Trump signed an executive order accusing India of “directly or indirectly importing Russian Federation oil.”
BySara Dorn
BySara Dorn,
Forbes Staff.
President Donald Trump raised tariffs on Indian imports from 25% to 50% Wednesday in what he said was retaliation against India for buying Russian oil.
The additional tariff will go into effect within 21 days, on top of the 25% tariff that will go into effect at 12:01 a.m. Thursday, along with new tariffs on more than 60 countries, when the deadline Trump set for U.S. trading partners to negotiate new tariffs expires.
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