariffs on India, and greeted their actual arrival with a yawn. Brent crude, the global benchmark, rose by less than 50 cents a barrel. That indicates that traders do not expect Trump’s tariffs to change India’s oil-consumption habits in a big way, or take serious volumes of Russian oil off the market.
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