Starting from August 1st, the President of the United States, Donald Trump, has announced that a 25% import tax will be imposed on Indian goods, along with penalties for purchasing Russian oil. In relation to this, Trump shared a post on his ‘Truth Social’ social media platform, stating, “Although India has been our friend, their tariffs have been excessively high for many years. They are among the highest in the world. Furthermore, they have extremely severe and repulsive non-monetary trade barriers that are not found in any other country. Not only that, they have consistently procured military equipment in large quantities from Russia. At a time when everyone wishes for an end to the killings perpetrated by Russia in Ukraine, they (India) are purchasing significant amounts of crude oil from Russia in collaboration with China. None of this is beneficial. Therefore, it has been stated that starting from August 1, a 25% import duty will be imposed on Indian goods, and penalties will be levied for purchasing crude oil from Russia.
