Trump threatens to ‘substantially’ raise tariffs on Indian goods as it continues to buy Russian oil

By Elisabeth Buchwald, Michael Rios, CNN

(CNN) — President Donald Trump said on Monday that he will “substantially” raise tariffs on India because it’s still buying Russian oil.

“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,” the president posted on his social media network, Truth Social. “Because of this, I will be substantially raising the Tariff paid by India to the USA.”

But India pushed back, saying it is being unfairly targeted by the United States and European Union for importing oil from Russia.

Tariffs are taxes directly paid by importers, though countries exporting goods could indirectly get harmed, as higher prices tend to drive demand down, leading countries to buy more