US President Donald Trump signed a presidential decree imposing an additional 25% tariff on imports from India, citing India's continued imports of oil directly or indirectly from Russia. The new tariffs will bring the total tariff rate on Indian products to 50%.
Trump argued on Wednesday night that countries buying Russian crude oil are “indirectly financing cash-strapped Vladimir Putin's war against Ukraine.” He stated that India would inevitably face economic sanctions if it continued this trade, and signaled that steps would be taken against other countries that similarly import Russian oil.
The presidential decree reads as follows: “I find that the Government of India is currently importing oil directly or indirectly from the Russian Federation, and I therefore find that it is necessary and appropriate to impose a value tax on products imported from India.”
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