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US President Trump has announced the imposition of 25% extra tariffs in India. He signed an executive order related to it on Thursday. This order will be applicable from August 27. Earlier, he announced 25% tariff on 30 July. Till now, India will have a total of 50% tariff from America.
Trump has taken this action on India due to Russian oil procurement. He had said a day earlier that India is helping Russia to continue the Ukraine war by purchasing Russian oil.
It is written in the executive order- The Government of India is importing oil from Russia in a direct or indirect manner. In such a situation, an extra tariff of 25% will be applicable on the goods of India entered in the US. This fee will be implemented after 21 days.
However, in certain circumstances, this tariff will also be exempted as if a goods is already in the sea and is on the way, or if it has reached America before a particular date.
Earlier in March 2022, the US issued an order to completely ban the import of Russian oil and its associated products in its country. Now the Trump administration found that India is buying that Russian oil, which is providing financial help to Russia. Because of this, now the US has decided to impose this new tariff on India.
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