“India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,” Trump wrote in a social media post. “They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA.”
Trump did not specify the exact tariff measures he would impose.
India faces tariffs of 25% as per Trump’s August 1 executive order, but it did not mention the “penalty” that Trump had said India will have to pay because of its purchases of Russian military equipment and energy.Also Read: Trump threatens higher tariffs on India for buying Russian Oil in latest social media post
Stocks to watch
Trump’s remarks could weigh on shares of oil marketing companies such as Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL), and Hindustan Petroleum Corp (HPCL) due to potential cost implications.
Reliance Industries (RIL), a major refiner and exporter, and ONGC Videsh (OVL), with exposure to Russian energy assets, may also come under investor scrutiny.
