President Donald Trump issued a new executive order that doubles tariffs on India to 50% because India is buying Russian oil.
India faces one of the highest levies.
“To deal with the national emergency described in Executive Order 14066, I determine that it is necessary and appropriate to impose an additional ad valorem duty on imports of articles of India, which is directly or indirectly importing Russian Federation oil,” stated Trump in the order.
The tariffs will go into effect in 21 days.
The previous 25% tariffs begin on Thursday.
Last month, Trump went off on countries that buy anything from Russia, threatening 100% tariffs unless Russia reaches a peace deal with Ukraine:
“We’re very, very unhappy with them, and we’re going to be doing very severe tariffs, if you don’t have a deal in 50 days, tariffs at about 100%, they call them secondary tariffs,” Trump said from the White House while meeting with NATO’s secretary general, Mark Rutte.The president said that he is “disappointed” with Putin, because he thought they would have had a deal months ago.If a ceasefire deal is not reached by September, said Trump, “we’re going to be doing secondary tariffs.”
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