India described the new tariff threat issued by US President Trump to India as "unjust and unreasonable". Trump warned on Monday (August 4th) that he would significantly raise tariffs on India to protest India's purchase of Russian oil.
The New York Times reported that the Indian Foreign Ministry issued a statement late Monday night, saying that India "will take all necessary measures to safeguard national interests and economic security."
The statement said that India expanded its imports of Russian oil after Russia's full-scale invasion of Ukraine in 2022, due to the "shift of traditional supply to Europe".
The Indian Ministry of Foreign Affairs said, "At that time, the United States strongly encouraged India to import such oil to enhance the stability of the global energy market."
Trump said on Truth Social on the morning of the 4th that he would significantly raise tariffs on India.
Trump said, "India not only buys a large amount of Russian oil, but also sells most of it in the open market to make huge profits." They simply don't care how many people in Ukraine have been killed by the Russian war machine. Therefore, I will significantly increase the tariffs that India pays to the United States.
Before Trump posted this message, Indian officials said that despite Trump's pressure, India would continue to purchase cheap Russian oil.
According to the new list of reciprocal tariffs announced by Trump on July 31, the United States will impose a 25% tariff on India starting from August 7.
Two weeks ago, US Treasury Secretary Janet Bessent was still making a high-profile prediction that the Federal Reserve would cut interest rates by 50 basis points in September and declared that the benchmark interest rate should be significantly reduced by 150 to 175 basis points.
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