Trump Tariffs News | Explained: How The Proposed US Penalty On Importing Russian Oil Could Hurt India
Last week US President Donald Trump announced a 25 percent tariff on Indian exports to the United States, along with an unspecified penalty for purchasing oil and arms from Russia. Russian oil, which accounted for less than 0.2 per cent of India's imports before the Ukraine war, now makes up 35-40 per cent of the country's crude intake, helping reduce overall energy import costs, keep retail fuel prices in check, and contain inflation.
