US President Donald Trump says he never mentioned a percentage. That was his answer when asked about the rumoured 100% tariff on countries buying Russian energy. Standing at a White House podium on a day meant to promote the 2028 Olympics, Trump veered into trade policy, saying, "I never said a percentage, but we'll be doing quite a bit of that. We'll see what happens over the next fairly short period of time... We have a meeting with Russia tomorrow. We're going to see what happens."
The immediate target is India. Trump has repeatedly hit out at New Delhi over its oil ties with Moscow, threatening to raise tariffs on Indian goods "very substantially" within 24 hours. The figure currently stands at 25%. In an interview with CNBC, he said, "They’re fuelling the war machine, and if they’re going to do that, then I’m not going to be happy."
He framed it as a matter of fairness. “India has not been a good trading partner,” he said. “They do a lot of business with us, but we don’t do business with them. They’re the highest tariff nation. They have the highest tariff of anybody.”
India pushes back
India has not taken this quietly. The Ministry of External Affairs called the threats "unjustified and unreasonable" and warned it would take "all necessary measures" to protect its national interests. Indian officials argue that buying oil from Russia has helped stabilise global energy prices by easing pressure on supply elsewhere.
The Kremlin echoed that view. Spokesman Dmitry Peskov said sovereign countries should choose their economic partners freely. “We believe that sovereign countries must have, and do have, the right to choose their trade partners... and independently determine those modes of trade and economic cooperation that suit the interests of a country in question.”
Haley’s criticism and China’s 90-day pass
Enter Nikki Haley, Trump’s former UN ambassador and Republican primary rival. Her criticism of Trump was direct. On X, she wrote: “India should not be buying oil from Russia. But China, an adversary and the number one buyer of Russian and Iranian oil, got a 90-day tariff pause. Don't give China a pass and burn a relationship with a strong ally like India.”
Her comments underscore a bigger political contradiction. While Trump is singling out India, China, whose purchases of Russian oil far outstrip India’s has been given a temporary reprieve.
Trump's tariff war: The bigger fallout
Trump’s sudden shift on tariffs isn’t just a political message, it’s sending ripples through the markets. ICRA, the Indian ratings agency, downgraded India’s GDP growth projection for FY26 from 6.2% to 6.0%, citing US tariff risks and trade uncertainty.
The sectors expected to suffer most are textiles, tyres, chemicals, auto parts, agrochemicals and cut and polished diamonds. Exporters in these sectors are already exploring ways to reroute trade through the UAE, Belgium or pivot to other markets like the UK or Asia-Pacific. But that won’t happen overnight.
Pharmaceuticals, petroleum products and telecom equipment are expected to be spared for now. But ICRA warned that unless a bilateral deal is struck soon, India’s export trajectory could be seriously derailed.
US tariffs: What’s at stake for India
The US remains India’s biggest export market, with a trade surplus rising from $21 billion in FY2015 to $41 billion in FY2025. This isn’t a minor trading partner, it’s a pillar of India’s economic strategy.
And yet, Trump seems set on confrontation. On his social platform, Truth Social, he claimed: “India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA.”
This, despite the fact that the US and EU both continue to import key materials from Russia, from uranium for nuclear energy to fertilisers and chemicals.
Russia’s RT reported that India’s National Security Adviser, Ajit Doval, arrived in Moscow just as Trump’s tariff threat escalated. India has also pointed out that it is the world’s fastest-growing major economy, challenging Trump’s remark that Russia and India could “take their dead economies down together.”
Meanwhile, in the background, global trade tensions are simmering elsewhere. Japan’s chief negotiator flew to Washington, hoping to finalise a long-delayed tariff cut on car exports. Canada and Mexico are also working to shore up trade ties. And in the US, the trade deficit with China has fallen to its lowest in over two decades.
As for Trump, the final decision may follow his meeting with Russian officials. Asked about it again on Tuesday, he replied: “We have a meeting with Russia tomorrow, we will see what happens.”
His position is shifting by the hour. But one thing is clear tariffs are back at the centre of his foreign policy playbook.
(With inputs from ANI)
The immediate target is India. Trump has repeatedly hit out at New Delhi over its oil ties with Moscow, threatening to raise tariffs on Indian goods "very substantially" within 24 hours. The figure currently stands at 25%. In an interview with CNBC, he said, "They’re fuelling the war machine, and if they’re going to do that, then I’m not going to be happy."
He framed it as a matter of fairness. “India has not been a good trading partner,” he said. “They do a lot of business with us, but we don’t do business with them. They’re the highest tariff nation. They have the highest tariff of anybody.”
India pushes back
India has not taken this quietly. The Ministry of External Affairs called the threats "unjustified and unreasonable" and warned it would take "all necessary measures" to protect its national interests. Indian officials argue that buying oil from Russia has helped stabilise global energy prices by easing pressure on supply elsewhere.
The Kremlin echoed that view. Spokesman Dmitry Peskov said sovereign countries should choose their economic partners freely. “We believe that sovereign countries must have, and do have, the right to choose their trade partners... and independently determine those modes of trade and economic cooperation that suit the interests of a country in question.”
Haley’s criticism and China’s 90-day pass
Enter Nikki Haley, Trump’s former UN ambassador and Republican primary rival. Her criticism of Trump was direct. On X, she wrote: “India should not be buying oil from Russia. But China, an adversary and the number one buyer of Russian and Iranian oil, got a 90-day tariff pause. Don't give China a pass and burn a relationship with a strong ally like India.”
Her comments underscore a bigger political contradiction. While Trump is singling out India, China, whose purchases of Russian oil far outstrip India’s has been given a temporary reprieve.
Trump's tariff war: The bigger fallout
Trump’s sudden shift on tariffs isn’t just a political message, it’s sending ripples through the markets. ICRA, the Indian ratings agency, downgraded India’s GDP growth projection for FY26 from 6.2% to 6.0%, citing US tariff risks and trade uncertainty.
The sectors expected to suffer most are textiles, tyres, chemicals, auto parts, agrochemicals and cut and polished diamonds. Exporters in these sectors are already exploring ways to reroute trade through the UAE, Belgium or pivot to other markets like the UK or Asia-Pacific. But that won’t happen overnight.
Pharmaceuticals, petroleum products and telecom equipment are expected to be spared for now. But ICRA warned that unless a bilateral deal is struck soon, India’s export trajectory could be seriously derailed.
US tariffs: What’s at stake for India
The US remains India’s biggest export market, with a trade surplus rising from $21 billion in FY2015 to $41 billion in FY2025. This isn’t a minor trading partner, it’s a pillar of India’s economic strategy.
And yet, Trump seems set on confrontation. On his social platform, Truth Social, he claimed: “India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA.”
This, despite the fact that the US and EU both continue to import key materials from Russia, from uranium for nuclear energy to fertilisers and chemicals.
Russia’s RT reported that India’s National Security Adviser, Ajit Doval, arrived in Moscow just as Trump’s tariff threat escalated. India has also pointed out that it is the world’s fastest-growing major economy, challenging Trump’s remark that Russia and India could “take their dead economies down together.”
Meanwhile, in the background, global trade tensions are simmering elsewhere. Japan’s chief negotiator flew to Washington, hoping to finalise a long-delayed tariff cut on car exports. Canada and Mexico are also working to shore up trade ties. And in the US, the trade deficit with China has fallen to its lowest in over two decades.
As for Trump, the final decision may follow his meeting with Russian officials. Asked about it again on Tuesday, he replied: “We have a meeting with Russia tomorrow, we will see what happens.”
His position is shifting by the hour. But one thing is clear tariffs are back at the centre of his foreign policy playbook.
(With inputs from ANI)
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