Trump tariffs push India
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India and Russia reaffirmed plans to expand trade, with New Delhi seeking to boost exports to narrow its deficit with Moscow.
Peter Navarro alleged that the money India makes from trade with the US is being used to buy discounted Russian crude, which is then refined and resold at higher prices in other markets.
US may double tariffs on India to 50% over Russian oil imports, says Navarro. Jaishankar counters, defending India’s energy policy amid trade tensions.
Chinese Ambassador Xu Feihong said that the US had long benefited from free trade but was now using tariffs as bargaining chips. He stated that the US had imposed tariffs of up to 50% on India and that China firmly opposed it.
U.S. President Donald Trump has announced additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%.
Sky-high US tariffs are prompting India and Brazil to explore opportunities to boost oil trade, as New Delhi looks for alternatives to Russian oil, while Brazil scouts for newer markets for its growing crude output,
Earlier this month, Trump imposed a 25% penalty on India in addition to 25% tariffs for buying oil and weapons from Russia. The new rate will come into effect on 27 August. Delhi's increased imports of cheap Russian crude since the Ukraine war has caused a strain in its ties with the US and impacted negotiations on a trade deal.
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