In a post on Truth Social, Trump claimed India is purchasing large volumes of Russian oil and reselling it on the open market “for big profits.”
President Donald Trump said Monday he will impose “substantially” higher tariffs on India, accusing the country of profiting from Russian oil sales while ignoring the ongoing war in Ukraine.
In a post on Truth Social, Trump claimed India is purchasing large volumes of Russian oil and reselling 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,” he wrote. “Because of this, I will be substantially raising the Tariff paid by India to the USA.”
He criticized the Indian government for turning a blind eye to Russia’s military actions in Ukraine, saying it’s time for the U.S. to respond economically.
Trump has so far imposed a 25% tariff on all goods originating from India, which will come into effect starting August 7. When announcing the 25% tariff, he had threatened India with additional penalties for its ties with Russia for both energy and military equipment. Monday’s comments add claims of reselling Russian oil in the open market. He did not specify the new tariff rate.
According to a report by The New York Times, India has drastically increased its purchases of Russian oil since the Ukraine invasion began. Russia is now the source of more than one-third of India’s oil imports. Before the war, it was reportedly less than 1%. The report added that India is currently the second largest importer of Russian oil, after China, bringing in around two million barrels of crude oil a day.
The U.S. market trended in the green during midday trade on Monday. The SPDR S&P 500 (SPY) rose 1.19%, while the SPDR Dow Jones Industrial Average ETF (DIA) gained 1.16%. The Invesco QQQ Series 1 Trust (QQQ), which tracks the tech-heavy Nasdaq 100, was up nearly 1.4%.
On Stocktwits, retail sentiment around SPY and QQQ edged lower within ‘neutral’ territory over the past day. Meanwhile, retail sentiment around DIA also moved lower but was still in the ‘extremely bullish’ zone.
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