Trump lifts Russia-related oil tariffs on India under new trade deal
Under the pact, India’s tariffs have been reduced from 50 per cent to 18 per cent
After more than a year of haggling, US President Donald Trump on Monday announced a major trade deal between Washington and New Delhi that significantly de-escalates economic tensions between the two nations.
A White House official confirmed to the South China Morning Post that the deal will remove the 25 per cent punitive Russia oil tariffs.
Trump in a social media post earlier said that he held a phone call with Indian Prime Minister Narendra Modi.
“He [Modi] agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!”
With India negotiating its way out of the penalties, countries like China and Brazil remain the primary targets of Russia-linked punitive tariffs. Trump has repeatedly threatened Beijing with 100 per cent tariffs for continued purchase of Russian crude, but levies similar to those imposed on India have not been placed on Beijing.