U.S. President Donald Trump, who referred to Indian Prime Minister Narendra Modi as a 'friend', hinted at an increase in tariffs on India, prompting India to signal a counter-response.
On the 4th (local time), President Trump said on social media that 'India is not only purchasing a significant amount of Russian oil but is also making substantial profits by selling much of that oil in the open market.'
He added, 'They do not care about how many people are dying at the hands of Russia's "war machine" in Ukraine,' and said, 'That's why I will substantially raise tariffs on India.'
President Trump also warned on the 31st of last month that additional sanctions would be imposed if India did not stop importing Russian crude oil. He indicated that he would impose a 25% country-specific tariff (also known as a reciprocal tariff) while addressing the same issue regarding India.
In fact, the White House announced on the 1st that it would impose a 25% tariff on Indian products. This is higher than that of South Korea and Japan (15%), as well as Southeast Asian countries like Vietnam (20%) and Thailand (19%).
India did not remain silent. Randeep Jaishwal, spokesperson for the Indian Foreign Ministry, stated in a statement posted on X (formerly Twitter) that 'targeting India is unjust and unreasonable,' adding that 'India started importing from Russia as traditional supply volumes heading to India began to go to Europe following the outbreak of the Ukraine conflict.'
He continued, 'The U.S. continues to import hexafluorouranium for its nuclear industry and palladium for its electric vehicle industry from Russia, and like other major economies, India will take all necessary measures to protect its national interests and economic security.'