FX.co ★ Trump Rules Out Tariff Relief for India Amid Russian Oil Dispute

President Donald Trump announced on Tuesday that he has no plans to reduce tariffs on Indian imports, following his recent decision to double the levies to 50% in reaction to India's purchase of Russian oil. While Trump acknowledged the generally positive relations between the United States and India, he criticized the trade dynamics as "unbalanced," citing what he described as some of the highest tariffs globally imposed by India. This development came as a surprise to Indian officials, who had been engaged in ongoing dialogues with Washington. U.S. trade representatives have consistently expressed dissatisfaction with India's protective trade measures and elevated duty rates. Initially, a 25% tariff was placed on Indian goods, but this figure was increased to 50% last week, affecting over 55% of India's exports to the U.S., which is India's most significant market for exported goods.