Trump Suggests Extra Tariffs on Buyers of Russia Energy following Threat Aga...

TMTPOST -- U.S. President Donald Trump on Tuesday ramped up his threat against all the buyers of sanctioned Russian energy, not just India, which he repeatedly attacked recently.

Credit：Xinhua News Agency

“We’ll be doing quite a bit of that. We’ll see what happens over the next fairly short period of time, “ Trump in a press conference at the White House responded when asked whether he would follow through on a previous threat to impose tariffs on additional countries.

Trump earlier this month said he planned to “very severe tariffs if we don’t have a deal in 50 days, tariffs at about 100%.” But Trump on Tuesday claimed he didn’t mention 100% tariffs would be imposed on countries buying Russian energy, stating “I never said a percentage.” Such denial suggested the president may not intend to absolutely follow through on his previous threats.

Trump in a CNBC interview on Tuesday implied he would soon punish India, one of the top Russian oil buyers, with more tariffs. “We settled on 25% but I think I’m going to raise that very substantially over the next 24 hours, because they’re buying Russian oil,” Trump said. “They’re fueling the war machine. And if they’re going to do that, then I’m not going to be happy.”

India will be paying a tariff of 50% “plus a penalty for the above”, starting August 1, Trump announced in a social media post on July 30. The president didn’t offer any clue of the penalty, but attached India’s trade barriers and heavy reliance on Russian energy and military equipment.

Trump in a social media post on Monday warned of substantial tariff hike as India has purchased a large amount of Russian oil exports, which now accounts for one third of its imported oil, and resold much of the oil for profit.

“India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,” Trump said on his Truth Social platform. “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.”

The Ministry of External Affairs (MEA) of India responded Trump’s post later Monday,alleging the targeting of India is “unjustified and unreasonable.” The ministry said India’s energy imports aim to ensure predictable and affordable energy costs to the Indian consumer, so they are “necessity compelled by global market situation” , while the European Union and the U.S. trading with Russia despite their sanctions is taking place when it is not even a vital national compulsion.

“India has been targeted by the U.S. and the European Union for importing oil from Russia after the commencement of the Ukraine conflict. In fact, India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict,”a MEA spokesperson said in a statement. “The U.S. at that time actively encouraged such imports by India for strengthening global energy markets stability.”