Trump promises to cut import tariffs on India
Photo: US President Donald Trump (Getty Images)
US President Donald Trump said that America will lower import tariffs on goods from India, said Trump while speaking with journalists.
Trump noted that the US will reduce tariffs on Indian imports due to India significantly cutting its purchases of Russian oil.
"Now the tariffs are very high on India because of the Russian oil. They’ve stopped doing the Russian oil - it’s been reduced very substantially. We’re going to be bringing the tariffs down, I mean, at some point," the President said.
On November 6, Trump said India had mostly stopped buying Russian oil following US sanctions and tariffs.
How India became the largest buyer of Russian oil
India is the world's second-largest importer of Russian oil, after China. Against this backdrop, Trump imposed additional tariffs on India to pressure it into reducing Russian oil purchases.
Historically, India rarely bought oil from Russia, favoring Middle Eastern suppliers. However, the situation changed in 2022 after Russia invaded Ukraine and the G7 imposed a $60-per-barrel price cap.
The cap aimed to reduce Kremlin revenues while maintaining global oil supplies. India avoided buying oil from Iran and Venezuela, which were under US sanctions, while Russian oil remained allowed and cheap, leading to a sharp increase in imports.
