{"id":747,"date":"2025-08-04T22:07:18","date_gmt":"2025-08-04T22:07:18","guid":{"rendered":"https:\/\/www.worldpumpnews.com\/?p=747"},"modified":"2025-08-04T22:07:18","modified_gmt":"2025-08-04T22:07:18","slug":"trump-to-substantially-raise-tariffs-on-india-over-russian-oil-purchases","status":"publish","type":"post","link":"https:\/\/www.worldpumpnews.com\/?p=747","title":{"rendered":"Trump to \u2018substantially\u2019 raise tariffs on India over Russian oil purchases"},"content":{"rendered":"

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This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe\/Africa or Americas edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Good morning and welcome back to FirstFT Asia. In today\u2019s newsletter: <\/p>\n

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    US-India dispute escalates <\/p>\n<\/li>\n

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    Singapore tycoon pleads guilty in graft scandal<\/p>\n<\/li>\n

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    The cost of USAID\u2019s closure<\/p>\n<\/li>\n<\/ul>\n\n

    Donald Trump has said he plans to \u201csubstantially\u201d raise tariffs on imports from India because of its purchases of Russian oil, in a new escalation of tensions between Washington and New Delhi.<\/p>\n

    What happened:<\/strong> The US president criticised India in a social media post yesterday, after India failed to reach an agreement with the White House to secure lower levies on its exports to America last week. \u201cIndia is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,\u201d Trump wrote. Randhir Jaiswal, spokesperson for India\u2019s foreign ministry, said in response to Trump: \u201cThe targeting of India is unjustified and unreasonable.\u201d<\/p>\n

    India-Russia energy ties:<\/strong> New Delhi has been the biggest market for Russian crude since 2023, importing 89mn tonnes last year, according to ship tracking data compiled by Kpler. But Ajay Srivastava, a trade policy expert with the\u00a0Global Trade Research Initiative, denied Trump\u2019s accusation that New Delhi was selling Russian crude on the open market. \u201cIndia is a net importer of crude oil, and its global exports of crude stand at zero.\u201d Still, Srivastava said that India exported \u201crefined petroleum products including from Russian oil, such as diesel and jet fuel, after processing crude oil in its refineries\u201d.<\/p>\n

    Trump-Modi \u2018bromance\u2019 no more?<\/strong> The stand-off reflects an extraordinary deterioration in relations between Trump and Narendra Modi, India\u2019s prime minister, in recent weeks. \u201cSo much for the bromance between Modi and Trump and the ostensibly close relationship between two budding geopolitical allies,\u201d said Eswar Prasad, a professor of trade policy and economics at Cornell University. <\/p>\n

    Read more about the escalating dispute.<\/p>\n

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      More India news:<\/strong> The Indian capital markets regulator called for \u201cstructural reforms\u201d to the country\u2019s vast derivatives market after the probe into US trading firm Jane Street for alleged manipulation.\u00a0<\/p>\n<\/li>\n<\/ul>\n

      Here\u2019s what else we\u2019re keeping tabs on today:<\/p>\n

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        Economic data:<\/strong> Indonesia reports second-quarter GDP. South Korea and the Philippines release July CPI data.<\/p>\n<\/li>\n

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        Japan:<\/strong> The Bank of Japan publishes minutes from its June monetary policy meeting.<\/p>\n<\/li>\n

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        Results:<\/strong> Second-quarter results are due from BP, which yesterday announced its biggest oil and gas discovery in 25 years off the coast of Brazil.<\/p>\n<\/li>\n<\/ul>\n

        Five more top stories<\/h3>\n

        1. Billionaire Singapore property tycoon Ong Beng Seng has pleaded guilty to his part in the city-state\u2019s biggest graft scandal in decades.<\/strong> Ong admitted yesterday to offering gifts including a private jet flight to S Iswaran, Singapore\u2019s former transport minister who was jailed last year. <\/p>\n

        2.<\/strong> Tesla\u2019s board has approved the award of 96mn shares worth about $30bn to Elon Musk<\/strong> as part of a new pay deal after the billionaire chief executive threatened to leave the electric-vehicle maker if he was not given more control. \u201cRetaining Elon is more important than ever before,\u201d the company said in a letter to shareholders.<\/p>\n

        3. The Israeli government voted to sack the country\u2019s attorney-general yesterday,<\/strong> a move set to trigger a court battle and increase tensions over democratic norms and the rule of law in the country. Prime Minister Benjamin Netanyahu\u2019s cabinet unanimously approved the motion to fire Gali Baharav-Miara, capping a multi-month effort to remove her as the country\u2019s highest legal authority.<\/p>\n

        4. The US will propose some tourist and business visa applicants post a bond of up to $15,000<\/strong> as part of an effort to clamp down on visitors who overstay their authorisation. The move marks a further expansion of the Trump administration\u2019s anti-immigration policies. Here are more details.<\/p>\n

        5. Sharp declines in tourist spending on luxury goods in Japan and Europe are dragging on industry sales<\/strong>, as currency swings sap the spending power of American and Chinese travellers overseas. The sales slump poses another challenge for a sector grappling with the end of a multiyear boom and the fallout from US tariffs. Adrienne Klasa has more.<\/p>\n

        The Big Read<\/h3>\n
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        \u00a9 FT montage\/Getty\/Reuters\/AP<\/span><\/figcaption><\/figure>\n

        The abrupt withdrawal of US funding has stranded millions of patients and shattered life-saving programmes in Africa, Asia and Latin America. The pullback in support will have long-lasting effects on many countries for years to come. David Pilling reports from Matsapha, Eswatini, on the costs of USAID\u2019s closure.<\/p>\n

        We\u2019re also reading\u2009.\u2009.\u2009.\u2009<\/h3>\n
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          Draft dodging:<\/strong> Kyiv\u2019s top brass is under fire after a series of violent conscription practices.<\/p>\n<\/li>\n

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          Populism wave:<\/strong> From Chile to Japan, the siren call of populism is striking a chord. Alec Russell points to Romania for a brush-up course on how to respond.<\/p>\n<\/li>\n

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          Pilots\u2019 mental health:<\/strong> Strict monitoring of psychological conditions is meant to protect passengers, but some aviators say it stops them from seeking help.<\/p>\n<\/li>\n<\/ul>\n

          Chart of the day<\/h3>\n

          Chinese exporters are reconsidering investment in offshore factories as US tariffs on alternative hubs and new restrictions on \u201ctransshipment\u201d force a sweeping rethink of supply chains in Asia.<\/p>\n

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          Take a break from the news\u2009.\u2009.\u2009.\u2009<\/h3>\n

          Is it still worth buying a flat in London? It\u2019s the question one buying agent is repeatedly being asked right now. Here is her advice to those eyeing a slice of property in the UK capital.<\/p>\n

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          \u00a9 Raymond Sputnik<\/span><\/figcaption><\/figure>\n<\/div>\n

          #Trump #substantially #raise #tariffs #India #Russian #oil #purchases<\/p>\n","protected":false},"excerpt":{"rendered":"

          This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe\/Africa or Americas edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here Good morning and welcome back to FirstFT Asia. In today\u2019s newsletter: US-India dispute escalates Singapore tycoon pleads guilty in graft […]<\/p>\n","protected":false},"author":1,"featured_media":748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[29,503,329,682,674,681,56,82],"class_list":{"0":"post-747","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-india","9":"tag-oil","10":"tag-purchases","11":"tag-raise","12":"tag-russian","13":"tag-substantially","14":"tag-tariffs","15":"tag-trump"},"_links":{"self":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts\/747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=747"}],"version-history":[{"count":0,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts\/747\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/media\/748"}],"wp:attachment":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}