U.S. President Donald Trump has threatened to impose a significant increase in tariffs on India within 24 hours, criticizing the country for continuing to purchase Russian oil. He also hinted at soon announcing new tariffs on the pharmaceutical sector that may exceed previous expectations.
In an interview with CNBC, Trump stated, “India has not been a good trade partner because they benefit greatly from us, but we don’t benefit from them. We agreed on a 25% tariff, but I think I will increase it significantly within the next 24 hours because they are buying Russian oil.”
Purchasing Oil from Russia
India, which has not yet signed any trade agreement with the U.S., has so far faced the threat of a 25% tariff on its products. However, Trump has now escalated his warning, accusing New Delhi of continuing to buy Russian oil.
Trump has repeatedly threatened India with sanctions if it persists in purchasing oil from Russia, though he has not clarified the extent of these sanctions, causing concern among Indian industrialists.
#India ignores Trump’s threats: Continues importing Russian oil
Pharmaceutical Tariffs
Regarding pharmaceutical products, the White House administration plans to impose targeted tariffs on specific sectors, with an announcement expected soon.
Trump said, “We will initially impose limited tariffs on pharmaceutical products, but within a year or a year and a half at most, they will reach 150%, then 250%, because we want medicines to be manufactured in our country.”
Earlier in July, Trump announced his intention to impose a 200% tariff on imported drugs if their manufacturing operations are not relocated to U.S. soil.
Lowering Drug Prices
At the same time, the U.S. president aims to reduce drug prices, which are on average much higher compared to most other industrialized nations.
In messages sent last week to 17 companies in the sector, he demanded they lower their prices under the threat of retaliation, giving them until September 29 to provide clear commitments in this regard.
