US President Donald Trump speaks with the press as he meets with Indian Prime Minister Narendra Modi within the Oval Workplace of the White Home in Washington, DC, on Feb. 13, 2025.
Jim Watson | AFP | Getty Pictures
India’s set to face a 50% tariff after the White Home introduced a further 25% levy on the South Asian nation Wednesday over its purchases of Russian oil. That is now among the many highest duties on any of the U.S.’ buying and selling companions.
New Delhi responded swiftly in an announcement Wednesday, describing the U.S.’ determination to boost tariffs as “unfair, unjustified and unreasonable,” and that the nation’s imports are based mostly on market elements and to make sure vitality safety for its inhabitants.
Earlier on Monday, India’s Ministry of Exterior Affairs known as out what it says is selective enforcement in an announcement, including that “it’s revealing that the very nations criticizing India are themselves indulging in commerce with Russia.” It cited knowledge that confirmed the EU’s commerce was “considerably extra” than India’s whole commerce with Russia.
And plainly India is not the one nation on U.S. President Donald Trump’s radar as he units to punish nations that purchase oil from Russia.
His newest government order additionally directs his administration to “decide whether or not every other nation is instantly or not directly importing Russian Federation oil,” and the actions, if any, that should be taken on that nation.
— Nur Hikmah Md Ali
— CNBC’s Erin Doherty contributed to this story.
What that you must know in the present day
U.S to impose 50% tariff on India over Russian oil purchases. Trump introduced in an government order Wednesday that the brand new 25% duties will come into impact in 21 days, whereas the beforehand introduced 25% charge will kick in Thursday.
Semiconductor tariffs of 100%. Except corporations can manufacture within the U.S., Trump stated Wednesday that he would impose that tariff charge on imports of semiconductors and chips into the nation.
U.S. shares achieve on Apple’s funding. Markets gained Wednesday after Apple’s shares climbed 5% on its elevated U.S. manufacturing funding. The European Stoxx 600 was flat, whereas the Swiss Market Index fell 0.9% as Swiss officers met with their counterparts to proceed tariff negotiations.
Apple commits $100 billion to U.S. enlargement. Apple CEO Tim Prepare dinner and President Donald Trump unveiled the manufacturing enhance Wednesday. That is on high of the $500 billion that the iPhone maker introduced in February, and brings its whole U.S. funding to $600 billion over the subsequent 4 years.
[PRO] Chip shares have been going by way of a tough journey this earnings season. Texas Devices, ON Semiconductor, Qualcomm, and Arm posted earnings beats however have been met with steep sell-offs as traders demand greater than strong execution.
And at last…
Technicians stand subsequent to an oil rig which is manufactured by Megha Engineering and Infrastructures Restricted (MEIL) at an Oil and Pure Gasoline Corp (ONGC) plant, throughout a media tour of the plant in Dhamasna village within the western state of Gujarat, India, August 26, 2021.
Amit Dave | Reuters
Why India is in Trump’s crosshairs when crude is just not even sanctioned
India was as soon as inspired to purchase Russian crude by the US. It is without doubt one of the greatest consumers of Russian oil, in line with knowledge from Kpler, which reveals whole Russian crude exports quantity to round 3.35 million barrels per day, of which India takes about 1.7 million.
Sara Vakhshouri, the founder and president of SVB Power Worldwide, advised CNBC the hefty duties introduced by Trump are a “negotiation tactic,” aimed toward “reclaiming misplaced U.S. oil market share in India and oil export declines since 2022, and securing equal export of different commodity to India.”
— Emma Graham
