Tariff on India dealt ‘big blow’ to Russian economy, says Trump

US President Donald Trump on Monday claimed that the 50 per cent tariffs on Indian goods, imported into the US, over New Delhi’s oil purchases from Russia had delivered a “big blow” to Moscow’s economy, asserting that Russia’s economic struggle exacerbated by the US penalising its one of the largest oil buyer. In contrast, Trump signed an executive order extending a tariff suspension with China for an additional 90 days, highlighting a starkly different approach to two of US’ major trading partners.

The 50 per cent tariffs on India, which include a 25 per cent reciprocal tariff and an additional 25 per cent duty as penalty over India’s Russian oil purchases, were implemented in two phases. While the 25 per cent reciprocal tariffs already enforced, the additional 25 per cent duty will come into effect on August 7.

“It doesn’t help when the President tells their largest or second-largest oil buyer that we’re putting a 50 per cent tariff on you if you buy oil from Russia. That was a big blow,” Trump said, emphasising the impact on Russia’s economy, which he described as “not doing well” and “very well disturbed”.

Meanwhile, the 90-day extension of tariff suspension with China keeps US tariffs on Chinese imports at 30 per cent and Chinese retaliatory tariffs on US goods at 10 per cent.

The decision follows negotiations in Geneva and Stockholm, with both sides seeking to avoid a potential escalation that could have seen tariffs rise to 145 per cent on Chinese goods and 125 per cent on US exports. Experts suggest that the US is treading cautiously with China due to Beijing’s control over critical minerals like rare earths.

World