Aug. 5 (UPI) — U.S. President Donald Trump has threatened India with increased tariffs over its purchase of Russian oil amid Moscow’s war in Ukraine.
The American president issued his threat Monday in a statement published on his Truth Social media platform, accusing Delhi of not only buying “massive amounts” of Russian oil, but selling much of it on the open market for “big profits.”
“They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the tariff paid by India to the USA,” Trump said.
Trump has long seen tariffs as a tool to right trade deficits and as a bargaining tool. He has also started to use it as a punitive measure to retaliate against countries for taking actions he disagrees with.
Last week, Trump imposed a 25% tariff on India as he imposed tariffs against dozens of nations.
On Friday, the American president was asked about the situation, and said that he’s heard India was to discontinue buying Russian crude.
“That’s what I heard. I don’t know if that’s right or not, but that’s a good step,” he said to a question about the percentage of tariffs he was considering imposing on the ally.
“We’ll see what happens.
Over the weekend, India refuted the claims, stating it was not altering its policies.
In response to Trump’s threat on Monday, India accused the United States, and the European Union, of hypocrisy, saying they began importing from Russia “because traditional supplies were diverted to Europe after the outbreak of the conflict.”
“India’s imports are meant to ensure predictable and affordable energy costs to the Indian consumer. They are a necessity compelled by global market situation,” India’s foreign ministry said in a statement. “However, it is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion.”
It said the targeting of India was both “unjustified and unreasonable.”
“Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.”