U.S. President Donald Trump is escalating trade pressure on key economic partners by announcing significantly higher tariffs. The sharpest measures will target India, which, as Trump emphasized, continues to purchase Russian oil, thereby supporting Kremlin’s war efforts. Currently, the tariff rate on goods from India stands at 25%, but it is set to be “very significantly” increased within 24 hours.
The new tariffs will also cover the pharmaceutical and semiconductor sectors. Preliminary rates are expected to be announced later this week, with drug tariffs rising to 150%, and potentially up to 250% within 12 to 18 months. The main goal of these actions is to compel the relocation of production from Asia to the United States.
Trump also announced the introduction of so-called secondary tariffs, aimed at all countries importing Russian energy — as part of increased pressure on Russia in the context of the war in Ukraine. According to unofficial reports, these threats have led the Kremlin to consider a temporary suspension of air strikes on Ukraine.
China, which remains at the center of U.S. trade tensions, continues negotiations with the United States. Trump stated that the parties are “close to an agreement” on extending the current trade truce, set to expire on August 12. The existing agreement has eased mutual tariffs and export restrictions — including on rare earth magnets. The U.S. president declared he would meet with Xi Jinping only if the deal is finalized. The last round of talks took place in Stockholm and marked the third high-level negotiation meeting in the past three months.
Trump’s new trade strategy fits into a broader campaign to redefine global trade rules to benefit the United States. Last week, Washington reset existing tariffs, establishing new rates ranging from 10% to 41% against various trade partners.
Author: Krzysztof Kamiński – OANDA TMS
Source: https://ceo.com.pl/trump-nasila-presje-handlowa-na-indie-i-inne-kraje-wspierajace-rosje-82324
