WASHINGTON DC (Kashmir English): The United States may jack up tariffs on India if PM Modi does not comply with Washington’s demand to cut purchases of Russian oil, President Donald Trump said on Sunday, turning the screws on the South Asian country as trade talks remain unfinished.
“Prime Minister Narendra)Modi is a good guy. He knew I was not happy, and it was important to make me happy,” Trump told reporters aboard Air Force One.
In response to a question on India’s Russian oil purchases, Trump warned India, stating, “They do trade, and we can raise tariffs on them very quickly.” India’s commerce ministry did not immediately respond to a request for comment.
Trump’s comments follow months of trade negotiations after the U.S. doubled import tariffs on Indian goods to 50% last year as punishment for its heavy buying of Russian oil.
Indian markets reacted on Monday, with the information technology stock index (NIFTYIT), opening new tab falling about 2.5% to its lowest in more than a month, as investors worried that strained trade relations could further delay a U.S.-India trade deal.
