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US President Donald Trump on Tuesday warned that he would “very substantially” raise tariffs on imports from India within the next 24 hours, citing New Delhi’s continued purchase of Russian oil, a day after he announced on Truth Social that he would be hiking duties on India.
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“They’re fueling the war machine, and if they’re going to do that, then I’m not going to be happy,” Trump told CNBC in an interview.
He added that India’s high tariff rates on American goods remained a key sticking point in bilateral trade relations. However, Trump did not specify the new tariff rate he intends to impose on Indian imports.
On July 31, ahead of the August 1 deadline, Trump had said he would slap at 25 per cent tariff plus an unspecified “penalty” on India for trading with Russia.
Taking on Russia, Trump said that the declining energy prices could pressure Russian President Vladimir Putin to halt the war in Ukraine.
“If energy goes down enough, Putin is going to stop killing people,” Trump said in the interview. “If you get energy down, another $10 a barrel, he’s going to have no choice because his economy stinks.”
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