President Trump has accused India of purchasing “massive amounts” of Russian oil and then selling some of it on the open market in order to turn a profit.
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“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. “Because of this, I will be substantially raising the Tariff paid by India to the USA.”
India Subject to ‘Penalty’ for Russian Oil Purchases
Trump didn’t immediately specify India’s new tariff rate nor the date that it would take effect. He previously imposed a 25% tariff on the country that took effect on Aug. 1. In July, he warned that India would be subject to a “penalty” for buying Russian oil and gas.
In 2024, the U.S. exported $41.8 billion of goods to India and imported $87.4 billion of goods from the country, resulting in a U.S. goods trade deficit of $45.7 billion.
According to TipRanks’ Trump Dashboard, the iShares MSCI India ETF (INDA) will likely be affected by his post.
