U.S. President Donald Trump issued an executive order on Wednesday imposing an additional 25% tariff on goods from India, increasing the total levy to 50 per cent, after he warned the New Delhi of action over its oil purchases from Russia.
Donald Trump imposed the additional tariff over India’s continued purchase of Russian oil, a key revenue source for Moscow’s war in Ukraine.
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The tariff is set to take effect in three weeks and would be added on top of a separate 25 percent tariff entering into force on Thursday. It maintains exemptions for items targeted by separate sector-specific duties such as steel and aluminum, and categories that could be hit like pharmaceuticals.
