US Removes 25% Tariffs Imposed On India Over Russian Oil Purchases

NEW YORK/WASHINGTON, Feb 7: US President Donald Trump has removed the 25 per cent tariffs imposed on Indian imports for purchasing Russian oil, stating that New Delhi has taken “significant steps” to address US concerns and has committed to stopping direct or indirect oil imports from Moscow.

In an executive order issued on Friday, Trump said he had received additional information and recommendations from senior officials regarding India’s efforts to respond to the national emergency outlined in Executive Order 14066. He noted that India has pledged to halt the import of Russian oil, committed to purchasing energy products from the United States, and agreed to a framework with Washington to expand defence cooperation over the next 10 years.

“I have determined that India has taken significant steps to address the national emergency described in Executive Order 14066 and to align sufficiently with the United States on national security, foreign policy, and economic matters,” the executive order said.

Based on these commitments, the US President stated that the additional ad valorem duty imposed on imports of articles from India would be eliminated with immediate effect.

The decision marks a significant easing of trade restrictions between the two countries, reflecting closer alignment on strategic, economic, and defence-related issues. (Agencies)