US President Donald Trump on Monday said he will “substantially” raise tariffs on India for continuing to buy Russian oil as Indian leaders voiced their resistance to US pressure amid the rapidly souring relationship between Washington and New Delhi.
“India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,” Trump wrote on social media. “They don’t care how many people in Ukraine are being killed by the Russian War Machine.”
Although India is not a buyer and reseller of Russian crude oil, the country's refiners do purchase Russian crude — at a relative discount due to Western pressures — and some, including Reliance Industries and Nayara Energy, have exported derived products such as diesel and jet fuel into the global market at going market prices, bolstering profits.
Trump did not specify how high the duty on Indian exports to the US would be. Last week, he said he would impose a 25% tariff on Indian goods starting on Aug. 8, dealing a blow to New Delhi’s trade negotiations with Washington. Trump also said at the time that he would assess an additional unspecified “penalty” on India for its imports of Russian crude and weaponry purchases from Russia.
