New York, August 5 – In a strongly worded statement during an interview with CNBC's "Squawk Box," U.S. President Donald Trump announced that he would significantly increase tariffs on India within the next 24 hours. He criticized India for being an unfair trade partner and accused the country of supporting Russia’s war machinery through oil imports.
As per agency report, Trump stated that India imposes the highest tariffs among all trading nations and that this imbalance has hindered meaningful bilateral trade between the two countries. He claimed that while India benefits from substantial trade with the United States, the reverse is not true due to India’s high tariff barriers. He further added that an earlier agreement to impose a 25 percent tariff on Indian goods was no longer sufficient, especially in light of India’s continued purchases of crude oil from Russia.
Trump reiterated his stance that India is fueling a war economy by importing Russian oil and hinted that such actions could no longer be ignored. When asked about the prospects of a trade deal with India, he pointed out that the main obstacle is the country's excessive tariff regime. He remarked that even if India were to eliminate tariffs altogether, it still wouldn't offset the impact of its oil trade with Russia.
The announcement follows Trump’s earlier declaration last week to impose a 25 percent tariff on Indian imports. He also warned of additional penalties related to India's continued engagement in energy trade with Russia.
Just a day before the recent remarks, President Trump had accused India of buying large quantities of Russian crude and reselling it at high profits, hinting at further punitive measures. In response, India strongly objected to what it described as "unfair and unwise" targeting, pushing back against the criticism from the United States and the European Union.
India defended its position, rejecting the accusations and pointing to the ongoing commercial ties between Russia and Western nations. It criticized what it called "double standards" in global trade diplomacy, emphasizing that it had not violated any international trade or energy agreements.
