The US has slapped punitive tariffs on India over its purchases of discounted Russian oil, dealing a blow to the world’s fastest growing large economy and deepening a rift between Washington and New Delhi.
The 25 per cent levy — which came on top of a 25 per cent “reciprocal” tariff — took effect at 12.01am US eastern time on Wednesday and raised rates on India to among the highest rates in the world.
President Donald Trump’s announcement this month that the US would double its tariff rate on India marked a sudden escalation of tensions, following the sides' failure to reach a breakthrough in trade talks. Negotiators had initially targeted the first stage of a trade deal by early summer.
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