Jul. 30 at 6:02 PM
President Donald Trump said that India will have a 25% tariff beginning Aug. 1 in addition to a “penalty” for what he views as unfair trade policies and for India’s purchase of military equipment & energy from Russia.
The announcement comes as India & the US try to push a trade deal over the finishing line.
India’s Ministry of Commerce and Industry said the “government is studying” the implications of Trump’s tariff announcement.
India relies on Russia for around 35% of its crude oil imports. US has imposed sanctions (under the Biden Admin) on Russian oil producers & tankers due to the ongoing full-scale invasion of Ukraine.
India also imports
$80B in Russian military equipment, such as fighter jets, missile systems, submarines and helicopters.
$INDA $INDY