US President Trump Eyes Tough Sanctions on Russia's Trading Partners, Including India
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US President Donald Trump has signaled his willingness to back a bill that would impose harsh sanctions on Russia's trading partners, including India and China. The proposed legislation aims to restrict any country's ability to do business with Moscow, citing those responsible for fueling the ongoing Ukraine war, particularly those reliant on Russian energy. According to Trump, the Republican-led bill would introduce severe penalties on countries trading with Russia, including tariffs of up to 500%. India, which has already faced increased tariffs from the US, is among the countries on the list. Trump has previously criticized India and China for their trade with Russia, labeling them as 'primary funders' of the war. In a surprising move, Trump has announced plans to remove tariffs on over 20 food products, including beef, to alleviate concerns over rising grocery prices. However, this decision brings some relief for Indian exporters, who had faced significant challenges due to increased tariffs. Meanwhile, India and Russia have reaffirmed their commitment to achieving a $100 billion bilateral trade target by 2030 and have reviewed progress on the India-Eurasian Economic Union (EAEU) free trade agreement. The proposed sanctions bill would likely have a significant impact on India's trade relations with Russia. As reported by Bloomberg, the bill would grant Trump the authority to impose tariffs of up to 500% on countries that buy Russian energy products and fail to support Ukraine. Trump's decision to back the bill comes after failed peace talks with Russian President Vladimir Putin, highlighting the escalating tensions between the two nations.
