“Because of this, I will substantially increase the tariff paid by India to the United States,” he added, without giving more details about what the tariff would be.
The Ministry of Commerce of India did not immediately respond to a request for comments.
Trump said last week that he would impose a 25% tariff to the products imported from India and added that the fifth largest economy in the world would also face an unspecified sanction, but did not give more details.
During the weekend, two sources from the Indian government told Reuters that the country will continue to buy oil from Russia despite Trump’s threats. People did not want to be identified due to the delicacy of the matter.
Switzerland seeks to offer attractive commercial bet
Meanwhile, the Switzerland government said Monday that it is willing to make a “more attractive offer” in commercial conversations with the United States, after a crisis meeting aimed at avoiding an import tariff of 39% to the Swiss products that threatens to hit an economy driven by exports.
The Federal Council – the country’s government cabinet – said it was determined to continue discussions with the United States, if necessary after the deadline of August 7 that President Donald Trump has set for the entry into force of the tariff.
“Switzerland enters this new phase willing to present a more attractive offer, taking into account the concerns of the United States and seeking to relieve the current tariff situation,” he said in a statement.
The statement states that Switzerland was committed to guaranteeing a fair treatment compared to its main commercial competitors, but there were no details about what the Swiss government could offer, which is not currently considering any countermeasures.
Switzerland was stunned on Friday after Trump hit the country with one of the highest tariffs and industry associations warned that tens of thousands of jobs are at risk.
