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US imposes 50% tariff on India for buying oil from Russia

nabil bank

Agency. US President Donald Trump has signed an executive order to impose an additional 25 percent additional tariff on all products shipped from India to the US. With this, the total tariff rate on India has reached 50 percent.

According to Trump’s order, this new tariff will come into effect 21 days from the date of issuance of the order. India’s Ministry of External Affairs has reacted strongly to this decision. “This step is unfair, unprovoked and irrational. ”

The US has been raising concerns over India’s oil imports from Russia. In this context, India has made it clear that its energy policy is based on market conditions and energy security of 1.4 billion people. India termed the US move as unfortunate and said that other countries are doing the same thing for their national interest, but the US is only targeting India.

The US decision has angered India’s opposition Congress. Hitting out at Prime Minister Narendra Modi, the Congress said, “Modi’s friend Trump has imposed 50 per cent tariff on India, but Modi is silent. ”

Congress leader Rahul Gandhi termed Trump’s decision as “economic blackmail”. He said Prime Minister Modi should give a strong reply in india’s interest.

According to Ajay Srivastava, head of the Global Trade Research Initiative, the decision could have a serious impact on exports to the US to India. “India exports $86.5 billion annually to the US, including textiles and machinery. Due to the tariffs, these items will become expensive and exports may fall by 40-50 percent. ”

According to him, even though China imported more oil from Russia than India in 2024, the US is reluctant to punish China because China controls the supply of important raw materials used in the US defense and technology sectors. Srivastava added that the US has also ignored trade with Russia by its allies like the European Union, but has only put pressure on India. ”

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sikhar insurance

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