Trump Raises Tariffs On Indian Goods To 50%
President Donald Trump this week increased tariffs on Indian goods to 50%.
Trump had threatened to double tariffs on India, as he previously said the levies are intended to punish the country for importing Russian oil, which is helping fund Moscow’s war against Ukraine, CNN reported. The tariff increase makes the levies among the highest the U.S. charges across all countries.
India signaled earlier this month that it would retaliate against Trump’s tariffs, when he said they would be imposed as “secondary sanctions.”
The country has accused the Trump administration of unfairly penalizing it, as other countries that import Russian oil, such as China, are not being hit with the same tariffs. China, which is the top buyer of Russian oil, has a 30% minimum tariff placed on it by Trump. The president has warned that other countries purchasing Russian oil could face higher tariffs soon.
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