The European Union (EU) said on Tuesday (August 5) that it will halt its planned retaliation tariffs on US imports valued at 93 billion euros ($107 billion). This comes after a deal was blocked between US President Donald Trump and European Commission President Ursula von der Leyen last month.
Meanwhile, Trump warns of a 35 per cent tariff on the EU if they fail to fulfill commitments.
Last month, the US president announced a 30 per cent tariff on imports from Mexico and the EU starting on August 1.Â
India accuses the EU and US
India has harshly criticized the US and the EU, which trade heavily with Moscow despite the conflict in Ukraine, claiming that they are unfairly singling it out for its imports of Russian oil. This criticism led Trump to make a new threat to India on Monday, August 4, to raise tariffs on goods from India over its Russian oil purchases, deepening the trade rift between the two countries.
Following this, the main opposition Congress and Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) denounced Trump’s constant attacks on India on Tuesday,
India’s Foreign Ministry said in a statement issued late on Monday that “it is revealing that the very nations criticising India are themselves indulging in trade with Russia”. “It is unjustified to single out India,” the ministry said.Â
It said the EU conducted 67.5 billion euros ($78.02 billion) in trade with Russia in 2024, including record imports of liquefied natural gas (LNG) reaching 16.5 million metric tons.
Trump is unwilling to criticise China
US President Donald Trump has been unfairly targeting India over Russian oil imports, while choosing not to criticise China, according to a recent report by the Global Trade Research Initiative (GTRI).
The report suggested that this selective approach may be driven by geopolitical calculations.
As per the data from the report, China is the largest buyer of Russian oil. In 2024, China imported USD 62.6 billion worth of Russian oil, compared to India’s USD 52.7 billion. Despite this, Trump has focused his criticism on India, ignoring China’s bigger role.
GTRI stated, “Trump appears unwilling to criticize China, perhaps because of geopolitical calculations, and instead targets India unfairly”. Read More
With inputs from agencies
