By Elisabeth Buchwald, Michael Rios, CNN
(CNN) — President Donald Trump said on Monday that he will “substantially” raise tariffs on India because it’s still buying Russian oil.
“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,” the president posted on his social media network, Truth Social. “Because of this, I will be substantially raising the Tariff paid by India to the USA.”
But India pushed back, saying it is being unfairly targeted by the United States and European Union for importing oil from Russia.
Tariffs are taxes directly paid by importers, though countries exporting goods could indirectly get harmed, as higher prices tend to drive demand down, leading countries to buy more from other countries with lower tariffs or to increase domestic production.
Last week, Trump threatened a minimum 25% tariff on goods coming from India, set to take effect at the end of this week. Indian goods are currently subject to a 10% minimum rate. Trump did not specify what new tariff rate goods from India could be charged if it continues to purchase Russian oil.
The Indian Ministry of External Affairs said the country began importing from Russia because traditional supplies were diverted to Europe after the start of Russia’s war on Ukraine.
“India’s imports are meant to ensure predictable and affordable energy costs to the Indian consumer. They are a necessity compelled by (the) global market situation,” a statement posted on social media from the ministry’s spokesperson Randhir Jaiswal read.
India said both the US and the EU were also “indulging in trade with Russia.”
“In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,” the statement said.
Trump’s tariff threat comes as he’s upped the pressure on Russia’s Vladimir Putin l to reach a ceasefire with Ukraine within days, shortening his prior deadline.
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