Trump’s 500% tariff push raises risk of India-US trade freeze
US President Donald Trump’s backing for a Senate bill that would allow tariffs of up to 500 per cent on goods from countries buying Russian oil has raised the prospect of a near-freeze in trade between India and its largest export market, as New Delhi continues to absorb steep US duties imposed last year.
Trump last week gave the green light to the proposal, which targets any country that continues to buy Russian oil, petroleum products or uranium, a move seen as part of Washington’s effort to increase pressure on Moscow to reach an agreement to end its war with Ukraine.
The bill would authorise so-called secondary tariffs, penalising third countries that continue trading in Russian energy rather than sanctioning Russia alone, and would place India among the most exposed economies if enacted.
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