Donald Trump has backed a Bill allowing 500% tariffs on buyers of Russian oil and uranium, threatening an India–US trade deal
The US has already imposed higher tariffs on Indian goods linked to Russian oil, while China, the largest buyer, has not been targeted
India’s Russian oil imports have fallen sharply since 2023. Softer crude prices have eased the shift, but policy risks remain
A 500 per cent tariff would effectively shut Indian goods out of the US market, where India ran a $45.8 billion surplus in 2024
The tariff threat has unsettled markets. Foreign investors sold $19 billion of Indian equities last year, pressuring the rupee
As India nears an EU trade deal, engagement with Washington remains critical to limit economic risks