Trump threatens to impose ‘secondary sanctions’ after slapping additional 25% tariff on India

Textile, shrimp stocks fall as Trump doubles tariff; Gokaldas Exports, KPR Mill, Avanti Feeds fall up to 4%

Hours after imposing an additional 25 per cent tariff on India, bringing the total to 50 per cent, US President Donald Trump on Wednesday hinted that more “secondary sanctions” could be imposed.

During a press briefing at White House, Trump was asked why India was being singled out for purchasing Russian oil when many other countries, including China, do the same.

In response, Trump said, "It's only been 8 hours. So let's see what happens. You're going to see a lot more...You're going to see so much secondary sanctions.”

The US President also hinted that similar sanctions could be imposed on China as well. "Could happen. Depends on how we do. Could happen."

His comments came after he signed an executive order on August 6 imposing an additional 25 per cent tariff on imports from India. Trump cited matters of national security and foreign policy concerns, as well as other relevant trade laws, for the increase, claiming that India's imports of Russian oil, directly or indirectly, pose an "unusual and extraordinary threat" to the United States.

Terming the United States' move to impose additional tariffs on India over its oil imports from Russia as "unfair, unjustified and unreasonable," the Ministry of External Affairs (MEA) declared that New Delhi would take "all actions necessary to protect its national interests.

In an official statement, the MEA said, "The United States has in recent days targeted India's oil imports from Russia. We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India."

"It is therefore extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest," the statement added further.