Business
Trump to put additional 25% import taxes on India, bringing combined tariffs to 50%
Indian Prime Minister Narendra Modi (left) and US President Donald Trump
WASHINGTON, Aug 6, (AP): President Donald Trump signed an executive order Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on India to 50%.
The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes. Trump’s move could reshape India’s economic ambitions.
Many American companies have seen India as an alternative to Chinese manufacturing that Trump had hoped to diminish through the use of tariffs.
Even though China also buys oil from Russia, Beijing was not subject to the additional tariffs in the order signed by the Republican president.
The U.S. and China are currently in negotiations on trade, with Washington imposing a 30% tariff on Chinese goods and facing a 10% retaliatory tax from Beijing on American products.