President Donald Trump escalated trade tensions by raising tariffs on Indian goods to 50%, citing the country’s continued imports of Russian oil as the reason. The new rate adds an additional 25% tariff on top of the previously announced 25%, making India one of the most heavily targeted U.S. trading partners. Trump accused India of “fueling the war machine” and warned that other countries importing Russian oil could face similar measures. India condemned the decision as “unfair and unreasonable,” emphasizing that its oil purchases are driven by market needs and energy security. The new tariffs are set to take effect in 21 days.
In a related development, Swiss President Viola Amherd left Washington without securing a tariff agreement. Trump maintained a steep 39% tariff on Swiss goods, criticizing the country’s USD 40 billion trade surplus. Key Swiss exports such as watches, chocolate, and machinery will now face significant competitive disadvantages in the U.S. market.
This latest round of tariff escalation triggered a sell-off in the U.S. dollar today. The USD Index (USDIDX) is down nearly 0.50%, making the dollar the second-weakest G10 currency, just behind the Swiss franc, which is also declining following the breakdown in trade talks.
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