Trump Tariff Impact: US President Donald Trump has imposed 50% tariff on India. He is threatening tariffs to countries buying oil from Russia. This will increase inflation in the US market.
Trump tarif impact: US President Donald Trump has imposed an additional 25 per cent tariff on India due to not stopping oil purchases from Russia. He had earlier imposed 25 percent tariff. In this way the total fee is 50%. According to CNN report, Trump’s decision to impose heavy tariffs on other countries buying oil from India and Russia is affecting the US economy. This will increase the price of goods in America.
Tariff will increase inflation in America
Senior Fellow Clayton Sagal of Energy and Bhurajiti at the American think tank Center for Strategic and International Studies said, “For those countries that continue to take large amounts of Russian oil, the policy of punishment will also damage the US economy. The tariff will increase inflation in America.
Trump said-100% tariffs will be applied to buyers of Russian oil
Trump said last month that if Russian President Vladimir Putin does not establish peace with Ukraine within 50 days, he would impose 100% tariff on Russian oil buyers. The deadline has been carried forward by the US President for this week.
This tariff will be mainly applicable to imports from India and China. Both countries are prominent buyers of Russian oil. He is also the two biggest trading partners of America. Last year, the US imported goods worth $ 526 billion (Rs 46.14 lakh crore) from these two countries.
China-India increased oil from Russia after Ukraine’s war begins
China and India increased the purchase of Russian crude oil after Moscow invasion of Ukraine in 2022. Its price was reduced after a huge cut in Russian fuel imports by Western countries. According to energy data firm Vortexa, Russia’s share in China’s crude oil imports is now 13.5%. It was 7.7% before the Battle of Ukraine. Meanwhile, India imports more crude oil than Russia compared to any other place. India is buying 36% of its needs from Russia.
UBS Wealth Management Commodity Analyst Geoani Stanovo said that additional tariffs on Chinese goods (which are already 30%) will increase the price of consumer products (such as iPhones) in the US. American people will be disturbed by this. Therefore, China feels that Trump will not be able to bear the economic losses caused to the US. He can remove immediately after applying the tariff. China has done so before. Trump imposed a three -digit tariff on Chinese goods earlier this year, but later reduced it significantly during a conversation on the trade agreement between the two sides.