&imwidth=800&imheight=600&format=webp&quality=medium "What will happen if India retaliates against US tariffs? Trump WARNS after imposing 50% import duties over buying Russian oil")
US President Donald Trump on Wednesday (August 5) imposed additional 25 per cent tariffs on India, doubling it, making it 50 per cent now in total. On Tuesday, Trump warned that he would be raising the tariff in the next 24 hours, over India's buying Russian oil amid the ongoing Ukraine war.
The US president signed an executive order, imposing additional 25 per cent tariffs on India as they "directly or indirectly" import Russian oil.
"I determine that it is necessary and appropriate to impose an additional ad valorem duty on imports of articles of India, which is directly or indirectly importing Russian Federation oil," Trump stated in the order.
He added, "Articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 percent." Trump said that the rate of duty will be effective on or after 12:01 am, 21 days after the date of this order.
Should a foreign country retaliate against the United States in response to this action, I may modify this order to ensure the efficacy of the actions herein ordered.
What will happen if India retaliates?
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In the executive order, Trump also stated the basis on which the order can be modified in the future. He stated that he might modify the order, "including in light of additional information, recommendations from senior officials, or changed circumstances."
If India retaliates, the US president might modify the order to ensure the efficacy of the actions mentioned in the order.
"Should a foreign country retaliate against the United States in response to this action, I may modify this order to ensure the efficacy of the actions herein ordered," the order read.
"Should the Government of the Russian Federation or a foreign country impacted by this order take significant steps to address the national emergency described in section 1 of this order and align sufficiently with the United States on national security, foreign policy, and economic matters, I may further modify this order," he added.
Trump further warned that if his secretary of commerce finds that a country is directly or indirectly importing Russian Federation oil, the Secretary of State, in consultation with the Secretary of the Treasury, and along with other officials will “recommend whether and to what extent I should take action as to that country, including whether I should impose an additional ad valorem rate of duty of 25 percent on imports of articles of that country.”
