Trump India Tariff LIVE: Prime Minister Narendra Modi is set to chair a crucial high-level Cabinet meeting on Friday at 1 pm to assess the impact of the steep tariff hike recently imposed by the US on Indian exports. US President Donald Trump this week announced tariffs totalling a punitive 50 per cent on Indian imports over its trade with Russia, bringing a jarring stop to a period of broadly warming relations between New Delhi and Washington. The US leader has also ruled out any further trade negotiations with India until the current tensions are resolved.
“No, not until we get it resolved”, Trump said when asked if he expected more talks following his announcement of the steep tariffs. It was not clear from the curt reply if he meant the resolution of the Ukraine War and the purchase of Russian oil, since the additional 25 per cent punitive tariff he announced on Wednesday was linked to it, or a settlement of issues underlying the earlier 25 per cent duties he imposed.
Trump’s punitive tariff on India appeared to aim at bringing economic pressure on Moscow to agree to a ceasefire, as India is the second-biggest customer for its oil. The US leader’s remarks follow his earlier warning of new “secondary sanctions” on countries trading with Moscow.
Trump had set a 50-day deadline for Russia to agree to a ceasefire or face additional sanctions, after which punitive measures known as secondary tariffs would be imposed on all its oil customers. He later shortened it to 12 days, ending on Friday, but announced the 25 per cent punitive tariff, singling out India on Wednesday, although it won’t take effect until August 27.
