Trump Threatens to Raise Tariffs on India Within 24 Hours Over Russian Oil
US President Donald Trump on Tuesday threatened to significantly raise import tariffs on India within 24 hours, following accusations that India continued to buy oil from Russia. Trump said that even if India offered “zero tariffs” in the ongoing trade deal, it would still be “not good enough.” He also accused India of reselling Russian oil on the global market for substantial profits.
The Indian government responded strongly, calling Trump’s accusations “unfair and unreasonable.” New Delhi asserted that it would take all necessary steps to protect its national interests and economic security. Russia also defended India, emphasizing that every sovereign nation has the right to choose its own trade and economic partners.
Amid the tensions, India’s National Security Advisor Ajit Doval was reportedly in Moscow for talks, although there has been no official statement on the nature of the discussions. This move is believed to be related to increasing pressure from the US.
As a result of this uncertainty, the rating agency ICRA lowered its projection for India's economic growth for the 2025–2026 fiscal year to 6.0% from the previous 6.2%. The threat of tariffs and potential sanctions from the US are cited as key risks looming over the Indian economy going forward. (ayu)
Source: Newsmaker.id
