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US President Donald Trump has announced an extra 25% tariff on India.
With this new decision, the total tariff on India has now reached 50%. The new tariff has been applied because India continues to buy oil from Russia. After Trump’s executive order, economic pressure on India has increased.
Trump said that India will have to pay the price for buying Russian oil, and that India will be punished for getting closer to Russia.
Along with the tariffs, the US has also placed extra trade restrictions on India. The US ban on importing Russian crude oil and petroleum products remains in place, and there is a complete ban on Russian oil imports to the US.
The US President called Russia’s policies a threat to America.
Just a day earlier, Donald Trump had announced that new tariffs on India would be introduced within the next 24 hours. In his message, he had said that the current 25% tariff on India would be increased.
Trump had also said that India is not a good trade partner, as it continues to buy oil from Russia. He added that this is helping to fuel the war machine in Ukraine.
It is worth noting that this is not the first time Trump has announced an increase in tariffs on India for buying Russian oil.
In a statement shared on social media, Trump said that India is not only buying a large amount of Russian oil but is also selling it for profit.
