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WASHINGTON (AP) — President Donald Trump signed an executive order Wednesday to place an 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%.
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The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes.
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Trump’s moves could scramble the economic trajectory of India, which until recently was seen as an alternative to China by American companies looking to relocate their manufacturing. China also buys oil from Russia, but it was not included in the order signed by the Republican president.
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As part of a negotiating period with Beijing, Trump has placed 30% tariffs on goods from China, a rate that is smaller than the combined import taxes with which he has threatened New Delhi.
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Trump had previewed for reporters on Tuesday that the tariffs would be coming, saying the U.S. had a meeting with Russia on Wednesday as the Trump administration tries to end the war in Ukraine.
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“We’re going to see what happens,” Trump said about his tariff plans. “We’ll make that determination at that time.”
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In 2024, the U.S. ran a $45.8 billion trade deficit in goods with India, meaning it imported more than it exported, according to the U.S. Census Bureau.
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At a population exceeding 1.4 billion people, India is the world’s largest country and represented a way for the U.S. to counter China’s influence in Asia. But India has not supported the Ukraine-related sanctions by the U.S. and its allies on Moscow even as India’s leaders have maintained that they want peace.
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The U.S. and China are currently in negotiations on trade, with Washington imposing a 30% tariff on Chinese goods and facing a 10% retaliatory tax from Beijing on American products.
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English (US)