Donald Trump slaps extra 25% tariff on India for buying Russian oil
Donald Trump has hit India with an additional 25 percent tariff for its purchases of Russian oil, bringing the total levies on Indian imports to the US to 50 percent.
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The new rate will be "effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time 21 days after the date of this order", the executive order signed on Wednesday stated.
Mr Trump had earlier warned he would raise tariffs, claiming India doesn't "care how many people in Ukraine are being killed by the Russian War Machine".
It comes just hours after senior US envoy Steve Witkoff met Russian President Vladimir Putin in Moscow.
Mr Witkoff took an early morning walk through Zaryadye Park, a stone's throw from the Kremlin, with Kirill Dmitriev, the Russian president's envoy for investment and economic co-operation, footage aired by TASS showed.
The Kremlin is yet to provide details on Mr Witkoff’s meeting with Putin.
Read more: US envoy Witkoff meets Putin in Moscow as Trump deadline looms for Russia to agree Ukraine ceasefire
Mr Trump threatened Russia with a fresh wave of sanctions if Putin fails to agree to peace with Ukraine in the coming days.
He warned “severe tariffs” and other economic measures will hit Russia on Friday if the fighting continues.
Several countries have faced 25 percent tariffs from the US since Mr Trump came into power, including Mexico, Canada and China.
The UK was left better off than many countries but still hit with a "devastating" blow as the US president raised levies on its trading partners across the globe.
A survey of more than 500 owners of small and medium-sized businesses (SME) in the UK found over half say the tariffs have reduced their willingness to export.
SME lender iwoca said its study also indicates one in seven firms blame the tariffs for not exporting.
Mark Di-Toro, director at iwoca said: "Tariffs add complexity for any business looking to trade internationally and for small businesses, even a slight increase in costs or red tape can tip the balance."
A Business and Trade Department spokesperson said: "We were the first country to agree a deal with the US that lowered tariffs on key sectors and protected jobs, receiving one of the lowest reciprocal tariff rates in the world.
"We are supporting small business exporters through the business growth service, which was announced last week as part of the Government's small business plan, as well as our trade strategy, which set out plans to offer more accessible online support."