News

Prime Minister Narendra Modi has stated that India has no plans to engage in discussions with former US President Donald Trump regarding proposed tariff hikes.

Trump announced on Tuesday that he intends to significantly increase tariffs on Indian imports within the next 24 hours, revising the earlier settled rate of 25 percent, which was set to take effect from August 7.

"India has the highest tariffs. We do very little business with India. We settled on 25 percent, but I think I am going to raise that substantially within the next 24 hours," Trump said in an interview with foreign media, as quoted by IANS.

Trump also accused India of purchasing Russian oil and contributing to what he described as "the Russian war machine."

This development follows India’s strong rebuttal to US claims that New Delhi is buying massive amounts of Russian oil and selling it at high profits in global markets.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.