President Donald Trump signs an executive order suspending a law that allows for tariffs of up to 100% on countries, including India, purchasing Russian oil and gas. The tariffs were due to take effect after a 30-day period.
On Friday, US President Donald Trump signed an executive order putting on hold a law that allows him to impose tariffs of up to 100% on countries, including India, that purchase Russian oil and gas. The waiver was granted in the interest of the United States.
The signing came before the 30-day period stipulated in the law was due to conclude on Sunday. According to the legislation, the tariffs could apply to the five countries with the highest volume of Russian crude oil or natural gas imports if they continue purchasing Russian crude oil after the law's enactment.
Trump had given his assent to the bill on September 18, but the signing of the bill into law did not automatically trigger the tariffs. The president's order suspends the implementation of the law.
The tariffs were also intended to target countries helping Russia evade oil-related sanctions, but countries with significantly reduced Russian natural gas imports or whose gas imports account for less than 15% of Russia’s gas exports would be exempt.
Over the past year, there have been diplomatic tensions between Washington and New Delhi over India's continued purchases of Russian crude oil. In August 2021, the Trump administration imposed a 25% punitive levy on India for buying oil from Russia amid the Ukraine war, taking the combined US tariff rate to 50%.
Source:
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