India rejects "unfair" criticism of Russian oil purchases
US and EU criticism of India for its oil purchases from Russia is unfair and unreasonable. A spokesperson for the country's foreign ministry said this, according to Reuters.
- Like all major economies, India will take all necessary measures to protect its national interests and economic security, the spokesperson said in a statement.
Earlier on Monday, Donald Trump wrote on Truth Social that the US will raise tariffs on India "significantly" and claimed that the country supports the "Russian war machine" by buying large amounts of oil from Russia.
Trump punishes India for oil purchases - raises tariffs
Donald Trump will raise tariffs on India "significantly" because the country buys "huge amounts" of oil from Russia, the president writes on Truth Social.
In addition, they sell a large part of the oil on the open market and make huge profits, Trump claims.
“They don’t care how many people in Ukraine are being killed by the Russian war machine,” the president continues.
Recently, Trump announced that tariffs on Indian goods to the United States will be 25 percent starting in August this year.
Switzerland ready to make the United States a “more attractive” offer
Switzerland is ready to improve its offer to the United States after Donald Trump imposed tariffs of 39 percent on the country, the government wrote in a press release. It is also prepared to continue negotiations after Thursday, when the tariffs are due to come into effect.
The federal government is determined to ensure fair treatment of the country’s companies compared to its main competitors.
EU postpones retaliatory tariffs against the US for six months
The EU is postponing the planned retaliatory tariffs against the US that were to have come into effect on Thursday for six months. This is what a spokesperson for the European Commission said in a statement, according to Reuters.
– The EU continues to work with the US to finalize a joint statement, in accordance with the agreement on July 27, the spokesperson said.
Donald Trump set tariffs on most EU goods at 15 percent by presidential order last week, without making explicit exceptions for cars and car parts, for example, which remain at 25 percent. According to the statement, the EU expects more presidential orders soon.
Sources: EU expects Trump to lower car tariffs
The EU expects Donald Trump to grant the Union exemptions from tariffs on vehicles and certain industrial goods, such as aircraft parts, shortly, sources told Bloomberg.
The US and the EU are also expected to issue a joint statement on the deal that Commission President Ursula von der Leyen and President Trump agreed on last weekend, the sources said.
The overall tariffs against the EU will be 15 percent and that tariff rate could also include vehicles, which are currently at 25 percent, the news agency writes.
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