India Warned of Higher Tariff by Trump on Russian oil Import

Indian market reacted taking to a down-swing after U.S. President Donald Trump warned India of a possible hike in tariff if India did not curb buying Russian oil.

Trump, as per media reports, warned India of higher tariff in a statement on Monday. "Modi (Prime Minister Narendra) is a good guy. He knew I was not happy, and it was important to make me happy," Trump has been quoted by the media as saying. “They do trade, and we can raise tariffs on them very quickly."

The U.S. has been asking India to curb its oil imports from Russia. However, New Delhi wants to keep both the U.S. and Russia in friendly loop, a reason why it does not want to displease Moscow, and please Washington.

A few days back, Russia President Vladimir Putin visited New Delhi. He had been offered a great welcome by New Delhi.

Trade negotiations between the U.S. and India are going on, and remain largely inconclusive. Many Indian experts face U.S. tariff as high as 50 per cent. According to media reports, many industry set-ups in India are either closed or facing great difficulty due to Trump’s high tariff.