U.S. levies 25 percent extra tariff on India for buying Russian oil
U.S. levies 25 percent extra tariff on India for buying Russian oil
It will be applicable from 27 August
United States President Donald Trump has imposed an additional 25% tariff on Indian imports, citing the country’s continued purchase and resale of oil from Russia, despite its aggression against Ukraine.
The tariff has been imposed as a caution to other countries that are engaged in oil purchases from Russia.
However, an exemption has been granted to goods mentioned in annex II to executive order 14257 of the US. It includes several mineral and energy resources used in pharmaceutical and electronic goods.
The U.S. justified the additional tariff, stating that continued purchase of Russian oil by India and reselling it at a significant profit in the open market enabled funding of Russia’s aggression against Ukraine. It undermined America’s efforts to counter the harmful activities.
India now has the highest tariffs, at 50 percent, imposed by the US on any country. It will be applicable from 27 August.
According to the Office of the US Trade Representative data, the US-India trade in 2024 was USD212.3 billion, of which US imports from India stood at USD87.3 billion.
