Tuesday, 05 August 2025
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Trump Renews Threat to India with High Tariffs Over Russian Oil Purchases
Tuesday, 5 August 2025 07:17 WIB | ECONOMY |ECONOMIC

US President Donald Trump renewed his threat on Monday to raise tariffs on Indian goods over its purchase of Russian oil. Meanwhile, New Delhi called Trump's attack "unprovoked" and vowed to protect its economic interests, deepening a trade rift between the two countries.

In a social media post, Trump wrote, "Not only does India buy large quantities of Russian oil, but they also sell most of that purchased oil on the open market for huge profits. They don't care how many people in Ukraine are killed by the Russian war machine."

"Therefore, I will substantially increase the tariffs India pays the United States," he added. An Indian Foreign Ministry spokesperson responded by saying that India would "take all necessary steps to protect its national interests and economic security."

"India's targeting is unwarranted and unreasonable," the spokesperson added. Trump said that starting Friday, he would impose new sanctions on Russia and countries that buy its energy exports unless Moscow takes steps to end its 3.5-year war with Ukraine. Russian President Vladimir Putin has shown no public signs of changing his stance despite the approaching deadline.

Over the weekend, two Indian government sources told Reuters that India would continue to buy oil from Russia despite Trump's threats.

India has faced pressure from the West to distance itself from Moscow since Russia invaded Ukraine in early 2022. New Delhi has resisted, citing its long-standing relationship with Russia and economic needs.

In July, Trump announced 25% tariffs on Indian imports, and US officials have cited various geopolitical issues as standing in the way of a US-India trade agreement. Trump has also portrayed the broader BRICS group of developing nations as hostile to the United States. The countries have dismissed his accusations, saying the group promotes the interests of its members and developing countries in general. (alg)

Source: Reuters

RELATED NEWS
India calls U.S. and EU criticism of Russian oil imports unjustified...
Tuesday, 5 August 2025 01:49 WIB

India defended its oil imports from Russia on Monday, calling U.S. and European Union criticism "unjustified and unreasonable" following U.S. President Donald Trump's decision to raise tariffs on the ...

EU-US trade deal still needs clarification...
Monday, 4 August 2025 23:33 WIB

German Finance Minister Lars Klingbeil stated on Monday that the European Union's trade deal with the United States requires significant clarification, adding that the bloc had shown weakness during n...

White House Defends Firing Of Labor Official As Critics Warn Of Eroding Trust ...
Monday, 4 August 2025 11:56 WIB

White House economic advisers on Sunday defended President Donald Trump's firing of the head of the Bureau of Labor Statistics, dismissing criticism that Trump's actions could undermine confidence in ...

US Manufacturing Sector Declines...
Friday, 1 August 2025 21:13 WIB

The ISM Manufacturing PMI fell to 48 in July 2025 from 49 in June, missing expectations of a rise to 49.5. This figure marked the fifth consecutive month of contraction in the manufacturing sector and...

US Non-Farm Payrolls Fall Short of Expectations ...
Friday, 1 August 2025 19:36 WIB

US non-farm payrolls rose by 73,000 in July 2025, after being revised down by 14,000 in June and well below the 110,000 estimate. The upward trend in employment in the healthcare and social assistance...

LATEST NEWS
Gold Yet to Recover, Focus on Fed Policy

Gold prices held steady around $3,380 per ounce during the Asian trading session on Tuesday (May 8) amid strong expectations of a Fed interest rate cut in September, fueled by weak US employment data last Friday. Market sentiment was also...

WTI Recorded A Slight Decline Near $65.50 Amid Oversupply Concerns And Russian Uncertainty

West Texas Intermediate (WTI), the US crude oil benchmark, traded around $65.65 at the start of the Asian trading session on Tuesday (August 5). WTI traded slightly lower after the Organization of the Petroleum Exporting Countries and its allies...

Gold Stuck in Price Range, Investors Await the Fed's Next Move

Gold edged higher early in the Asian session, boosted by growing expectations of a US interest rate cut next month. However, "without a clear shift in dovishness from the Fed, which has yet to materialize, we expect the precious metal to trade...

POPULAR NEWS
European Stocks Rise After Selloff
Monday, 4 August 2025 14:40 WIB

European stock markets opened positively this week, with the Euro Stoxx 50 up 0.6% and the broader Stoxx 600 up 0.2%. This rebound follows a sharp...

White House Defends Firing Of Labor Official As Critics Warn Of Eroding Trust
Monday, 4 August 2025 11:56 WIB

White House economic advisers on Sunday defended President Donald Trump's firing of the head of the Bureau of Labor Statistics, dismissing criticism...

EU to suspend US tariff countermeasures for 6 months
Monday, 4 August 2025 21:39 WIB

The European Union will suspend its two packages of countermeasures to U.S. tariffs for six months following a deal with U.S. President Donald...

Swiss tensions run high as clock ticks on U.S. tariff deadline
Monday, 4 August 2025 18:39 WIB

Tensions and fears are running high in Switzerland, as the deadline to strike a trade agreement with the U.S. looms just days away. Without a deal,...