U.S. President Donald Trump—who has been known to have a favourable relationship with Prime Minister Narendra Modi—has said he will be raising tariffs on India for buying Russian oil, as per a Truth Social post on Monday, August 4.
“India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,” President Trump claimed in his post. “They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA. Thank you for your attention to this matter!!!”
Source: Truth Social
Trump has yet to clarify exact figures for tariff raise
The U.S. President, who had announced a 25 percent tax on India last week, has not clarified the changes in tariffs for now. Calling India’s tax rates one of the highest in the world, last week Trump had also announced an unspecified penalty amount on the sub-continent.
Despite Trump’s reaction to its oil dealings with Russia, government sources from India have reportedly told the media that the country intends to keep on buying Russian oil, something it has been doing since 2022 after Europe imposed sanctions on its exports.
External Affairs Minister S.Jaishankar has defended India’s decision to buy oil, at one point citing Europe’s larger purchases from the same source.
“India’s total purchase of oil from Russia in a month is probably less than what Europe does in an afternoon,” Jaishankar said, addressing a Washington press conference.
For now, more details on the tariff margin India could be facing from the U.S. remain awaited from the Oval Office.
India has responded to Trump’s comments in an official statement from the Ministry of External Affairs, stating that at the time, the U.S. was actively encouraging the imports by India.
The document also cited the EU’s bilateral trade with Russia in 2024 valued at 67.5 billion euros and its record LNG imports from Russia, estimated to be a total of 16.5 million tonnes.
“In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,” read the sixth and final point in the document.