Bankinter | Trump announces additional 25% tariffs on India for importing oil from Russia. These are in addition to the 25% announced last week, bringing the final tax to 50%.
Bankinter analysis team’s view: The US president has followed through on his threats and raised tariffs on Indian imports to 50% as a sanction for buying oil from Russia. The Indian government considers the measure ‘unfair and unreasonable’, arguing that both the US and Europe continue to trade with Russia in other products. The tariffs will come into effect on 27 August, so it is expected that during this time both countries will return to the negotiating table and reach a mutually beneficial agreement.
