Key points
- Trump has imposed 25pc reciprocal tariffs on India
- India also faces an additional 25pc levy for importing Russian oil
- Russia has tremendous potential to do well: Trump
ISLAMABAD: United States (US) President Donald Trump on Monday said American tariffs imposed on India for purchasing Russian oil have dealt a “big blow” to Moscow’s economy.
Addressing a press conference at the White House, Trump claimed that Russia’s economy has been severely disrupted by the ongoing global pressures due to the imposition of US tariffs on several countries, according to the Economic Times.
“Massive country”
“I think Russia has to get back into building their country. It’s a massive country… They have tremendous potential in Russia to do well. They’re not doing well. Their economy is not doing well right now because it’s been very well disturbed by this,” he said.
In an apparent reference to India, Trump said, “Doesn’t help when the President of the United States tells their largest or second-largest oil buyer that we’re putting a 50% tariff on you if you buy oil from Russia. That was a big blow.”
Reciprocal tariffs
Trump has imposed 25 per cent reciprocal tariffs on India, along with an additional 25 per cent levy on its purchases of Russian oil, resulting in a total of 50 per cent duties.
