Trump Tariffs: Let’s understand Donald Trump’s 24-hour ‘substantial tariff threat’ against India

On Tuesday, US President Donald Trump made a shocking announcement. He is going to increase the tariffs charged on Indian imports ‘very substantially’ in the next 24 hours, as he raised serious concerns about India’s continued purchases of Russian oil.

India is fighting back. In its response, the Indian Foreign Ministry criticized the US and the European Union for singling out Indian refiners.

The ministry noted in a statement that India’s imports are “a necessity compelled by the global market situation” and that the countries criticizing India are also indulging in purchases of Russian products. This situation is getting more and more serious.

India highlights Europe-Russia trade numbers in response

The Indian Foreign Ministry said in its official statement that Europe-Russia trade includes more than just energy. It includes fertilizers, chemicals, mining products, iron and steel and machinery and transport equipment.

The statement noted that the EU conducted $78.02 billion in trade featuring Russia in 2024, including massive imports of liquefied natural gas (LNG).

These tensions are deepening since July 31, as US President Donald Trump announced that he is going to impose 25% tariff on goods being shipped to the US and for the first time threatened India unspecified penalties for purchasing Russian oil.