Terming the United States’ move to impose additional tariffs on India over its oil imports from Russia as “unfair, unjustified and unreasonable,” the MEA declared that New Delhi will take “all actions necessary to protect its national interests”…reports Asian Lite News
US President Donald Trump signed an Executive Order on Wednesday imposing an additional 25 per cent tariff on imports from India in response to New Delhi’s purchase of Russian oil.
According to the order issued by the White House, Trump cited matters of national security and foreign policy concerns, as well as other relevant trade laws, for the increase, claiming that India’s imports of Russian oil, directly or indirectly, pose an “unusual and extraordinary threat” to the United States.
After the order, the total tariff on Indian goods will be 50 per cent. While the initial duty becomes effective on August 7, the additional levy will come into effect after 21 days and will be imposed on all Indian goods imported into the US, except for goods already in transit or those meeting specific exemptions.
The Executive Order also allows for modifications based on changing circumstances, including potential retaliation by other countries or steps taken by Russia or India to address the national emergency.
“Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 per cent,” the order stated.
“This rate of duty shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time 21 days after the date of this order, except for goods that (1) were loaded onto a vessel at the port of loading and in transit on the final mode of transit prior to entry into the United States before 12:01 a.m. eastern daylight time 21 days after the date of this order,” the order added.
Earlier on Tuesday, Trump, hours after he mentioned raising tariffs on India, said he would increase the tariff charged on imports from India from the current rate of 25 per cent “very substantially” over the next 24 hours due to New Delhi’s continued purchases of Russian oil, Reuters reported.
“They’re fuelling the war machine, and if they’re going to do that, then I’m not going to be happy,” Trump told CNBC in an interview, as cited by Reuters.
According to the report, he added that the main sticking point with India was that its tariffs were too high but did not provide a new tariff rate.
Trump had said on Monday that the United States will “substantially raise” the tariff paid by India for buying “massive amounts of Russian Oil”, stating that much of the oil purchased from Moscow is being sold in the open market “for big profits”.
Terming the United States’ move to impose additional tariffs on India over its oil imports from Russia as “unfair, unjustified and unreasonable,” the Ministry of External Affairs (MEA) on Wednesday declared that New Delhi will take “all actions necessary to protect its national interests.”
In an official statement, the MEA said, “The United States has in recent days targeted India’s oil imports from Russia. We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India.”
“It is therefore extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest,” the statement added.
“We reiterate that these actions are unfair, unjustified and unreasonable. India will take all actions necessary to protect its national interests,” the MEA stressed.
This came after US President Donald Trump on Wednesday signed an Executive Order imposing an additional 25 per cent tariff on imports from India.
According to the order issued by the White House, Trump cited matters of national security and foreign policy concerns, as well as other relevant trade laws, for the increase, claiming that India’s imports of Russian oil, directly or indirectly, pose an “unusual and extraordinary threat” to the United States.
After the order, the total tariff on Indian goods will be 50 per cent. While the initial duty becomes effective on August 7, the additional levy will come into effect after 21 days and will be imposed on all Indian goods imported into the US, except for goods already in transit or those meeting specific exemptions.
The Executive Order also allows for modifications based on changing circumstances, including potential retaliation by other countries or steps taken by Russia or India to address the national emergency.
“Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 per cent,” the order stated.
