US President Donald Trump announced an additional 25% tariff on India over its purchase of Russian oil, ratcheting up tensions with the world’s most populous nation.
The new duties, set to take effect Aug. 27, will bring the total tariff rate on Indian goods to 50%. While other governments rushed to make concessions in the face of Trump’s tariff onslaught, India has remained defiant.
Washington’s play to pressure Russia to end the Ukraine war is risky, analysts said. If India scales back imports of Russian oil, Moscow could still gain revenue if crude prices spike. The West’s worst-case scenario, one expert told Der Spiegel, is that “Russia wins, China wins, OPEC wins — and the rest of the world loses.”
AD