INDIA MUST PUSH FOR 25% OIL TARIFF ROLLBACK

India reduces Russian oil imports, prompting call for US tariffrollback.

- AGENCIES

The Global Trade Research Initiative (GTRI) flags unfair surcharge of 25 per cent as penalty imposed on Indian goods under the ‘Russian oil’ category.

It urged the United States to immediately withdraw the additional 25 per cent tariff, arguing that the measure has lost all justification following India’s sharp reduction in crude purchases from Moscow.

US President Donald Trump, too, acknowledged that India has “very substantially” stopped buying Russian oil.

On November 11, Trump confirmed that the tariff had been applied solely because of India’s earlier imports from Russia, and assured that “we're going to be bringing the tariffs down.”