U.S.President Donald Trump has declared his intention to significantly raise tariffs on goods imported from India within the next 24 hours, pointing to New Delhi’s ongoing oil trade with Russia as the main reason behind the move. The current rate stands at 25%, but Trump insists it’s no longer acceptable, accusing India of “fueling the war machine” in Ukraine.
Trump, speaking to CNBC, said, “India hasn’t been fair in trade. We let them in, but they shut us out with high tariffs. Now they’re buying oil from Russia. That’s not going to fly.” His remarks triggered immediate concern in New Delhi, where officials argue that India’s oil imports help stabilize global energy prices.
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India’s Ministry of External Affairs responded firmly, stating that several Western countries including the U.S. also maintain trade ties with Russia. They highlighted that the U.S. still brings in Russian uranium, palladium, and fertilizers highlighting what many see as a clear case of hypocrisy.
India gets about 35% of its crude oil from Russia, which is essential for keeping its economy running smoothly. Government officials have said that if these oil imports are stopped, it could cause a major jump in global oil prices, affecting many countries and creating financial stress around the world.
Rising tensions between the U.S. and India have started to worry investors. The stock market has slipped, and the rupee has lost some of its value. As President Trump moves forward with plans to raise tariffs, India finds itself in a tough spot trying to safeguard its economy while dealing with growing political pressure from powerful countries.
