 "'Will protect national interests': India slams Trump for imposition of additional 25% tariffs over Russian oil imports")
The Indian Ministry of External Affairs Wednesday (August 6) reiterated its position that the tariffs imposed by the United States on India over the latter’s purchase of Russian oil is “unfair, unjustified and unreasonable”.
The MEA statement came on the heels of President Donald Trump signing an executive order that imposes an additional ad valorem 25 per cent tariff on Indian goods, after he imposed similar levies last week– all attributed to New Delhi’s oil trade with Moscow.
“Articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 per cent,” the executive order read.
How has India responded to tariffs?
“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,” the MEA statement said.
Calling the imposition of tariffs by US “extremely unfortunate”, India pointed out that several other countries are also taking the same action in their own national interest.
“We reiterate that these actions are unfair, unjustified and unreasonable. India will take all actions necessary to protect its national interests,” the statement concluded.
What will impact of tariffs be?
Trump’s announcement of additional 25 per cent tariffs on India will essentially cut off most Indian exports to the US, Senior Vice President of the Asia Society Policy Institute (ASPI) and former Deputy US Trade Representative Wendy Cutler said on Wednesday, voicing concern over the escalating bilateral dispute.
She said this turnaround in bilateral relations has occurred quickly, and neither side can afford to be at odds with each other.
However, while the tariffs immediately threaten India’s labour-intensive exports to the US, shipments of pharmaceuticals, certain electronic products, and energy, worth nearly $30 billion are so far secure from steeper duties given that they are under an exemption list.
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