Breaking: Trump Tariffs: U.S. President Announces Plans To Raise India’s Tariff

Highlights
- Trump to raise tariffs on India over Russian oil trade involvement.
- India accused of fueling Russian war via discounted oil resale profits.
- BTC price dropped after Trump earlier announced a 25% tariff on India products.
President Donald Trump has announced plans to raise tariffs on Indian goods following India’s oil trade with Russia. Trump said India is making money from oil purchased from Russia while ignoring the ongoing war in Ukraine.
Probable Trump Tariffs Raise Risks Straining On U.S.-India Ties
In a statement on TruthSocial, Trump criticized India for buying large amounts of Russian oil and reselling it on the open market for profit. He accused Indian authorities of not caring about the lives lost due to Russia’s military actions in Ukraine.
Trump linked India’s oil trade to continued Russian aggression, calling it part of the “Russian War Machine.” As a result, Trump confirmed that he will substantially raise tariffs paid by India to the U.S. He did not provide specific figures or dates for the new tariff rates.
When U.S. President Donald Trump announced a 25% tariff on India on July 30, BTC price dropped sharply. India has faced criticism from several Western leaders for increasing its oil imports from Russia since the war in Ukraine began.
The U.S. has previously avoided direct economic retaliation against India over its energy policy. The new tariff threat by Trump indicates the shift that may erode the trade relationship between the United States and India.
India is a rapidly growing economy and a significant trade partner of the United States. Products that might be affected by the increased tariffs include pharmaceuticals and textiles.
The increased tariff imposed by United States has provoked a response from India. It has vowed to safeguard its national interests and economic security. Randhir Jaiswal, The nation’s official spokesperson for the Ministry of External Affairs stated on X that India will not hesitate to rise to the occasion in case the U.S. proceeds with this move.
Rally Fizzles as BTC Dips Below $115,000
Trump’s announcements always affect the financial markets. Earlier, the crypto market rallied after Trump stated that he would soon announce a Fed Governor who supports rate cuts.
However, the market declined slightly after the latest development with Bitcoin (BTC) trading below $115,000. BTC spiked to an intraday high of $115,524 before quickly dropping below $115,000 after Trump’s new India tariff plan.
As seen in the CoinMarketCap chart, Bitcoin was rising all night until 3:00 PM when it sharply rose to an intra-day high above $115,500. But the rally was very short-lived.
Following the announcement of the tariff, Bitcoin went down and fell to approximately $114,600. At the time of writing, Bitcoin is falling back again removing parts of its previous gains.
- CleanCore’s Dogecoin Treasury Pays Off Big With $20M Gains as Holdings Near 1B DOGE
- Crypto Market Crash: $700M Liquidated in Bitcoin, ETH, XRP, SOL, DOGE, XPL
- GraniteShares 3x XRP ETF Can Trigger ‘Panic Buying XRP’ Says Expert
- TRUMP Token Gets Major Boost as Issuer Launches $200 Million Treasury Plan
- Gold Vs Bitcoin – Peter Schiff Predicts BTC Will Be ‘Rugged by Gold’
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX