Trump directs tariff weapon toward India

Washington. U.S. President Donald Trump announced yesterday, August 4, that he will "substantially" increase tariffs on India in retaliation for its purchase of large volumes of Russian oil, a practice he claims helps finance the war in Ukraine.

"India is not only buying massive amounts of Russian oil, but then, for much of the oil purchased, they are selling it on the open market for huge profits," Trump charged on his Truth Social network. "They don't care how many people in Ukraine are being killed by the Russian war machine."

The Republican president asserted that, due to these actions, he will significantly increase the tariffs India pays on exports to the United States, although he did not specify what percentage or when the measure will be implemented. Washington currently imposes a 10% surcharge on Indian products, which could be raised to 25% next Thursday, according to official sources.

The measure follows a previous threat issued by Trump last week, when he said India would face a new 25% tariff and an as yet unspecified penalty if it did not change its stance on Russian oil.

Total rejection

New Delhi has dismissed Trump's warnings. Two Indian government sources told Reuters that the country will continue buying Russian crude oil despite pressure from the United States.

"India will take all necessary steps to protect its national interests and economic security," said Foreign Office spokesman Randhir Jaiswal, calling the threat "unjustified and unreasonable."

Since the start of the war in Ukraine, India has become one of the main buyers of discounted Russian oil, claiming it is turning to this source after its traditional suppliers redirected shipments to Europe.

In addition to the economic impact, Trump's decision comes amid his failed attempt to reach a quick peace agreement with Russian President Vladimir Putin. After failing to achieve this, Trump has toughened his rhetoric and is now threatening economic sanctions against Moscow if it does not end the conflict by next Friday.

US special envoy Steve Witkoff is scheduled to meet with Putin this week in an effort to unblock the negotiations.

Tariff shock in Switzerland

Following Donald Trump's announcement of a 39% tariff on its imports, Switzerland, still shocked, declared on Monday that it wants to continue negotiations with the United States to "present a more attractive offer."

The Federal Council—the country's government cabinet—stressed its determination to continue discussions with the United States, if necessary, beyond the August 7 deadline set by President Donald Trump for the tariff to go into effect.

A statement said Switzerland is committed to ensuring fair treatment compared to its main trading competitors, but gave no details about what the Swiss government might offer, as it is not currently considering any countermeasures.