A plan that could raise tariffs on India to 500% may be put to a vote in the US Congress as early as next week, three days after the US president threatened to raise them “quickly.” The law requires the President to impose higher charges on nations that trade in Russian goods, one of many clauses aimed at pressuring Russia to put a stop to the conflict in Ukraine.
The bill’s summary stated that “the President must raise the rate of duty on all goods and services imported into the United States from countries that knowingly engage in the exchange of uranium and petroleum products of Russian origin to at least 500% relative to the value of such goods and services.”
The Bill’s other clauses, which do not directly affect India, suggest a number of limitations on individuals or organizations interacting with Russia. Due to rules of unfair trade practices and national security, India is already subject to 50% higher tariffs on its exports to the United States.
Reliance Industries, the biggest private refiner in India, also stated on Tuesday that it has not received any Russian oil deliveries in the last three weeks and that nothing is anticipated in January.
For India and the US to finalize the interim trade agreement and Bilateral Trade Agreement (BTA), the Russian-Indian energy issue must be resolved. Additionally, a bilateral agreement could assist avoid the impending 500% tariff. There hasn’t been any news, though, regarding more participation in the talks.
