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President Trump announced today that he would double U.S. tariffs on goods imported from India to 50 percent, as punishment for the country’s continued purchase of Russian oil.
The move was a sharp escalation in a sudden trade war between the world’s two largest democracies, which had both seemed to be enjoying the friendship that their leaders had forged. The U.S. and its businesses had long viewed India as a counterweight to China and a potential haven for trade, as Trump promised to ramp up tariffs on Chinese products.
Trump’s onslaught began last week, when he declared India’s economy “dead.” Until that time, his administration had been angling to reduce India’s trade barriers. Now India is keeping company with Brazil, whose leftist president Trump considers a political enemy.
India’s foreign ministry called Trump's planned tariffs “extremely unfortunate” and reiterated that it was importing oil from Russia to meet the energy needs of its 1.4 billion people. Here’s what to know about India’s oil trade with Russia.
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