US President Donald Trump on Friday said Russia lost India as an oil client after Washington announced a penalty on New Delhi for its purchases. He indicated, however, that similar secondary tariffs might not apply to countries still buying Russian crude oil.
Trump’s comments came as New Delhi has not confirmed any suspension of oil imports from Moscow, despite Washington’s move last month to slap a 25 per cent tariff on Indian goods, on top of an existing 25 per cent tariff. The new duty is set to take effect on August 27.
“Well, he (Russian President Vladimir Putin) lost an oil client, so to speak, which is India, which was doing about 40 per cent of the oil. China, as you know, is doing a lot…And if I did what’s called a secondary sanction, or a secondary tariff, it would be very devastating from their standpoint. If I have to do it, I’ll do it. Maybe I won’t have to do it,” Trump told Fox News as he departed for Alaska for a high-stakes meeting with his Russian counterpart Vladimir Putin.
On August 6, Trump imposed an additional 25 per cent tariff on Indian goods, doubling it to 50 per cent in response to the country’s continued imports of Russian oil. India denounced the move as “unfair, unjustified and unreasonable,” warning that it would impact sectors such as textiles, marine, and leather exports.
Prime Minister Narendra Modi has already made it clear that India will not back down in the face of economic pressure.
