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India faces new tariff hikes as Trump demands end to Russian oil imports amid trade talks
With Trump ally, Senator Lindsey Graham proposing 500 per cent tariffs, New Delhi faces ‘hard choice’ between Russian oil and vital US trade access
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The United States could raise tariffs on India if New Delhi does not meet Washington’s demand to curb purchases of Russian oil, US President Donald Trump said on Sunday, escalating pressure on the South Asian country as trade talks remain inconclusive.
“[Prime Minister Narendra] Modi is a good guy. He knew I was not happy, and it was important to make me happy,” Trump told reporters aboard Air Force One.
“They do trade, and we can raise tariffs on them very quickly,” Trump said in response to a question on India’s Russian oil purchases.
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India’s commerce ministry did not immediately respond to a request for comment.
Trump’s comments follow months of trade negotiations after the US doubled import tariffs on Indian goods to 50 per cent last year as punishment for its heavy buying of Russian oil.
Indian markets reacted on Monday, with the information technology stock index falling about 2.5 per cent to its lowest in more than a month, as investors worried that strained trade relations could further delay a US-India trade deal.
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