Trump uses ‘massive’ tariffs to pressure India
Donald Trump reiterated that Indian Prime Minister Narendra Modi told him that India would stop buying Russian oil or he warned that New Delhi would continue to pay “massive” tariffs.
“I talked to Prime Minister Modi of India and he said Russian oil is not going to do its job,” Trump told reporters aboard Air Force One on Sunday.
Asked about India’s claim that it was not aware of any meeting between Modi and the US president, Trump replied: “But if they want to say that then they will continue to pay huge tariffs and they don’t want to do that.”
Russian oil has been one of the main factors irritating Trump in the protracted trade talks with India; Half of the 50 percent tariff it imposes on Indian goods is in retaliation for these purchases. The US government says oil revenues are financing Russia’s war in Ukraine.
India has become the biggest buyer of seaborne Russian oil, which is sold at a discount, after Western countries shunned purchases and imposed sanctions on Moscow over its 2022 invasion of Ukraine.
On Wednesday, Trump said Modi had assured him that day that India would stop oil purchases from Russia.
India’s foreign ministry said it was not aware of any phone calls between the leaders that day, but said New Delhi’s main concern was “to protect the interests of the Indian consumer”.
A White House official said on Thursday that India had halved its purchases of Russian oil, but Indian sources said no immediate reduction was seen.
Sources said Indian refiners have already placed orders for November loading, including some scheduled for delivery in December, so any disruptions could start showing up in December or January import figures.
India’s imports of Russian oil are expected to rise by nearly 20 percent this month to 1.9 million barrels a day, as Russia increased its exports after drones hit its refineries in Ukraine, according to estimates by commodity data firm Kpler.
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