Trump slaps 25% tariff on Indian imports to Russian oil
President Trump just added a fresh 25% tariff on Indian imports, doubling the total US duty to 50%.
This move is aimed at pressuring India to stop buying Russian oil and kicks in on August 27.
India isn't thrilled
India isn't thrilled—its Ministry of External Affairs called the tariff "unfair" and promised to defend national interests.
Oil prices reacted fast: global crude benchmarks ticked up, but Indian crude futures dipped slightly after the news.
Analysts think this tariff probably won't change India's energy game
Here's some perspective: India exports $87 billion worth of goods to the US each year, way more than what it saves from cheaper Russian oil (about $6 billion).
So, analysts think this tariff probably won't change India's energy game much or shake up global oil flows.
Meanwhile, falling US oil stockpiles are adding fuel to price hikes as tensions continue.