NextFin news, Washington, Friday — Former US President Donald Trump stated on Friday that imposing 50% tariffs on India due to its purchase of Russian oil was "not an easy thing to do" and acknowledged that the move caused a rift between the United States and India. Trump described the tariffs as a "big deal" during an interview with Fox News.
Trump explained that India was Russia's biggest customer and that the tariffs were a punitive measure aimed at discouraging New Delhi from buying Russian crude amid Western sanctions on Moscow. "India was their biggest customer. I put a 50 per cent tariff on India because they're buying oil from Russia. That's not an easy thing to do. That's a big deal, and it causes a rift with India," Trump said.
He also announced plans to impose further economic measures on Russia, including sanctions on banks and additional tariffs, as part of efforts to pressure Russia over its ongoing conflict in Ukraine.
The Trump administration has been in talks with European leaders to impose 100% tariffs on imports from India and China, aiming to cut off funding for Russia's war efforts. US Treasury Secretary Scott Bessent urged the European Union to join the US in imposing meaningful tariffs that would be lifted once the war ends.
During his Senate confirmation hearing on Thursday, Sergio Gor, Trump's nominee for US Ambassador to India, described India as a "strategic partner" and emphasized persuading India to reduce its reliance on Russian oil as a top priority. Gor also revealed that the US and India are close to finalizing a trade deal, with ongoing negotiations expected to continue in the coming weeks.
Last week, Trump announced the resumption of trade negotiations with India, highlighting the importance of addressing trade barriers between the two nations. He referred to Indian Prime Minister Narendra Modi as a "very good friend" and expressed anticipation for upcoming discussions.
In response to Trump's remarks, Prime Minister Modi posted on the social media platform X, reaffirming the strong India-US relationship and expressing confidence that ongoing trade talks will unlock the partnership's potential.
India has defended its purchase of Russian crude oil, stating that its energy procurement decisions are driven by national interest and market dynamics.
These developments occurred amid heightened global efforts to isolate Russia economically due to its military actions in Ukraine. The tariffs and trade negotiations reflect the complex balancing act between maintaining strategic partnerships and enforcing sanctions.
Sources: The New Indian Express, The Indian Express, LatestLY, Mint, Lokmat Times
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