US EditionOil rebounds on Trump threats to Russian crude buyers
UNITED STATES, AUG 6 – Trump doubles tariffs to 50% targeting India’s imports of 1.75 million barrels per day of Russian oil amid stalled Ukraine ceasefire talks and a $46 billion U.S.-India trade deficit.
- On Tuesday, President Trump threatened to impose 100% tariffs within 24 hours unless India stops its Russian oil purchases.
- Amid Western sanctions on Moscow, India has refused to join them and imports around 2 million barrels of Russian crude daily, about 45% of its oil needs.
- After Trump’s threats, Brent crude futures rose to $67.93 and WTI to $65.44, rebounding from a five-week low on Wednesday.
- Vowing to protect economic interests, India has so far held its ground against Trump's threat, calling it 'unjustified'.
- This month, high-level bilateral visits between Moscow and New Delhi are expected to accelerate, even as U.S. demands could stoke supply concerns by prompting India to seek alternatives.
118 Articles
118 Articles
The diplomatic offensive against Russia is taking India by the way: the White House announced on Wednesday the imposition of an additional 25% tariff on imports from that country, which would add to the 25% tax announced at the end of July, for buying Russian oil directly or indirectly.The measure seeks to reduce Russia's ability to finance its invasion of Ukraine, which the decree calls “unusual and extraordinary threat to the national security…
Trump Intensifies Trade War Against BRICS Nations as New Tariffs Take Effect
Huge tariffs on more than 90 countries took effect shortly after midnight on Thursday. President Trump slapped one of the highest tariff rates of 50% on India — set to go into effect on August 27 — unless India stops buying Russian oil. Democracy Now! speaks with Jayati Ghosh, economics professor at the University of Massachusetts Amherst, on the hypocrisy of the tariffs. “There’s so many double standards in this particular recent announcement o…
Pres. Trump hits India with additional 25% tariffs over Russian oil imports
President Trump has imposed an additional 25% tariff on goods from India over its imports of oil from Russia, the White House said on Wednesday, raising the rate from 25% to 50%. In a newly issued executive order, Trump stated that India is continuing to import oil from Russia, either directly or indirectly. Because of these ongoing transactions, Trump said an additional 25% duty would be imposed on Indian goods entering the U.S. market: “I find…
Donald Trump threatens secondary sanctions on India amid tariff hike
The US President has announced a sharp hike in tariffs on Indian goods, imposing an additional 25% duty—raising the total tariff to 50%—in response to India’s continued import of Russian oil. The new tariffs will come into force 21 days from now, starting August 27.
Trump’s Punitive India Tariff Spoils Modi’s Russian Oil Math
A US decision to double tariffs on Indian goods as punishment for ongoing purchases of Russian crude leaves the world’s third-largest oil consumer in a tight spot and its refiners in disarray, but the move is unlikely to prompt a radical rethink in New Delhi.
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