Assessment of Trump’s Tariff on Indian Exports
The Ministry of Petroleum and Natural Gas in India is currently evaluating the potential consequences of U. S. President Donald Trump’s recent announcement of a 25% tariff on Indian exports. Additionally, there is a mention of an extra penalty imposed concerning India’s imports of crude oil from Russia. Top officials from the government informed NDTV Profit that they are waiting for official executive orders to define specific actions.
Concerns in India’s Energy Sector
The introduction of the U. S. tariff, declared late on Wednesday, has sparked worries within India’s energy industry, especially with Russian crude constituting around 35–40% of the nation’s overall oil imports. If the supply from Russia faces disruptions, India’s energy expenses might observe a significant rise, as noted by a senior official. This could potentially lead refiners to seek substitutes like the U. S. and Brazil for their crude oil requirements.
Russian Crude Imports and Potential Disruptions
While India has broadened its sources of crude oil in recent times, the substantial increase in Russian imports, nearly ten times higher than in 2021, complicates any sudden transition. Sources speaking to NDTV Profit voiced apprehensions about tariff-induced uncertainties that could elevate global oil prices.
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