U.S. President Donald Trump on Tuesday announced that he may significantly increase tariffs on India within the next 24 hours. This statement follows his earlier warning to raise tariffs in response to IndiaтАЩs ongoing purchases of Russian oil and military equipment.
In an interview with CNBC, Trump repeated his longstanding criticism of IndiaтАЩs trade policies, claiming it imposes the highest tariffs on American goods globally.
тАЬIndia has not been a good trading partner because they do a lot of business with us, but we don’t do business with them. So we settled on 25 percent, but I think I’m going to raise that rate quite substantially in the next 24 hours,тАЭ Trump said.
тАЬThey’re buying Russian oil and fueling the war machine. And if they are going to do that, I’m not going to be happy,” he added.
Earlier on Tuesday, Russia condemned TrumpтАЩs remarks, warning that threats against its trade partners would be viewed as hostile actions toward Moscow.
In response, the Indian government issued a sharply worded statement, calling the U.S. threats тАЬunjustified and unreasonable.тАЭ
