New Delhi, Aug 6 (UNI) US President Donald Trump has signed an executive order slapping an extra 25 per cent tariff on India, as “penalty” for the continued import of Russian crude.
“Imposition of Tariffs. (a) I find that the Government of India is currently directly or indirectly importing Russian Federation oil. (b) “Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 percent,” the order reads.
His latest order takes the total tariffs slapped on import of Indian goods into the United States to 50 per cent. It is 20 per cent more than the tariff on China and 21 per cent more than on Pakistan.
The 50 per cent tariff hit comes hours after his threat to hike tariffs on India.
“India has not been a good trading partner… we settled on 25 percent… but I think I’m going to raise that substantially over the next 24 hours because they’re buying Russian oil,” he told CNBC.
