Trump to put additional 25% import taxes on India, bringing combined tariffs to 50%
By JOSH BOAK, Associated Press
WASHINGTON (AP) — President Donald Trump signed an executive order Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on India to 50%.
The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes.
Trump’s move could reshape India’s economic ambitions. Many American companies have seen India as an alternative to the Chinese manufacturing that Trump had hoped to diminish through the use of tariffs. Even though China also buys oil from Russia, Beijing was not subject to the additional tariffs in the order signed by the Republican president.
The U.S. and China are currently in negotiations on trade, with Washington imposing a 30% tariff on Chinese goods and facing a 10% retaliatory tax from Beijing on American products.
More Stories
Holidays abroad take a hit as cost of living fears and Iran conflict weigh on British consumers
British holidaymakers are tightening their belts for the first time in half a decade, with fresh Barclays data revealing that...
Rolls-Royce targets collectors with £3m electric nightingale as coach-building strategy accelerates
Rolls-Royce Motor Cars has reasserted its electric credentials with the unveiling of a £3 million zero-emissions hypercar aimed squarely at...
Morrisons to axe up to 200 head office jobs as AI drive accelerates
Morrisons has placed up to 200 head office jobs at risk as Britain’s fifth-largest supermarket leans harder on artificial intelligence...
HSBC warns Iran war is shaking global confidence as UK business leaders count the cost
Britain’s biggest bank has issued a stark warning that the war in Iran is already corroding global business confidence, as...
Monica Goyal: Leading the Shift to AI in Law
The legal industry is not known for moving fast. But Monica Goyal has built her career by doing exactly that....
Why Sustainable Promotional Products Are Reshaping How SMEs Build Brand Loyalty
Handing someone a cheap plastic pen with your logo on it used to be standard practice at trade shows and...
