No fresh hike in tariff over oil, Donald Trump hints
Trump’s more conciliatory tone followed his earlier revelation that the India tariffs were designed to pressure Russia by cutting off oil revenue
US President Donald Trump appeared to rule out increased tariffs on China for purchasing Russian oil following his summit with Vladimir Putin in Alaska, while also suggesting existing penalties on India may not escalate further, providing relief for countries caught in Washington’s pressure campaign against Moscow.
Trump indicated that secondary sanctions on major oil buyers were no longer under immediate consideration after his three-hour meeting with the Russian president on Friday.
“Well, because of what happened today, I think I don’t have to think about that,” Trump said of tariffs on China and more severe economic punishment for Russia for continuing the war in Ukraine.
“Now, I may have to think about it in two weeks or three weeks or something, but we don’t have to think about that right now. I think, you know, the meeting went very well,” Trump added.
The comments came despite the summit failing to produce a deal to end the Ukraine war, which has raged since Russia’s invasion in February 2022.
Prior to the meeting, Trump said “he (Putin) lost an oil client, so to speak, which is India, which was doing about 40 per cent of the oil...And if I did what’s called a secondary sanction, or a secondary tariff, it would be very devastating from their standpoint. If I have to do it, I’ll do it. Maybe I won’t have to do it,” offering hints that could be construed positively in New Delhi.
{{/usCountry}}Prior to the meeting, Trump said “he (Putin) lost an oil client, so to speak, which is India, which was doing about 40 per cent of the oil...And if I did what’s called a secondary sanction, or a secondary tariff, it would be very devastating from their standpoint. If I have to do it, I’ll do it. Maybe I won’t have to do it,” offering hints that could be construed positively in New Delhi.
{{/usCountry}}Trump’s statement came amid talk that had the Alaska Summit not gone well, India could be hit with a harsher levy. “We’ve put secondary tariffs on Indians for buying Russian oil. And I could see, if things don’t go well, then sanctions or secondary tariffs could go up,” US treasury secretary Scott Bessent said in a television interview on Wednesday.
{{/usCountry}}Trump’s statement came amid talk that had the Alaska Summit not gone well, India could be hit with a harsher levy. “We’ve put secondary tariffs on Indians for buying Russian oil. And I could see, if things don’t go well, then sanctions or secondary tariffs could go up,” US treasury secretary Scott Bessent said in a television interview on Wednesday.
{{/usCountry}}The US has already imposed tariffs totalling 50% on India, including a 25% penalty for Russian oil purchases that will take effect on August 27, making India one of the most heavily penalised US trading partners.
Trump’s more conciliatory tone followed his earlier revelation that the India tariffs were designed to pressure Russia by cutting off oil revenue, with the president claiming Moscow “called and wanted to meet” after losing its second-largest energy customer.
India welcomed the Alaska summit between the Russian and American leaders, expressing support for dialogue-based solutions to the Ukraine conflict.
“India welcomes the summit meeting in Alaska between US President Donald Trump and Russian President Vladimir Putin. Their leadership in the pursuit of peace is highly commendable,” the Ministry of External Affairs said in a statement released after the summit.
“India appreciates the progress made at the summit. The way forward can only be through dialogue and diplomacy. The world wants to see an early end to the conflict in Ukraine,” it added.
Russia currently accounts for more than a third of India’s energy purchases, up from less than 1% in 2022 following Western sanctions over the Ukraine invasion. China remains Russia’s largest oil customer.
India has defended its energy purchases as necessary for economic security, calling US targeting “unjustified and unreasonable” whilst arguing that Western countries maintain their own trade relationships with Russia.
Prime Minister Narendra Modi spoke with both Ukrainian President Volodymyr Zelensky and Russian President Vladimir Putin this month, offering Indian diplomatic support to aid the peace process in his call with the former.
Modi has consistently called for dialogue and diplomacy since the invasion began, making separate visits to Russia and Ukraine last year whilst urging both leaders to return to negotiations.
Trump announced following the summit that he would meet Zelensky in Washington on Monday, potentially followed by a trilateral meeting with Putin, as diplomatic efforts to end the conflict continue.
