NEW YORK, August 6. /TASS/. The United States’ potential tariffs on India over its energy cooperation with Russia will also hurt the US customers that purchase refined petroleum products from Indian companies, CNN reported.
According to Indian experts interviewed by the broadcaster, Western countries were well aware that India bought large amounts of Russian oil for re-export purposes, and tolerated it because of concerns about the economic issues higher oil prices could create.
According to the Helsinki-based Center for Research on Energy and Clean Air (CREA), some of the biggest buyers of the refined products made from Russian crude oil include Europe, the US, and the UK. That said, if India gives in to US pressure and starts importing oil from other countries at higher prices, the US economy will also be affected.
On August 4, Trump wrote on the Truth Social platform that he would substantially raise tariffs on India for buying and re-selling Russian oil. Earlier, he announced 25% tariffs on Indian goods. The Indian Foreign Ministry condemned the move as unjustified, saying that Western countries used to encourage such trade and continued to purchase goods and services from Russia themselves. On August 5, Trump warned that Washington would raise tariffs on India over the next day due to its continued Russian oil purchases.