Just a few hours after imposing an additional 25 percent tariff on Indian imports, the total tariff increased to 50 percent, US President Donald Trump issued a new warning to India over the ongoing oil trade with Russia. He indicated that more “secondary restrictions” can be imposed on India soon for the continuous purchase of oil from Russia.
US President Donald Trump said that China is “very close” in terms of oil purchase from Russia and will have to pay a 50 percent fee. At the same time, Trump indicated that “additional sanctions will be seen.” Trump said in the ‘Oval Office “(the official office of the US President) on Wednesday,” As you know that we have imposed a 50 percent fee on India for oil. He is the second largest buyer and is very close to China in terms of oil purchases from Russia.
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Trump on Wednesday signed a government order to impose an additional 25 percent duty on imported goods from India on continuing oil purchases from Russia. With this, the fee on Indian products in the US has now increased to 50 percent, which is one of the highest charges levied by the US on any country. The Trump administration had announced a 25 percent fee on India last week, which has become effective from August 7. The additional 25 percent fee will be effective after 21 days i.e. 27 August.
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A program of ‘White House’ was also attended by Apple Chief Executive Officer Tim Cook, Vice President JD Vance, Finance Minister Scott Besant and Commerce Minister Howard Lanik. During this, Apple announced that it would invest $ 600 billion in the US in the next four years. During this program, Trump was asked several questions about the additional fees levied on India. When Trump was asked if he signs a compromise with Ukraine and Russia, will he remove the additional fees levied on India, “We will decide on it later, but at the moment they will pay 50 percent fee.” After this, Trump was told that Indian officials say that other countries like China are buying Russian oil, they said, “Okay”
When he was asked why he only imposed additional fees on India, the US President said, “It has been only eight hours now, then let’s see what happens next … you will get to see a lot. You will get to see additional restrictions. ”The US has imposed this additional fee or punitive fee only on India, while other buyers like China and Turkas are still survived by such fees. China is charged 30 percent and 15 percent on Turkas, which is less than India’s 50 percent fee.
When asked about these additional punitive charges levied on India, and whether he is planning to impose similar fees on China, Trump said, “Maybe, it depends on what we do.” On another question of China levying a possible fee on the purchase of Russian oil, he said, “This may happen, I can’t say anything.” We did this with India. We are probably doing this with some other countries. One of them can also be China. ”
The Indian Ministry of External Affairs Ministry said in a statement that it is “highly unfortunate” that the US opted to impose additional fees on India. The Ministry of External Affairs said in a statement, “We have already made our position clear on these issues, including the fact that our import is based on market factors and is done with the overall purpose to ensure energy security of 1.4 billion people of India.” He said that the US has recently targeted India for oil imports from Russia.
The ministry said, “We reiterate that this action is inappropriate, unjust and irrational.” It said that the US has targeted India’s oil imports from Russia in recent times. At the same time, in the government order, Trump had said, “I think the Government of India is currently importing oil from the Russian Federation directly or indirectly.” Therefore, and as per the law applicable, an additional fee rate of 25 percent will be applicable on Indian goods imported in the Customs sector of the US. ”
India buys about 88 percent of its needs from abroad. India used to barely buy only 0.2 percent of the total crude oil imported from Russia by 2021. But Russia is now India’s largest oil supplier. India imported about 5 million barrels of oil daily in July, out of which 16 lakh barrels came from Russia. Following the new fee, the products of India and Brazil in the US will cost the highest 50 percent fee. In such a situation, India’s competitive countries will be in a better position in the American market, as their fees are low.
The US has imposed a fee of 40 percent on Myanmar, 36 per cent on Thailand and Cambodia, 35 per cent on Bangladesh, 32 per cent on Indonesia, 30 per cent on China and Sri Lanka, 25 per cent on Malaysia, 20 per cent on Malaysia, 20 percent on Philippines and Vietnam. The announcement is made at a time when the US party is going to come to India on August 25 for a sixth round of talks on the proposed bilateral trade agreement (BTA).