Trump Imposes Sweeping Tariffs on India, Including 50% Levy on Russian Oil Purchases

President Trump escalated trade tensions with India by signing an executive order imposing a 25% tariff on the country's purchases of Russian oil, set to take effect in 21 days. This Stacks atop an existing 25% country-specific tariff, effectively raising India's total levy to 50%. "They're fueling the war machine," Trump asserted in a CNBC interview, accusing India of indirectly financing Russia's war in Ukraine.

The measures are part of broader tariffs affecting nearly 200 countries, with importers facing duties ranging from 10% to 50%. Switzerland faces the steepest hike among developed nations at 39%. TRUMP also previewed upcoming sectoral tariffs on semiconductors and pharmaceuticals, suggesting the latter could reach 250%.

In parallel, the administration granted Mexico a 90-day tariff reprieve while raising Canadian import duties to 35%. The moves underscore a volatile trade landscape that could Ripple through global markets—including cryptocurrencies, which often react to macroeconomic instability.