Trump’s latest tariffs kick in – as he finally uses trade war to pressure Russia over oil
We’ve already explained how Donald Trump announced new tariffs yesterday – an extra 25% rate on India, taking its total rate to 50% – because the country is buying Russian oil.
That extra 25% on India will kick in from 27 August, unless it stops buying that oil.
It’s the first time the US president has really turned his trade war on a country which could affect Russia and its war effort in Ukraine.
Today is also a big day more generally for Trump and his tariffs, with a host of new rates coming into force.
Minutes before the clock struck the midnight deadline, here is what Trump had to say….
You can read more on Trump’s latest tariffs on the rest of the world by tapping below…
Trump’s reasoning for tariffs on India
Earlier this week, Trump said he would raise tariffs on India “very substantially” over its continued purchase of Russian oil, a decision criticised by New Delhi and Moscow.
The US president also told reporters that declining energy prices could pressure Vladimir Putin to halt the war in Ukraine.
And then yesterday, Trump issued an executive order imposing that additional 25% tariff on India over Russian oil imports, raising the total tariff on Indian imports to 50%.
Trump says one of the reasons for the order is the “unusual and extraordinary threat” that Russia poses to the national security and foreign policy of the US.
New Delhi’s foreign ministry says tariffs placed on India by the US over its imports of Russian oil are “unfair, unjustified and unreasonable”.