Eventually, Washington has slapped staggering 50% tariffs on all Indian imports. It looks like Trump’s administration is on a rampage!
On August 27, it was reported that the tariffs of 50% on Indian products, previously threatened by Washington, had officially come into effect. The White House explained the move by saying that India continues to purchase Russian oil. Remarkably, attempts to resolve the issue through five rounds of negotiations have been unsuccessful.
However, the situation may change. According to Bloomberg, Indian state-owned and private oil refineries are expected to reduce purchases of Russian oil by 20% in the near future, down to 1.4–1.6 million barrels per day.
Earlier, it was reported that the US planned to impose higher tariffs on Brazil and China as well if those countries also carried on with Russian oil imports.
The current situation is not sitting well with Indian authorities. Some analysts suggest that New Delhi may not stop buying Russian crude, despite the high US tariffs and harsh criticism from the White House.
