- New Tariffs Imposed: The U.S. has announced additional tariffs on India in response to its continued oil purchases from Russia, marking a significant escalation in trade tensions between the two nations amid ongoing geopolitical conflicts.
- Rationale for Tariffs: The decision reflects U.S. efforts to penalize countries that engage in transactions with Russia, aiming to limit Moscow’s revenue from oil sales and reinforce sanctions imposed following the invasion of Ukraine.
- Impact on India: These tariffs could have substantial economic implications for India, potentially increasing costs for Indian importers and affecting the country’s energy security as it relies heavily on oil imports, including from Russia.
Source EY
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