WASHINGTON:
US President Donald Trump on Tuesday said he expects to raise the US tariff on Indian imports “very substantially over the next 24 hours” due to the country’s purchases of Russian oil.
Trump made his latest comments in an interview on CNBC days before a separate set of tariff hikes come into effect on dozens of economies later this week.
This is a key revenue source for Moscow’s military offensive on Ukraine. His pressure on India comes after signaling fresh sanctions on Moscow if it did not make progress by Friday towards a peace deal with Kyiv, more than three years since Russia’s invasion.
Moscow is anticipating talks this week with the US leader’s special envoy Steve Witkoff, and the Kremlin has criticized Trump’s threat of raising tariffs on Indian goods.
The US president signaled that fresh tariffs on imported pharmaceuticals and semiconductors could be unveiled within the coming week, in his ongoing push to reshape global trade.
His sweeping plans have sparked a flurry of activity as governments seek to avert the worst of his threats — with Switzerland’s leaders heading to Washington on Tuesday in a last-minute push to avoid punitive duties.
But he appears set to further widen his trade wars.
The US president told CNBC that upcoming tariffs on imported pharmaceuticals could reach 250 percent, while adding that he plans for new duties on foreign semiconductors soon.
