WASHINGTON — US President Donald Trump again threatened on Monday to raise tariffs on goods from India over its Russian oil purchases, while New Delhi called his attack “unjustified” and vowed to protect its economic interests, deepening the trade rift between the two countries.
In a social media post, Trump wrote, “India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don’t care how many people in Ukraine are being killed by the Russian War Machine.”
“Because of this, I will be substantially raising the Tariff paid by India to the USA,” he added.
A spokesperson for India’s foreign ministry said in response that India will “take all necessary measures to safeguard its national interests and economic security.”
“The targeting of India is unjustified and unreasonable,” the spokesperson added.
Trump has said that from Friday he will impose new sanctions on Russia as well as on countries that buy its energy exports, unless Moscow takes steps to end its 3-1/2 year war with Ukraine, opens new tab. Russian President Vladimir Putin has shown no public sign of altering his stance despite the deadline.
Over the weekend, two Indian government sources told Reuters that India will keep purchasing oil from Russia despite Trump’s threats.
India has faced pressure from the West to distance itself from Moscow since Russia invaded Ukraine in early 2022. New Delhi has resisted, citing its longstanding ties with Russia and economic needs, opens new tab.
Trump had already in July announced 25 percent tariffs on Indian imports, and US officials have cited a range of geopolitical issues standing in the way of a US-India trade accord.
Trump has also cast the wider BRICS group of developing nations as hostile to the United States. Those nations have dismissed his accusation, saying the group promotes the interests of its members and of developing countries at large.
Crude buyer
India is the biggest buyer of seaborne crude from Russia, importing about 1.75 million barrels per day of Russian oil from January to June this year, up 1 percent from a year ago, according to data provided to Reuters by trade sources.
Stocks rebounded following Friday’s sell-off, with the Dow rising one and one-third percent. The S&P 500 added about one and one-half percent, and the Nasdaq climbing nearly 2 percent.
India began importing oil from Russia because traditional supplies were diverted to Europe after the outbreak of the Ukraine conflict, the Indian spokesperson said, calling it a “necessity compelled by global market situation.”
