US President Donald Trump is speaking from the Oval Office after signing an executive order to place an additional 25% tariff on India for its purchases of Russian oil.
That brings the combined tariffs imposed by the United States on its ally to 50%.
He is also discussing a US$600 billion investment from tech company Apple in production within the US.
The tariffs comes after Russian President Vladimir Putin held talks with Trump’s special envoy Steve Witkoff in Moscow this morning, days before the White House’s deadline for Russia to reach a peace deal with Ukraine or potentially face severe economic penalties that could also hit countries buying its oil.
The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes.
Trump’s moves could scramble the economic trajectory of India, which until recently was seen as an alternative to China by American companies looking to relocate their manufacturing. China also buys oil from Russia, but it was not included in the order signed by the Republican president.