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The United States has described the extra 25% tariffs imposed on purchasing oil from Russia as a blow to Moscow.
While giving a statement from the White House on Monday, Trump said that when the US talks about putting 50% tariffs on its largest (China) or second largest (India) oil buyer from Russia, it is a major setback for Russia.
He also claimed that the American tariff has severely affected Russia’s economy.
Trump is scheduled to meet Putin this week on the issue of ceasefire in Ukraine. On this he said
We will meet Putin, and within the first two minutes of the meeting I will know whether the deal may happen or not.
Trump and Putin will meet in Alaska
US President Trump will meet Russian President Putin in Alaska on 15 August. Its purpose is to eliminate the battle for three and a half years in Ukraine.
If Trump and Putin meet, this will be the first time that the two leaders will meet on the US land. Russia had earlier suggested UAE to meet Putin and Trump. However, Trump later chose Alaska for the meeting.
Alaska is the place adjacent to Canada near the North Pole which once used to be a part of Russia. 158 years ago, Russia sold it to America for just Rs 45 crore.
India is preparing to impose counter -tariffs on America
The US has imposed 50% tariff (import duty) on Indian steel, aluminum and many products. According to the report of Hindustan Times, now in response to this, India is also considering imposing up to 50% tariff on selected American products.
If this happens, it will be India’s first formal retaliation on the tariff of American President Donald Trump. On 31 July, Trump imposed 25% tariff on all Indian products. After this, on August 6, on August 6, India had imposed an extra tariff of 25% on India for oil imports.
Steel and aluminum disputes going on since February
Steel and aluminum disputes have been going on since February, when the Trump administration imposed 25% tariff on these metals. This duty was increased to 50% in June. This has affected Indian exports worth at least $ 7.6 billion, ie 66,559 crore rupees.
India said in the World Trade Organization ie WTO that America’s move has been hidden in the name of ‘National Security’, while in reality it is unlike WTO’s rules. At the same time, the US refused to negotiate in this matter. After this, India has now made legal preparations for retaliation under the WTO rules.
On 23 March 2018, the US imposed 25% tariff on India’s steel products and 10% on aluminum products.
How much tariff can India impose?
Hindustan Times quoted a source as saying that the US is trying to resolve the dispute with India on its own terms. Due to which India has no other option left. India can impose up to 50% tariffs on US steel and other products related to metal.
India exports more than $ 45 billion (Rs 3.94 lakh crore) to India. At the same time, India had an export of $ 86 billion (7.53 lakh crore rupees) before the recent tariff. If India retaliates in the case of tariff, the business may change further.
In February this year, President Trump and Prime Minister Narendra Modi promised to increase and start negotiations to $ 500 billion (Rs 43.78 lakh crore), but America wants more concession in India’s agricultural and sensitive sectors. At the same time, India turned down the US demand, after which the conversation on the trade deal came to a standstill.
Metal is not limited to trade
The US exported an energy of $ 13.62 billion (Rs 1.19 lakh crore) to India in 2024–25, as well as a large trade in electronics, chemicals and other goods. Service trade between the two countries is also important. In 2024, the business of Beilateral Services stood at $ 83.4 billion (Rs 7.30 lakh crore), with a surplus of US $ 102 million (Rs 893 crore).
In 2024, India increased by about 16% to $ 41.8 billion (Rs 3.66 lakh crore) to India, while imports from India also increased to almost the same rate to $ 41.6 billion, or Rs 3.64 lakh crore.
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50% tariff of Trump on India, 25% applied from today: more damage to sector like jewelery-textiles; Export may be half
Today, 25% tariff has been implemented on goods sent from India to America i.e. from August 7. At the same time, 25% extra tariff will be applicable from August 27. At present, about 10% tariffs were taken on Indian goods. Indian goods will become expensive in the US market due to new tariffs. Read full news …
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