US President Donald Trump hinted on Friday that Washington might not proceed with secondary tariffs on importers of Russian oil, a move that would have affected India.
"Yeah, he (Russian President Vladimir Putin) lost a customer, so to speak, which is India, which was purchasing around 40 per cent of the oil." China, you know, is doing plenty… And if I were to do what's referred to as a secondary sanction, or a secondary tariff, it would be extremely disastrous for them. If I have to, I'll do it. Perhaps I won't need to do it," Trump told Fox News in an interview aboard Air Force One flying to Alaska, where he subsequently attended a three-hour summit with Putin.
Negotiations concluded without agreement on the Russia–Ukraine conflict.
US Treasury Secretary Scott Bessent had earlier in the week suggested escalations were imminent if the Alaska summit collapsed. "I think everyone has been frustrated with President Putin.". We hoped he would come to the table in a more complete manner. It appears he might be willing to negotiate," Bessent said to Bloomberg. "And we imposed secondary tariffs on the Indians for purchasing Russian oil. If it doesn't work out, then sanctions or secondary tariffs will go up.
Bessent added that sanctions “can go up, they can be loosened. They can have a definitive life. They can go on indefinitely.”
Trump has already imposed tariffs totalling 50 per cent on India, including 25 per cent specifically on New Delhi’s Russian oil purchases, effective August 27.
India’s Ministry of External Affairs strongly criticised the move, calling the targeting of India “unjustified and unreasonable.”
"Just like any big economy, India will do whatever it takes to protect its national interests and economic security," the ministry stated.
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