Tariffs: Trump imposes additional 25% tariff on India, hints more "secondary sanctions"
Tariffs: US President Donald Trump on Wednesday announced an additional 25 percent against India in response to India being singled out for these additional sanctions. The US President hinted that more "secondary sanctions" could also be imposed.
On being asked, 'Indian officials have said that there are other countries that are buying Russian oil, like China, for instance. Why are you singling India out for these additional sanctions', US President Donald Trump said, "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, " Trump told reporters during a press briefing in White House.
He also hinted that US administation could impose "more" similar sanctions on China. On being asked, 'On the Indian penalties, do you have any similar plans to enact more tariffs on China', US President Donald Trump says, "Could happen. Depends on how we do. Could happen."
On wednesday, US President Donald Trump signed an Executive Order imposing an additional 25 per cent tariff on imports from India.
According to the order issued by the White House, Trump cited matters of national security and foreign policy concerns, as well as other relevant trade laws, for the increase, claiming that India's imports of Russian oil, directly or indirectly, pose an "unusual and extraordinary threat" to the United States.
After the order, the total tariff on Indian goods will be 50 per cent. While the initial duty comes into effect on August 7, the additional levy will come into effect after 21 days and will be imposed on all Indian goods imported into the US, except for goods already in transit or those meeting specific exemptions.
Following this announcement, the Ministry of External Affairs (MEA), in its response, termed the US's move as "unfair, unjustified and unreasonable", declaring that New Delhi will take "all actions necessary to protect its national interests."
In an official statement, the MEA said, "The United States has in recent days targeted India's oil imports from Russia. We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India."
"It is therefore 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 statement added."We reiterate that these actions are unfair, unjustified and unreasonable. India will take all actions necessary to protect its national interests," the MEA stressed.