Trump’s fresh warning on ‘secondary sanctions’ after slapping 50% tariff on India for buying Russian oil
US President Donald Trump, who imposed an additional 25 per cent tariff on India for New Delhi’s ties with Russia, has again hinted at imposition of “secondary sanctions”. However, it remains unclear whether Donald Trump has threatened secondary sanctions solely on India or on other countries as well.
Donald Trump made the fresh ‘secondary sanction’ threat when he was asked why India was being “singled out” for its business ties with Russia, but not other countries that have been buying Russian energy.
While Donald Trump chose not to answer that question, he did warn of “lot more secondary sanctions” in coming days. Trump noted, “It’s only been 8 hours. So let’s see what happens. You’re going to see a lot more…You’re going to see so much secondary sanctions.”
US President also hinted that sanctions could also be imposed on China.
“Could happen. Depends on how we do. Could happen,” Donald Trump said.
This comes hours after Donald Trump slapped an additional 25 per cent tariff on India for buying Russian energy – an investment which, the US President says, is “fueling” Moscow’s war on Ukraine.
Just a week ago, Donald Trump had slapped 25 per cent import duties on Indian products, citing New Delhi’s higher tariffs. It had also threatened to impose “additional penalties” for India’s trade with Russia.
The additional 25 per cent tariff will be effective 21 days after August 7.
What happens after Trump’s 50 per cent tariff on India?
The new import tax will raise duties on some Indian exports to as high as 50 per cent. This is said to be among the highest levied on any US trading partner.
How did India react?
In its first reaction, India strongly criticised Donald Trump’s latest executive order imposing an additional 25 per cent tariff on Indian goods, calling the move “unfair, unjustified and unreasonable.”
The Ministry of External Affairs (MEA) said it had made its position “abundantly clear” in recent dialogues with the US, stating that energy imports are guided by market dynamics and aimed at ensuring energy security for its 1.4 billion citizens.
“It is extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest,” the government said.
India also warned that it would “take all actions necessary to protect its national interests.”
Source: www.livemint.com