Trump raises India tariffs to 50% over Russian oil purchases

*TRUMP SIGNS EXECUTIVE ORDER IMPOSING ADDITIONAL 25% TARIFF ON INDIA *WHITE HOUSE: TARIFF ON INDIA OVER CONTINUED RUSSIAN OIL PURCHASES Addressing Threats to the United States by the Government of the Russian Federation By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code, I hereby determine and order: Section 1. Background. Executive Order 14066 of March 8, 2022 (Prohibiting Certain Imports and New Investments With Respect to Continued Russian Federation Efforts To Undermine the Sovereignty and Territorial Integrity of Ukraine), expanded the scope of the national emergency declared in Executive Order 14024 of April 15, 2021 (Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation), to include the actions taken against Ukraine by the Government of the Russian Federation. To address that unusual and extraordinary threat to the national security and foreign policy of the United States, Executive Order 14066 prohibited, among other things, the importation into the United States of certain products of Russian Federation origin, including crude oil; petroleum; and petroleum fuels, oils, and products of their distillation. I have received additional infor *TRUMP ORDER DIRECTS IDENTIFICATION OF COUNTRIES IMPORTING RUSSIAN OIL WHITE HOUSE: IF FOREIGN RETALIATION OCCURS, PRESIDENT TRUMP MAY AMEND ORDER TO ENSURE ITS EFFECTIVENESS

India’s economy could take a multibillion dollar hit after President Donald Trump raised tariffs on Indian goods to 50% — one of the highest levies on any trading partner — over objections to the South Asian country’s oil trade with Russia. Trump had previously imposed tariffs of 25% on Indian goods due to the country’s high trade barriers. While only ...

India’s central bank kept its policy rate steady at 5.5% Wednesday in the face of rising tariff threats from U.S. President Donald Trump. The move was in line with expectations from economists polled by Reuters, and comes after the Reserve Bank of India delivered an outsized cut of 50 basis points at its last meeting in June. RBI Governor Sanjay Malhotra, ...