Trump Says India Will Face Higher Tariffs Over Russian Oil

President Donald Trump said India will face increased tariffs due to its purchases of Russian oil.

The statement on Monday came after Trump’s announcement last week of revised “reciprocal” tariffs on more than 60 trading partners. The new rates take effect on Aug. 7 — though Canada’s increases were set to begin earlier,  on Aug. 1.

The updated structure sets duties between 10% and 41% on a range of foreign goods. India’s rate was listed at 25%.

Trump posted on Truth Social, “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,” Reuters reported.

Trump said he would be “substantially raising the Tariff paid by India to the USA.” He did not state what the new rate could be.

Reuters quoted an Indian foreign ministry spokesperson saying “the targeting of India is unjustified and unreasonable.”

In other tariff news:

The European Union announced Monday it will postpone planned retaliatory tariffs on U.S. goods for six months, allowing time to finalize the trade agreement reached with Washington in late July, CBS News reported. The delay, set to take effect Tuesday, is aimed at easing tensions and stabilizing prices while both sides work out remaining details of the deal.

Swiss Watch brands are nervous about the 39% tariff that Trump imposed on goods from Switzerland. Nick Hayek, CEO of Swatch Group, hopes Swiss President Karin Keller-Sutter will go to Washington to negotiate with Trump. “That would increase the chances of a deal enormously,” Hayek said. “It’s not doomsday. Of course a settlement can be reached.”