Trump hits India with punishing 50% tariffs for buying Russian oil
14 days ago
- #US-India Relations
- #Russian Oil
- #Trade Tariffs
- President Trump imposed 50% tariffs on India, escalating trade tensions.
- The tariffs punish India for buying Russian oil, reversing earlier favorable trade relations.
- India is a key U.S. partner in countering China but heavily relies on U.S. trade.
- Prime Minister Modi vows to protect Indian farmers and small businesses from tariff impacts.
- The U.S. aims to pressure India to stop purchasing Russian oil, complicating bilateral relations.
- India's stock markets were closed during the tariff announcement due to a public holiday.
- No bilateral trade deal exists between India and the U.S. after five negotiation rounds.
- India resists opening sectors to U.S. imports to protect local industries.
- Modi faces domestic pressure not to yield to U.S. demands on Russian oil.
- U.S. previously encouraged India to buy Russian oil to stabilize global prices.