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US President Donald Trump on Tuesday has said that he may ‘substantially’ raise tariffs on India in next 24 hours. Trump’s latest statement comes a day after he vowed to raise tariffs on India due to its purchase of Russian oil and other military products.
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Speaking to CNBC, Trump once again reiterated his claim that India has the highest tariffs on US goods in the world.
“India has not been a good trading partner because they do a lot of business with us, but we don’t do business with them. So we settled on 25 percent, but I think I’m going to raise that rate quite substantially in the next 24 hours,” said Trump.
“They’re buying Russian oil and fueling the war machine. And if they are going to do that, I’m not going to be happy,” the US president added further.
Earlier on Tuesday, Russia slammed Trump’s threat against India and stated that such statements against Russian trading partners will be perceived as “threats’ against Moscow.
Also Read | Russia slams Trump’s threat against India: ‘Can’t force countries to choose trade partners’
In response to Trump’s warning, the Indian government issued a strong worded statement, labelling the US’ threats as “unjustified and unreasonable.”
In the official rebuttal from the Ministry of External Affairs, India also accused the US and EU of targeting New Delhi while pointing out its trading deals with Russia.
‘India’s imports are meant to ensure predictable and affordable energy costs to the Indian consumer. They are a necessity compelled by global market situation,” said MEA.
“However, it is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion,” the official statement added further.
Trump imposed a 25 percent tariff against India ahead of his August 1 deadline, This tariff came due to India’s high rates for US goods and a penalty for New Delhi’s close ties with Russia and participation in BRICS.
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