WORLD NEWS FOR MONTENEGRO DIASPORA
Choose language:
AUTHOR:M.J. GDNUS
US President Donald Trump has announced plans to significantly increase tariffs on imports from India, citing India’s continued purchase of Russian oil. The announcement drew swift reactions from New Delhi and Moscow, with the Kremlin calling the threat “illegal”.
Speaking last night, Trump said he would raise the existing 25% tariff on Indian imports “very significantly” in the next 24 hours. His comments come amid increasing US pressure on countries that maintain energy ties with Russia.
“We have a meeting with Russia tomorrow. We’ll see what happens,” Trump said, referring to upcoming talks with Russian officials.
He also hinted at possible sanctions on countries that continue to buy Russian oil, but denied reports that he was considering a penalty based on a percentage of those purchases.
“I never mentioned a percentage, but we will do a lot. We will see what happens in a relatively short period of time,” he said.
An Indian government source defended the country’s stance, saying that oil trade with Russia has helped stabilize global energy markets by reducing pressure on supplies from other regions. India’s foreign ministry also criticized what it called unfair targeting, saying India was being “unfairly singled out.”
The Kremlin, on the other hand, condemned Trump’s announced tariffs as a violation of international trade rules.
Meanwhile, global trade activity continued to shift. Japan’s top tariff negotiator announced a trip to Washington in the hope of securing Trump’s signature on a deal to cut tariffs on Japanese car imports. The U.S. trade deficit narrowed in June as consumer goods imports fell sharply. The trade gap with China fell to its lowest level in more than 21 years. Canadian and Mexican officials held face-to-face meetings to strengthen trade relations.
U.S. stocks were set to close lower on Tuesday as investors weighed the economic impact of Trump's trade policies. Several companies cited tariffs as a factor affecting their financial results and forecasts.
With global markets reeling, all eyes are now on Trump's meeting with Russian officials, which could set the direction of future U.S. trade and sanctions policies.
