Earlier this week, President Trump warned that India would be subject to higher tariffs for purchasing Russian oil. He also accused the country of buying “massive amounts” of Russian oil and then selling it on the open market for a profit.
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On Wednesday, Trump signed an executive order imposing an additional 25% tariff on India. India was previously subject to a 25% tariff, pushing its total tariff rate to 50%. The new tariff rate will take effect within 21 days.
India Says it’s Being Unfairly Targeted
“They don’t care how many people in Ukraine are being killed by the Russian War Machine,” Trump said in a Truth Social post on Monday in a reference to India.
India hasn’t issued a response to its new tariff rate, although Foreign Ministry spokesman Randhir Jaiswal said on Monday that Trump’s threats were “unjustified and unreasonable.”
The iShares MSCI India ETF (INDA) fell sharply on the news, although the ETF has since recovered some of its losses.
