Trump Promises to Increase Tariffs on India Over Russian Oil Imports.

U.S. President Donald Trump has announced plans to significantly increase tariffs on Indian imports, targeting India’s continued purchases of discounted Russian oil.

This move marks a sharp escalation in trade tensions between the two nations.

In a recent social media statement, President Trump criticized India for buying and reselling large volumes of Russian oil, accusing the country of profiting from the conflict in Ukraine. “They don’t care how many people in Ukraine are being killed by the Russian War Machine,” he said.

Trump confirmed that tariffs on Indian goods, including a 25% duty imposed last week, will be further increased with an additional penalty aimed at India’s energy and defense ties with Russia.

India has strongly rejected these accusations, asserting that its imports of Russian oil are necessary due to global supply disruptions caused by the ongoing conflict in Ukraine.

The Ministry of External Affairs also highlighted that Western nations, including the U.S. and European Union, continue to trade with Russia, pointing to what India describes as a double standard.

The announcement has created uncertainty in financial markets, with Indian equity benchmarks opening flat amid investor concerns over renewed trade friction.

Despite these challenges, many Indian businesses remain optimistic about the country’s growth potential.